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Real Estate Brokerages And Retailers Worldwide Now Accepting Bitcoin (#GotBitcoin?)

Real Estate Brokerages And Retailers Worldwide Now Accepting Bitcoin (#GotBitcoin?)

The rise of Bitcoin, a form of cryptocurrency, has piqued the interest of real estate brokerages. For interested sellers, some brokerages are now listing properties with the equivalent prices in Bitcoin. Across the nation, brokerages and clients are now exchanging cryptocurrency for properties. Real Estate Brokerages And Retailers Worldwide Now Accepting Bitcoin (#GotBitcoin?)

Bitcoin is an experiment for real estate brokerages looking for a competitive edge for their listings. Take a look at the brokerages who are paving the way to a cryptocurrency-ready real estate market.

Who Is Using Cryptocurrency In Real Estate?

Bitcoin usage is still in its initial phases and cryptocurrencies make up only a fraction of real estate sales in the United States. In 2017, Redfin reported about 75 listings nationwide accepting Bitcoin. This year, Realtor.com® has listed 37 single-family homes across the country accepting Bitcoin. The properties range from $114,000 or the equivalent in Bitcoin for a home in Kansas, all the way up to a Hawaiian mansion listed at $7,920,000.

Although real estate Bitcoin deals currently make up a small percentage of the market, brokerages who offer the option of Bitcoin operate in some of the country’s largest real estate markets. New York, Florida, and Texas have all seen cryptocurrency transactions.

Real Estate Brokerages And Retailers Worldwide Now Accepting Bitcoin (#GotBitcoin?)

So who is currently accepting Bitcoin in the industry? Good question. Though the acceptance of cryptocurrency within the market is still rare, the number of players is growing every day. Here are just a few of the trailblazers.

Florida:

Brown Harris Steven Residential Sales/One Sotheby’s International Realty

Listing agent Stephan Burke, of Brown Harris Stevens, reported that the seller of a 9,500-square-foot Miami mansion is accepting Bitcoin. The home is worth approximately $6.5 million. The seller has also reportedly said he will accept either Bitcoin or Zcash, another type of cryptocurrency. Burke had this to say about the transaction:

Industries, businesses, and careers are being affected by this dramatic globalization and modernization, and real estate is no different. It seems clear to me that banks and title companies will be doing everything in a crypto-recorded fashion within the next decade, and our transactions will eventually become faster — and safer — under this system.

Sand Key Realty

Real Estate Brokerages And Retailers Worldwide Now Accepting Bitcoin (#GotBitcoin?)

A Clearwater, FL mansion, designed by a student of Frank Lloyd Wright, is also available to be purchased with Bitcoin. Nehad Alhassan is marketing the sale of the 4,000-square-foot home. Alhassan noted that since there are so few agents working with Bitcoin, a close relationship between buyer and agent is vital. He went on to say:  

I think the seller has to grasp and understand it, and be comfortable in doing the transaction with me. You have to have that trust.

New York:

Magnum Real Estate Group

Magnum Real Estate Group believes the use of Bitcoin in real estate is linked to a younger group of home buyers — those who have invested in cryptocurrencies and are searching for alternative forms of payment. Ben Shaoul, President of Magnum, spoke to CNBC about his company’s use of Bitcoin and the relationship of cryptocurrency to the overall global market:

I think the demographic of the crypto user is a younger millennial, but, that being said, you have a lot of people coming over from other countries, who are buyers from different places, who like to trade in different types of currency. Not everyone wants to trade in dollars or yen or euros.

Blooming Sky

According to Blooming Sky, a New York City brokerage also dealing in Bitcoin, the majority of transactions require cryptocurrency to be exchanged for USD. Blooming Sky works with a team of real estate lawyers to help their prospects navigate the Bitcoin exchange process. Bernard Klein, Co-Founder of Blooming Sky, explained the practice this way:

We will help clients facilitate transactions with [cryptocurrency]. Underwriters who review the sources of a down payment tell me they increasingly see transferring Bitcoins into cash as similar to transferring stocks into cash.

Blooming sky has also published a guide on how to buy a NYC apartment with Bitcoin.

Real Estate Brokerages And Retailers Worldwide Now Accepting Bitcoin (#GotBitcoin?)

Texas:

Kuper Sotheby’s International Realty

The first real estate transaction involving Bitcoin in Texas was brokered by Kuper Sotheby’s International Realty, a real estate brokerage firm operating in Central and South Texas. The broker associate, Sheryl Lowe, who represented the buyer remarked on the seamlessness of the Bitcoin process:

I honestly couldn’t have expected something so unique to go so smoothly. In a matter of 10 minutes, the Bitcoin was changed to US Dollars and the deal was done!

