There is no doubt one of the most talked about topics in society today is cryptocurrency. The phenomenon circulating the world is getting traction with word of mouth happening daily. If you have not heard of cryptocurrecy, bitcoin, etc you must be living under a rock for the last number of months. In a nutshell cryptocurency is a digital currency designed to work as an exchange - many people classify cryptocurrency as digital gold.
Transactions overseas are already happening in realestate using bitcoin and it look likes a couple of vendors are using this system to sell in Melbourne and throughout Australia. I remember doing an auction in late October 2017 where the highest bidder offered to pay the deposit of the property in bitcoin! This was not acceptable by the vendor however more importantly this was the first time I ever heard of bitcoin.
Transacting using crytocurrency is much easier than using traditional resources, can be faster and more importantly the fees are at a minimum. Among many other reasons, this is why I believe people will be using this system moving forward and can see this affecting transactions in the property market as a daily routine. When that will happen is something I am unable to answer but can say it will only be a matter of time.
Ultimately people that are looking at selling property are selling for a price. If the owner is happy to accept cryptocurrency (digital currency/cash) as payment and a buyer is happy to pay in that format - its a simple deal. Both parties agree, the formalities still are done by solicitors and life goes on.
Daily there are more and more people either using or signing up to trading or buying cryptocurrency. At this rate it would be an easier way to transacting not only in realestate but any other form of payment (i.e credit card, Bpay, etc). If this becomes normal, I don't see how this can be a problem selling property now or in the future.
Lets see what the future holds - watch this space....