Buying Your Florida Dream Home with Bitcoin – Plus Other Surprising Ways to Spend Crypto
By Space Coast Daily // February 21, 2023
Most of us fantasize about owning the home of our dreams in the Sunshine State.
Under the current economic conditions, making the dream a reality is more challenging than ever. However, Florida’s property industry relies on matching properties with owners, and is exploring new ways to facilitate property deals and to make them more achievable for would-be buyers.
Using Bitcoin and other cryptocurrencies is one route that is gaining traction in Florida. Naples-based realtor Jamie Chang says that many of those looking for premium properties in Florida are from the crypto heartlands of California and the North East.
But it’s not just the influx of newly wed and nearly dead, with whom Florida agents are so accustomed to working. Chang also says that Floridians are also “getting a little hipper,” and are more likely to be comfortable with crypto transactions than they were in 2019.
Why buy with Bitcoin?
Being a hip novelty is not enough to bring crypto property transactions into the mainstream. This has consistently been a problem with Bitcoin – it arrived as a solution looking for a suitable problem it could solve. With property transactions, it might just have hit paydirt.
Bitcoin provides a potential solution to some of the biggest pain points in property transactions:
- It’s fast – transaction delays can be a real problem with a property purchase, especially when there is a lengthy chain. A Bitcoin transaction will go through almost instantly.
- It’s direct – a peer to peer transaction means no middle men and no banks getting involved to slow things down and take their pound of flesh.
- It’s secure – blockchain transactions are practically impossible to fake, double-spend, hack or otherwise misappropriate.
What’s the catch?
If Bitcoin property transactions are so great, why isn’t everyone using Bitcoin to buy their dream home? There are, of course, two sides to every coin, even a digital one. The biggest stumbling block is Bitcoin’s volatility. We have all seen how dramatically the price can rise and fall in a very short time. It leaves both buyer and seller potentially exposed.
There are also potential tax complications. That sounds vague, and therein lies the problem. This is largely untrodden ground and it is hard to tie a legal or financial expert down to a firm opinion.
Other ways to spend your virtual coins
Overall, we can say that there are clear benefits to buying a property with crypto, but there are also uncertainties that make it something of a gamble. If you would sooner wait for the market to mature a little there are other ways to spend your virtual coins, with brands as diverse as Microsoft and Tesla all accepting crypto payments.
But the most popular way to spend crypto is a gamble of a different kind. The iGaming sector was one of the earliest crypto adopters, with the first Bitcoin casinos launching in 2014.
Back then, they were something of a novelty, but today, the popularity of platforms like Bitstarz Casino demonstrates that crypto casinos are attracting mainstream appeal.
All the advantages that we mentioned earlier hold true when you use crypto for iGaming – but when all that’s at stake is the equivalent of a few dollars, there’s really nothing to lose!