What Else To Know About Bitcoin In Real Estate:

  • The U.S. government may recognize cryptocurrency as property in 2018. This leaves some interesting loopholes involving taxes on real estate transactions.
  • Not all Bitcoin transactions go as smoothly as planned. A Bitcoin investor made an offer on a luxury home in California that was contingent on the sale of his cryptocurrency. Although the offer was accepted, the buyer had to back out of the deal when he couldn’t sell his cryptocurrency.
  • Redfin recently published an infographic showing the dramatic change in the number of bitcoins needed to buy the typical American home.

What Is The Future Of Cryptocurrency In Real Estate?

At this point in time, brokerages are still learning a lot about the role of Bitcoin in real estate transactions. The real estate brokerages dealing in cryptocurrency today are pioneers in the market and are paving the way for the future use of digital currency. The real estate industry has been heavily influenced by the use of technology over the past decade, and cryptocurrency will be no exception. Brokerages who leverage information on technology trends like Bitcoin will help determine its impact going forward.

Educating the public has been part of the job for Michel Triana, founder and CEO of Intelerit, a Fort Lauderdale-based predictive real estate analytics platform for U.S. investors. The vast majority of sellers still want payment in dollars, he said. For some portions of a deal, that may not change soon, Triana acknowledged.

That includes the title and escrow process, said Marlen Rodriguez, president of the HomePartners Title Services, an affiliate of the Keyes Company real estate firm. Major insurance underwriters only accept dollars, she said.

As long as buyers convert their Bitcoin or Ethereum to cash for the title and escrow process, there would be no problem.

Once the seller converts the digital currency to dollars to pay the title company, “there’s nothing unique about that transaction moving forward,” said Andrew Hinkes, a partner at the law firm Berger Singerman.

Pay The Necessary Parties In Dollars

Some attorneys, real estate agents, title and escrow agents will require you pay them in dollars. For that, you would need to convert your Bitcoin to dollars. Services like Bitpay or Changelly can convert the digital currency to cash.

What About Title?

Real Estate Brokerages And Retailers Worldwide Now Accepting Bitcoin (#GotBitcoin?)

The seller may have liens on the property or an unpaid mortgage. If a seller has $500,000 left on his or her mortgage, they would convert that portion of cryptocurrency into dollars and pay the mortgage. “The title work is exactly the same,” Kakon said. But, he added, “you need somebody who really understands cryptocurrency.” Because most title and escrow companies aren’t set up to accept Bitcoin, “They just might not be sure,” added Lifthrasir.

Recording The Deed

In the future, cryptocurrency supporters hope that recording deeds will be done with blockchain. The startup Propy recently launched a pilot program in Vermont to use blockchain technology to record real estate deals. Velox.RE created a similar program in Chicago’s Cook County.

Propy CEO Natalia Karayaneva said the technology could be replicated in South Florida. For now, deeds are recorded with each county’s property appraiser.

 

Fascinated By Cryptocurrency And Real Estate? Here Are A Few Resources You Can Leverage:

 

Retailers Around The World That Accept Crypto, From Pizza To Travel

Earlier on, when Bitcoin (BTC) arrived on the scene, most cryptocurrency enthusiasts held on to their coins, as there were only so many places they could be spent. Nowadays, the list of marketplaces and retailers accepting Bitcoin and other cryptocurrencies is significantly larger, providing crypto enthusiasts with more options for making real-world purchases.

After all, with recognizable organizations like Microsoft and Wikipedia now accepting Bitcoin as payment, conversations about Bitcoin and the power of cryptocurrencies are becoming more prominent.

Currently, several fast-food restaurants and coffee shops have started accepting Bitcoin as payment.

This will likely provide traction for mass adoption as cryptocurrency payments become increasingly commonplace in day-to-day purchases.

Granted, there are some jurisdictions that do not consider Bitcoin or any other cryptocurrency as legal tender. Despite this set back, even big tech companies like Facebook are coming up with payment systems that mimic cryptocurrencies.

Here are some of the leading retailers, merchants and companies that will let you book flights and hotels, buy coffee or pizza, or even go to space with crypto.

Pay For A Burger In Germany With Crypto

The German branch of fast-food restaurant chain Burger King now claims to accept Bitcoin as payment for its online orders and deliveries, but this is not the first time Burger King has warmed up to Bitcoin as a form of payment.


