by Nuno Menezes
Bitcoin has already reached the mainstream adoption and every day more, and more industries are starting to accept it. Since the recent surge in the bitcoin price, many companies began to understand the real potential of digital currencies.
The real estate industry was one of the first industries to see the actual value and nature of bitcoin. It was also one of the friendliest industries to bitcoin so far. Up until now, a few houses have been sold for bitcoin, but there is the need for a better way to transact using digital currencies.
HOUSEHODL is a new startup that is betting on providing an escrow service that specially designed for the real estate industry. The company’s goal is to provide a secure, comfortable and straightforward method for conducting payments in the real estate agency.
A lot of experts have warned that buying real estate using bitcoin is not that simple. First, the buyer needs to find a seller that is willing to accept the digital currency as a payment method for the real estate purchase. After that, the two will need to agree on how to make the deal. It is still technically tricky to make such a deal as both the parties involved will have to trust each other. Unfortunately, this turns out to be a real impediment to the whole deal as we are not talking about a half a dozen of dollars.
Buying a House With Bitcoin is Still a Complicated Process
Since the whole process of buying a house is a complex one, and the amounts in question are reasonable, the industry finds that it lacks a method that can give both the buyer and the seller the adequate protection to complete the deal.
What HOUSEHODL proposes, is to introduce a blockchain based platform that will manage real estate deals by providing a full suite of dedicates services including Escrow. The company promises to develop a secure cryptocurrency escrow mechanism allowing for safer arrangements and low fees specially designed for the real estate business. HOUSEHODL will also create a cabinet of lawyers that will ensure that all the steps in the purchase and selling process are done correctly.
Despite the fact that bitcoin has become mainstream, it is still seen as a risky investment opportunity for investors; Nevertheless, it’s becoming the most accepted alternative payment method everywhere as many companies are starting to introduce it as an alternative payment method. According to CNBC, nowadays, over 100,000 merchants worldwide accept bitcoin, including Expedia, Amazon, Microsoft, and at least one MacDonald’s store. Businesses are increasingly adding this new payment method and as so the real estate industry doesn’t want to stay behind.
Bitcoin is hitting mainstream adoption real hard, and even the slow-paced industries are now looking into it with great hopes. It is safe to say that bitcoin just arrived in the real estate industry and it came to stay!