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Title: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: alyssa85 on September 05, 2017, 02:51:53 PM https://cointelegraph.com/news/suddenly-bitcoin-breaks-into-uk-housing-market-as-down-payment
Quote It is a first for the UK that Bitcoin can now be used as a down payment in the property market. Co-living pioneer The Collective have announced that they will be accepting the digital currency as a deposit from prospective tenants. They are also eyeing out rental payments in Bitcoin, but that will only be implemented later in the year. It is the first time a UK property developer has opened its doors on the famous digital currency, stating that the demand actually came mostly from international customers. The Old Oak The Collective's online booking form for its Old Oak living scheme, an ambitious co-living development with 550 rooms, will be accepting Bitcoin as a deposit on the flats. The standard deposit is £500, which equates to about 0.148 at time of publishing. Additionally, with the volatile nature of Bitcoin seemingly holding back its ability to be utilized as a currency, The Collective has pledged “spot conversion,” which means it will bear any financial risk while holding the deposit, returning it at the original value when the tenancy finishes. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: gentlemand on September 05, 2017, 02:59:37 PM It's about time it made some inroads into property, though buying property is by far the more interesting use. I'm sure there are lots of people who'd like to do that. As far as I know a Bitcoin sale in the UK hasn't happened yet though a few have been thrown up for sale.
The idea of co-living sends shudders down my spine but good luck to them anyway. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: Pursuer on September 05, 2017, 03:07:42 PM pretty interesting because not so long ago I have actually seen a couple of different topics by different people talking about buying a house with bitcoin. there was actually one person who was thinking about putting up an ad even to find someone who accepts bitcoin for a house.
I still think it is too soon for bitcoin to be used for things this big. because if you buy something worth $100 for example and price fluctuates 20% you won't feel a thing and it won't matter but if you buy something worth $50,000 and price fluctuates 20% you will feel the change! it is $10,000 change. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: gentlemand on September 05, 2017, 03:11:00 PM pretty interesting because not so long ago I have actually seen a couple of different topics by different people talking about buying a house with bitcoin. there was actually one person who was thinking about putting up an ad even to find someone who accepts bitcoin for a house. I still think it is too soon for bitcoin to be used for things this big. because if you buy something worth $100 for example and price fluctuates 20% you won't feel a thing and it won't matter but if you buy something worth $50,000 and price fluctuates 20% you will feel the change! it is $10,000 change. It's down to the buyer to make their peace with fluctuations. I assume most future sales will be going through somewhere like Bitpay to entice the seller. If the house is 20% cheaper in BTC one month into the future then tough titty. I seem to remember somewhere fancy in Miami selling for 3000 BTC near the start of the year. Now that would be 800 or so. I dunno how capital gains would work though. I assume you'd have to cash out a certain amount to pay it. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: xFiber on September 05, 2017, 03:20:49 PM It's actually really cool bitcoin finally made it into real estate. Hopefully in the future I won't have to withdraw my bitcoin for dollars and I can just buy my house and lambo with bitcoin.
Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: eternalgloom on September 05, 2017, 03:36:32 PM I'd be very worried that I would not get that deposit back after I'd finished the tenancy, especially if during that time Bitcoins' value has risen significantly.
Landlords always seem to find a few issues to prevent you from getting your deposit back, not evryone ofc, but it has happened to me before. I'd only do it if escrow was available, afaik some landlords do work with escrow for deposits. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: Gotottack on September 05, 2017, 04:05:54 PM I'd be very worried that I would not get that deposit back after I'd finished the tenancy, especially if during that time Bitcoins' value has risen significantly. Landlords always seem to find a few issues to prevent you from getting your deposit back, not evryone ofc, but it has happened to me before. I'd only do it if escrow was available, afaik some landlords do work with escrow for deposits. I agree, the landlords will likely say at the end that, "I will return to you the value of your bitcoins at the time you deposited them to me" which means the landlords are going to return only the equivalent bitcoins at the time it will be returned. What if it raised by 10 times, and the tenant will only get 10% that means. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: Voice-Of-Reason on September 05, 2017, 04:13:36 PM let hope this trend picks up for other goods and services :D
Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: alyssa85 on September 05, 2017, 04:22:31 PM I'd be very worried that I would not get that deposit back after I'd finished the tenancy, especially if during that time Bitcoins' value has risen significantly. Landlords always seem to find a few issues to prevent you from getting your deposit back, not evryone ofc, but it has happened to me before. I'd only do it if escrow was available, afaik some landlords do work with escrow for deposits. The thing is - if you can prove that the address you sent your coins to belongs to the landlord, then the blockchain is a rock solid evidence that you sent the coins. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: aoluain on September 05, 2017, 04:22:43 PM Good news for bitcoin for sure ! and great to see more adoption too.
