Posted on 05/09/2022 7:59:56 PM PDT by V K Lee
The first real-estate transaction using bitcoin in Louisville, Kentucky was recently completed. The purchase took about eight seconds and cost $0.70 in transaction fees.
The owner and president of Millennial Title Company believes bitcoin will be used in real estate transactions more often in the near future.
Louisville, Kentucky made local history with its first real estate purchase made in bitcoin which only took about eight seconds, according to a report from The Courier Journal.
(Excerpt) Read more at bitcoinmagazine.com ...
ping
With the value of Bitcoin fluctuating day by day, do they have a contract to sell the house for “x” amount of Bitcoin, or do they have a contract to sell the house for “x” amount of dollars, but settle up in Bitcoin, based on whatever the exchange rate is the day of the sale?
An eight second transaction, with enough money to buy a house!
Not leaving much time for any Mull-agains.
Bitcoin is magic. It can waive recording fees, title insurance, appraisal fees, survey costs, inspection fees, and transfer taxes. Wow. Or, those can just be buried into the price of the property so as to pretend they don't exist, so that a blogger can say that the sale cost seventy cents in transaction fees.
“The property was sold for $65,000, according to Brown. After commission, title fees and the recording fees being paid in dollars, the final purchasing price was “ roughly 1 Bitcoin” according to the report, which was worth approximately $33,000 at press time. “
sounds like the seller quickly lost half his selling price ...
That’s what I wonder. Is the contract really stated in Bitcoin, when the value of Bitcoin in dollars can fluctuate so much? Why would someone do that, if that’s how it happened?
Thanks VK!
Ping to our Crypto list!
The sellers should give him the keys to a pretend house.
I can get a cashier’s check for 65K from my bank for $0 dollars. And I could push the check across the table to the other side in 2 seconds. lol
Crypto fan boys only look at one side of the ledger, but there are two. You’d have to be insane to enter into a future transaction not knowing if months later you are going to pay 50% more or get 50% less, depending on whether you are the buyer or seller.
And bitcoin paid the recording fee? Yeah, you totally missed my point my man. :)
I was not countering but piggybacking... :)
Bitcoin just hit 28900, down 7 percent from yesterday.
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