HouseHodl: Buy & Sell Real Estate With Bitcoin Crypto Escrow?
Bitcoin is the biggest digital coin by market capitalization in the world. In fact, there are already companies, which accept it as a form of payment. This is especially so in Japan, where financial regulators have been firm but supportive of the crypto economy. With the spike in its price in 2017, many companies began to take note of it and understand the potential of digital currency.
The real estate sector was amongst the first to see the value that Bitcoin held. In fact, it was one of the friendliest sectors to bitcoin from the onset. However, there have only been a few sales completed in Bitcoin in the real sector. This is because there is still some key infrastructure missing to make real estate transactions in Bitcoin easy.
What is Househodl?
Househodl is a startup that wants to make real estate payments in Bitcoin easy. To achieve this, the company aims to introduce an escrow service, which will be designed with the real estate sector in mind. The aim is to create a secure and easy to use a method that allows bitcoin payments to be made for property.
Using Bitcoin Is Not Easy
Many experts have concluded that using bitcoin to pay for property is not easy. Firstly, a buyer will need to find a seller who will accept bitcoin. After that, the parties must agree on how to close the deal. Finding two parties that can trust each other enough to close a deal in Bitcoin is usually hard. As a result, many deals usually end up falling apart.
Buying a house even in fiat is usually quite complex. When you throw Bitcoin into the mix, it becomes even harder. Right now, the industry does not have the tools that would enable a smooth exchange of millions worth of Bitcoin for a property. That is where Househodl comes in.
Househodl plans to come up with a platform powered by the blockchain, where real estate deals can be transacted. To achieve this, they will offer a wide range of services such as escrow, to ensure deals are completed in a timely manner. The company will develop the escrow service, which will have low fees that will prove attractive for the real estate sector. Besides that, Houshodl will have a team of lawyers, who will ensure everything is within the law.
Despite Bitcoin becoming mainstream, it remains a high-risk investment. However, more people are willing to accept bitcoin as a means of payment. Today, there are over 100,000 merchants globally who will accept bitcoin for the exchange of goods and services. Businesses in all sectors of the economy are adopting this payment method, and the real estate sector should not be left out. It is obvious that Bitcoin is here to stay. Best of all, Bitcoin has the ability to appreciate with time. Thus, unlike fiat, sellers could just hold onto the Bitcoin, and it might be worth more in the near future.