The company, headquartered in Florida in the United States, had its Russian branch announce in 2017 that it would start accepting Bitcoin payments, but it ultimately did not take off. The global fast-food retailer reports an annual revenue of about $20 billion and serves about 11 million customers around the world. If all its outlets move to accept Bitcoin as payment, cryptocurrency adoption would inevitably spread.

Spend Crypto At Starbucks And Other Places

For crypto payments to gain traction, merchants need to implement systems that enable swift and easy cryptocurrency spending. Starbucks is one of the companies taking advantage of this concept through Flexa, a U.S.-based payment startup that is helping the cafe giant, as well as dozens of other companies, accept cryptocurrency payments.

The company developed an app called Spedn that enables crypto holders to make purchases with merchants like Starbucks. The company’s CEO believes that by making cryptocurrencies spendable in the mainstream, commerce will realize the full benefit of blockchain technology all over the world.

Crypto enthusiasts in Silicon Valley’s Palo Alto might already be familiar with Coupa Cafe for other reasons apart from its coffee and food. Through its partnership with a Facebook software developer, Coupa Cafe has been accepting Bitcoin as payment since 2013.

Reports show that the cafe received a steady stream of Bitcoin revenue as soon as they started implementing crypto payments — a clear sign of how eager its customers were to pay in Bitcoin. Coupa Cafe is among the few physical businesses in Palo Alto that accept Bitcoin at the moment. The cafe owners believe that their collaboration with the Facebook software engineer will create more traction in terms of Bitcoin adoption.

Buy Food With Crypto

With over 50,000 takeaway restaurants listed on its United Kingdom-based site, OrderTakeaways is one of the surest ways to get a pizza paid for with crypto delivered to your doorstep. The company has been accepting Bitcoin payments for online takeout orders since 2018. And other similar services include the Korean platform Shuttledelivery as well as German-based service Lieferando and its subsidiaries in several other countries.

Related: Blockchain for Food, How the Industry Makes Use of the Technology

Apart from online orders, crypto can also be spent at a regular Subway restaurants. As early as 2013, several Subway branches started accepting Bitcoin as payment. Now, for a fraction of a Bitcoin, a Subway sandwich can be purchased at select restaurants.

Pay With Bitcoin To Tour Space

Besides buying food and inexpensive, day-to-day items with crypto, a trip to space can now be bought with Bitcoin. That’s right. Richard Branson’s space tourism company, Virgin Galactic, started accepting Bitcoin as payment as far back as 2013. Although Branson’s predicted date for the first commercial flight has been pushed back several times, the company achieved its first suborbital space flight last year. Perhaps soon, people will be able to tour the moon on crypto’s dime.

Buy Jewelry With Bitcoin

A brick-and-mortar American jewelry company called Reeds Jewelers accepts Bitcoin for both its physical and online stores. What’s more, if a purchase is worth more than $25,000, the company provides free armored delivery for safety. Other jewelry companies accepting Bitcoin include Blue Nile Jewelry, Stephen Silver Fine Jewelry and Coaex Jewelry, to name a few.

A big advantage of purchasing large ticket items — like a diamond — with crypto is that it makes moving around large amounts of money cheap and effortless. Reports show that more Silicon Valley investors are buying jewelry with Bitcoin. Last year, Stephen Silver Fine Jewelry reported a 20% growth in crypto transactions, leading to a boost in the company’s sales. The company has been accepting Bitcoin since 2014.

Send And Redeem Gift Cards With Bitcoin

Gyft, a digital platform that allows users to buy, send and redeem gift cards, was one of the first merchants enabling cryptocurrency adoption to gain traction in the real world. The mobile gift card app allows Bitcoin to be used to purchase gift cards from several retailers, some of which include Burger King, Subway, Amazon and Starbucks. The company has also partnered with popular crypto exchange Coinbase to enable users to buy gift cards from their Coinbase wallets.

Travel And Pay In Bitcoin

If a traveler only has Bitcoin at their disposal, the following merchants will gladly offer services in exchange for it. TravelbyBit, a flight and hotel booking service, accepts cryptocurrencies like Bitcoin, Binance Coin and Litecoin (LTC) as payment.

With a network of over 300 crypto-friendly merchants, the platform is one of the biggest supporters of crypto adoption. TravelbyBit can also alert you to upcoming blockchain events in order to interact with other crypto enthusiasts from around the globe. Other platforms to book flights with crypto include Destinia, CheapBizClass, CheapAir, AirBaltic, Bitcoin.Travel and ABitSky, among others.

Use Crypto To Book A Five-Star Hotel In Zurich

If ever one finds themselves traveling to Zurich Switzerland, either BTC or Ether (ETH) can be used to pay for a stay in a five-star hotel in Zurich. In May 2019, five-star hotel and spa Dodler Grand announced that it will start accepting Bitcoin and Ether as payment.

