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Former Olympic swimmer Cameron McEvoy (Cameron McEvoy) accepted Bitcoin to sell his villa on the Isle of Capri. Photo: Nigel Hallett.
Sellers proficient in TECH jumped onto the cryptocurrency trend by offering payments that accept digital currency as their property.
A search of the country listing website shows that despite being a minority, there are property owners-ready to go from a possible $20 million penthouse to a $105,000 miner’s cabin-willing to accept bitcoin for their homes.
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Cameron McEvoy hopes to sell his house for $1.5 million or its equivalent in Bitcoin.
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These people are pioneers, will they soon become the mainstream way of real estate transactions, or are they just gambling?
David Chung, the founding director of Creo, a business startup focused on cryptocurrencies, said that real estate transactions involving the buying and selling of digital currencies work best when both buyers and sellers hold cryptocurrency accounts.
“It’s not wise to sell real estate as, for example, bitcoins and then sell your bitcoins in Australian dollars. The market is too volatile.”
Mr. Chung said that although digital currency trading has become more common, it didn’t become commonplace until it received government support.
The Soul Penthouse 7001/4-14 The Esplanade in Surfers Paradise will be auctioned this weekend. Will the buyer pay in Bitcoin?
He said: “I have read somewhere that about 70% of central banks, including the Reserve Bank, are studying central bank digital currencies.”
“It is very likely that within five to ten years, many major economies will issue their own digital currencies, but regulations will be introduced to support these currencies, and then this should also apply to all other things including property transactions.”
So, what are the advantages and disadvantages?
At present, the advantages of accepting digital currency for house sale or partial sale include: a wider buying market, faster transaction time, potential transaction security improvements, and opportunities to diversify your investment portfolio.
Is Bitcoin the way of the future for real estate transactions?
As with any investment, the obvious drawback is (high) financial risk. The amount of property you receive is only the same as the value of the specified currency on the agreed exchange date.
However, there are some people who are willing to take risks, including Olympic swimmer Cam McEvoy, who put his villa on the market at 1/40 of Roma Roma on the island of Capri.
The 27-year-old McEvoy has participated in the London and Rio Olympics, and he is willing to accept Bitcoin as a cushion. He bought Bitcoin for $1.1 million in 2016 and hopes to sell it for around $1.5 million so that he can use his existing cryptocurrency stocks.
Josh Longhitano of Burleigh Heads’ Lucent Company is promoting the property with Ivan Sarakula. He said that the acceptance of cryptocurrency has opened the property to more buyers.
Atlie Beach (Atlie Beach) Shute Harbour Road 4/257 is also selling bitcoin.
He said: “Some people are rich in assets, some are rich in cash, and some are rich in Bitcoin, but there are very few of the three.” “Some people may not have cash to buy real estate, but they may store a lot of Bitcoin. For them , Now is an opportunity, and these opportunities would never exist.
“For the younger generation, this is the way of the future.”
You don’t have to be rich to get involved in digital currencies-in many cases, you can start investing from $5 to $10.
However, whoever bought the Soul penthouse in Surfers Paradise (which accepts cryptocurrency payments) needs to have sufficient funds.
The apartment is owned by Sydney’s Michael Koloadin and is touted as being worth as much as 20 million Australian dollars. Mr. Koloadin sold his technology company for $52 million in 2018. He said that although cryptocurrencies tend to suffer large valuation fluctuations, he is willing to take this risk.
The owner of the cottage at 77 Batchelor Street, Queenstown, Tasmania will use Bitcoin.
Tolemy Stevens of Harcourts Coastal, the co-marketing agent for the property, said that one of the benefits of using cryptocurrency for transactions is that you can deposit funds into a bank account within hours of the transaction.
The property will be hammered down in a private auction at noon on Sunday.
The owner of the two-bedroom unit at 4/257 Shute Harbor Road in Adlie Beach also accepted Bitcoin. The advertisement was located on the street and stated that “for savvy investors, it is a good choice to accept Bitcoin”-although a guide price has not yet been set.
You can also exchange digital coins in the 345 square meter two-bedroom miner’s cottage at 77 Batchelor Street, Queenstown, Tasmania. The property has no connected telephone line and will be sold through its owner for $105,000.
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