The world-renowned and most-decorated cryptocurrency has just landed to another milestone, it only penetrated real estate industry.
A buyer in Austin, Texas, just purchased a house utilizing only bitcoin for payment.
The estate deal is the first to use solely cryptocurrency, and it illustrates crypto’s potential to transform how financial transactions are conducted.
The historic transaction was backed by Texas-based real estate brokerage firm Kuper Sotheby’s International Realty which completed the first-ever sale of a real estate property using just bitcoin.
Bitcoin has long moved on from its shadowy past to become a legitimate currency used to purchase Starbucks coffee, Xbox games, and now, a newly built custom home with grand entertaining areas, a master suite, and a chef-worthy kitchen.
As of posting, the amount of the home hasn’t been disclosed, but more important than that is the ease of the overall transaction.
The buyer simply transferred the bitcoin to the seller, who then converted it into U.S. dollars.
“In all of my 33 years of closing transactions, I honestly couldn’t have expected something so unique to go so smoothly,” Kuper Sotheby’s Sheryl Lowe, the buyer’s agent, said in a press release.
“In a matter of 10 minutes, the bitcoin was changed to U.S. dollars and the deal was done!” the agent added.
The deal and other news related to Bitcoin just manifested that the said cryptocurrency is real, authenticated and definitely not a fraud.
The news also shows how the new and trending currency has increasingly penetrated the business world, from transportation, entertainment and even politics. It really revolutionizes the world.
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