The hotel has partnered with a fintech firm Inacta as well as Bity (a Swiss-based crypto exchange) to facilitate the payment and conversion of crypto to fiat money. The hotel boasts an amazing view of the Swiss landscape among other enticing amenities that come with a five-star hotel.

Pay For Electronics And More With Crypto

For all the gadget lovers, there are a bunch of platforms that allow electronic purchases with cryptocurrency. Newegg, for instance, is an electronic retail giant that uses BitPay to process payments made with digital currencies. Even though one cannot get refunds for Bitcoin purchases, Newegg has a good reputation for quality items.

Plus, the company boasts its being among the first merchants to support cryptocurrency adoption. Other platforms for gadget junkies include Eyeboot (a platform that sells crypto mining rigs in exchange for crypto), Microsoft, FastTech and Alza (a U.K.-based online store that sells phones and beauty products).

An Ever-Expanding List

It seems clear that more retailers are warming up to the idea of accepting cryptocurrencies. There is still a long way to go before full adoption can be achieved, but many companies have nevertheless benefited from being early adopters. Despite the volatile price movements of cryptocurrencies, all evidence points to a future cashless society that uses digital currencies, and crypto is leading the way.

France: 25,000 Major Retail Stores To Accept Bitcoin In 2020

By early 2020, support for Bitcoin payments will be launched at over 25,000 sales points for 30 French retailers, including sportswear giant Decathlon and cosmetics store Sephora.

French crypto news outlet Cryptoglobe reported the development, announced during Paris Retail Week, on Sept. 24.

25,000 Retailers To Enter Economy 3.0 Via Bitcoin

The new cryptocurrency payments system is launching via a partnership between point-of-sale technology provider Global POS, the EasyWallet application and payments platform Easy2Play.
While payments will be made in Bitcoin (BTC), funds will be automatically converted into euros at the moment of sale.

Conversion services are to be provided by two partners, Deskoin and Savitar, both of whom are currently applying for Digital Asset Service Provider accreditations under France’s PACTE Act.

Alongside Decathlon and Sephora, well-known retailers signing on to the initiative include Boulanger, Foot Locker, World House, Intersport, Cultura, Maisons du Monde and Norauto.

Stéphane Djiane, CEO And Founder Of Global Pos, Has Given A Statement Proposing That:

“This is an important symbolic step in the evolution of payment methods in France. However, more than a symbol, what we bring to 25,000 outlets is the ability to safely enter the world of Economy 3.0.”

After Bitcoin, Altcoins Could Be Next

By enabling consumers to use their cryptocurrency holdings at physical retail locations within a legalized and regulated framework, the initiative aims to broaden adoption beyond the currently estimated 4 million French crypto owners.

While Bitcoin remains the sole cryptocurrency on the cards for now, Dijane has indicated the platform intends to roll out support for altcoins in the future.

In January of this year, a handful of tobaccos shops in Paris started to sell Bitcoin, notwithstanding mixed messages from local regulators and the central bank.

5,200 Tobacco Shops In France Now Selling Bitcoin

French crypto startup Keplerk has relaunched its service to accept Bitcoin (BTC) payments in over 5,200 tobacco shops in France starting from Oct. 10.

Service First Launched In January

After suspending the service in less than two months after launch in January, Keplerk says that its customers will be able to buy Bitcoin from tobacconists in coupons of 50, 100 or 250 euros, France’s top news channel BFM TV reports Oct. 10.

According to the report, Bitcoin payments in all 5,200 locations will be feasible through Keplerk’s partner Bimedia, which will provide payment terminals.

As previously reported, Keplerk’s initial launch in January 2019 of the service reportedly involved just six tobacco shops, while other publications reported there were as many as 24 shops participating in the program. At the time, Keplerk co-founder Adil Zakhar stated that the firm was planning to expand the project to 6,500 tobacco shops by February despite the reports that France’s central bank did not endorse the initiative.

Bitcoin Adoption Surges In France

Meanwhile, France is apparently seeing a surge in cryptocurrency adoption. In late September, Cointelegraph reported that over 25,000 points-of-sale of 30 French retailers including sportswear giant Decathlon and cosmetics store Sephora will start accepting BTC payments by early 2020. As reported earlier in September, the French unit of Domino’s Pizza launched an ordering competition with a prize of $110,000 in Bitcoin or cash.

On Sept. 12, French Economy Minister Bruno Le Maire claimed that French authorities do not plan to tax crypto-to-crypto trades, but rather will consider taxation when crypto is sold for fiat money.

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