Can I Buy a House With Bitcoin in Australia?
As technology advances, the choice to buy a house with Bitcoin here, in Australia, is possible. It’s already been done in other countries, like Spain,.
As technology advances, the choice to buy a house with Bitcoin here, in Australia, is possible. It’s already been done in other countries, like Spain, Argentine, and Portugal. Bitcoin (and other cryptocurrencies) can be used to buy many kinds of things. And a house is not an exception.
Although Bitcoin was born as an alternative to an economic system that simply cannot avoid falling into crisis, it has been used as a payment method in different spaces since its first appearance. In its main stage, it was mostly marketed on the deep web for its decentralization and anonymity characteristics, until it was eventually accepted and promoted worldwide.
Currently, retail and institutional investors market products and services with Bitcoin and/or other cryptocurrencies, which has led to the growth of this digital asset. We can use Bitcoin to pay for online purchases, air tickets, health services, cars and of course, houses. To help you with some guidance, here, you can find the list of recommended businesses that accept Bitcoin as a payment method in Australia.
The advantages of buying things with Bitcoin
The main advantage of purchasing products and services with Bitcoin is that we will get discounts frequently, not to mention that on many occasions we will end up paying fewer thanks to the price of BTC in the market. If we have 10 BTC and each Bitcoin is worth AUD 10,000, we have the token equivalent of AUD 100,000, so if the market drives the price towards AUD 12,000, we would be earning AUD 2,000 per token, leaving us with AUD 20,000 of profit.
However, it is irresponsible to say that we will only experience bullish changes in the price of Bitcoin. The cryptocurrency market is relatively new, which is why it is still volatile and prices fluctuate every day. This can be a problem if we need liquidity in our capital and the BTC price falls since we would be losing its value in fiat currency and we would be spending more tokens than before.
For this reason, it is recommended to have a percentage of the capital in BTC and another in fiat currency (or stablecoins) to protect yourself against these sudden market movements.
Another positive aspect of buying things with Bitcoin is how fast and easy it is, especially if they are items that we buy on the internet. Payments are made only with a multi-signature address that will provide us with the part that receives the money and will have the funds available in your account in approximately 40 minutes, without the possibility of the transaction being returned or reported (as frequently happens in banking institutions.
How to buy a house with Bitcoin in Australia
Logically, the first step to buy a house in Australia with Bitcoin is by acquiring the equivalent in BTC tokens at the real price of the property in AUD. Unless you already have a business with a strong Bitcoin income that you have been saving. Although no property sales have been reported in BTC, this does not mean that an owner cannot decide the payment method for a property that he is selling, which would make the negotiation a little more personal and the terms between both parties (Bitcoin price, BTC address, etc.).
The formalities procedure to define property title and other legal specifications would be carried out in the same way as if it were a traditional property sale. Considering that there are still some limitations regarding Bitcoin’s immense reach, this process should be carried out thoroughly and with the agreement of both parties.
As has been done in countries such as Spain, Argentina and Portugal (countries where the purchase of properties with Bitcoin has become popular), the terms are a reason for negotiation between the buyer and the seller, although the transactions cannot be falsified or cancelled once processed.
How to get started with Bitcoin, before buying a house
The fastest and easiest way to acquire Bitcoin if you do not have experience with large exchange companies and/or do not have someone you know who is willing to trade their tokens is through a local exchange platform.
For Australian residents, Easy Crypto is the best option, since it allows you to acquire Bitcoin or other cryptocurrencies such as Ethereum, Bitcoin Cash, Cardano, Litecoin, Chainlink and more through a bank wire transfer with AUD. Basically, you are acquiring the cryptocurrencies of your choice as if you were paying for any other online product.
The commission rates are decent and the platform accompanies you throughout the entire purchase process to ensure that your experience is satisfactory. After completing your order, your BTC tokens will be credited to your crypto wallet so that you have them as you wish. It should be noted that for bank transactions the minimum order is AUD 100 and the limit AUD 100,000.
Take a look at Easy Crypto Australia and familiarize yourself with the different options that we have on the platform. Our customer support team will be attentive to answer any questions or walk you through the negotiation process.
How about that? Are you feeling interested in joining Bitcoin revolution? Let’s get started with Easy Crypto today, and buy your house with Bitcoin.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated October 21, 2022