Would You Buy Property with Bitcoins?

Written By Gianna Villavicencio | November 18, 2014 | Published in Elegran Insider
2019%2f09%2f13%2f12%2f10%2f53%2f7d52b692 aeca 4a20 8938 59d8f8bed1d7%2ffile

Bitcoins have the rising potential to change the future of finance and technology. Some are advocates while others don't see the point of this fairly recent cryptocurrency, but one thing's for sure---usage has also become a hot topic in the real estate industry.

At the start of the year, Bond New York announced that it would take Bitcoins as a mode of payment for their services. "Our job is to make real estate transactions easy for our customers. Bitcoins are just another mechanism to help people facilitate transactions," co-founder Noah Freedman told The New York Post.

Meanwhile, San Francisco-based startup RealtyShares began to accept Bitcoins for its crowdfunding platform in February. According to CEO Nav Athwal, a huge portion of their investors, who hail from all over the world, can use the new type of money to avoid extra fees in wire transfers and exchange rates.

While the Bitcoin system offers convenience and anonymity, its lack of government tends to put it under a negative light. In July, the Department of Financial Services (DFS) released a statement for its proposed "BitLicense" framework on its official website, as well as social media sites Twitter and Reddit. With that effort, New York became the first state to try for virtual currency regulation. Hence, the DFS hopes to address issues like consumer protection, anti-money laundering, and cyber security.

Market volatility is another factor to note in using this currency. In December 2013, the price of one Bitcoin went from $1,200 to $600 in 48 hours. A Bitcoin's value in US dollars shifts almost on a daily basis; yet, that has not deterred some real estate industry stakeholders.

Bitcoins have already been used to buy high-end properties like a $500,000 villa in Bali, Indonesia and $1.6 million lot in Lake Tahoe, California. In our very own city, some apartments have also recognized it for paying rent.

One can now also pay real estate taxes and buy homes with Bitcoins through a new firm called Tax Lien Ventures. The California-based business has listings not just from within the state, but also throughout the US and Canada. 

Blog Archive


This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. © 2021 REBNY Listing Service, Inc. All rights reserved. RLS IDX Data display by Elegran LLC. IDX information is provided exclusively for consumers’ personal, non- commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Elegran LLC may or may not be the exclusive listing agent of the properties being displayed on Elegran.com. All data displayed on Elegran.com is presented for informational purposes only and should be independently confirmed by all customers. All Information is compiled from both public and private sources including, but not limited to the RLS, MLS and ACRIS; each of which is assumed to be reliable. All information displayed is subject to errors and omissions regarding apartment specifications and final sale prices, and further, any unit listed may have had its listing withdrawn without notice subsequent to such information being compiled. No representation is made as to the accuracy of any description (ie: listing, close sale data, and/or building description) of any building or individual unit. All measurements and square footage are approximate and all information herein should be confirmed by customer and/or their attorney. Elegran LLC, its members, affiliates, and contributors adhere to New Your City, New York State, and United States Fair Housing Laws.