Im not sure what exactly the Co-living thing is, if anyone wants to read about "the collective" that is mentioned in the article here is their site> https://www.thecollective.co.uk/our-story I am reading through their story get a better handle on it. They might be accepting Bitcoin but more interestingly, is anyone spending with them? Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: gentlemand on September 05, 2017, 04:32:50 PM Good news for bitcoin for sure ! and great to see more adoption too. Im not sure what exactly the Co-living thing is, if anyone wants to read about "the collective" that is mentioned in the article here is their site> https://www.thecollective.co.uk/our-story I am reading through their story get a better handle on it. They might be accepting Bitcoin but more interestingly, is anyone spending with them? Dunno about this place but there used to be a website that correlated co living facilities. It sounded utterly horrendous. One place charged you to visit for 2 years before they'd let you buy a room there. Others insisted on 20 hours of kitchen or garden work per week. Lord knows why anyone would pay money to live amongst a bunch of righteous assholes but good luck to them if they want to. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: xaviervilla on September 05, 2017, 04:52:44 PM https://cointelegraph.com/news/suddenly-bitcoin-breaks-into-uk-housing-market-as-down-payment Quote It is a first for the UK that Bitcoin can now be used as a down payment in the property market. Co-living pioneer The Collective have announced that they will be accepting the digital currency as a deposit from prospective tenants. They are also eyeing out rental payments in Bitcoin, but that will only be implemented later in the year. It is the first time a UK property developer has opened its doors on the famous digital currency, stating that the demand actually came mostly from international customers. The Old Oak The Collective's online booking form for its Old Oak living scheme, an ambitious co-living development with 550 rooms, will be accepting Bitcoin as a deposit on the flats. The standard deposit is £500, which equates to about 0.148 at time of publishing. Additionally, with the volatile nature of Bitcoin seemingly holding back its ability to be utilized as a currency, The Collective has pledged “spot conversion,” which means it will bear any financial risk while holding the deposit, returning it at the original value when the tenancy finishes. Wow! That is a pretty good news to hear! Not only for bitcoin lovers but for all crypto currency users! This opens a lot of doors leading to the future. I just wish that this kind of improvement and acceptance with crypto currencies would also happen to our country soon. Because the bitcoiners here are increasing more and more and this would be a great solution to poverty because it doesn't require a lot from a person. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: gajebo on September 05, 2017, 05:07:52 PM https://cointelegraph.com/news/suddenly-bitcoin-breaks-into-uk-housing-market-as-down-payment Quote It is a first for the UK that Bitcoin can now be used as a down payment in the property market. Co-living pioneer The Collective have announced that they will be accepting the digital currency as a deposit from prospective tenants. They are also eyeing out rental payments in Bitcoin, but that will only be implemented later in the year. It is the first time a UK property developer has opened its doors on the famous digital currency, stating that the demand actually came mostly from international customers. The Old Oak The Collective's online booking form for its Old Oak living scheme, an ambitious co-living development with 550 rooms, will be accepting Bitcoin as a deposit on the flats. The standard deposit is £500, which equates to about 0.148 at time of publishing. Additionally, with the volatile nature of Bitcoin seemingly holding back its ability to be utilized as a currency, The Collective has pledged “spot conversion,” which means it will bear any financial risk while holding the deposit, returning it at the original value when the tenancy finishes. I think this is the best step of a developed country. my confidence will be many other countries that follow the footsteps undertaken by the UK. this increases the positive value for crypto itself. I'm sure many new investors are increasingly looking at bitcoin and alcoin. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: alva5763 on September 05, 2017, 05:18:03 PM While I do not see a problem with buying using bitcoin I think rental is more difficult. If a property was being rented at £800 per month or 0.2 bitcoin at time of agreement then if price of bitcoin increases then tenant will have to pay more using the same amount of bitcoin. A tenant could not be sure how much in £'s they would be paying monthly.
Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: Mometaskers on September 05, 2017, 05:29:19 PM I wonder how they would get around the increase in value though. For example you deposit BTC1000. Since the landords would probably be thinking in comparison to the fiat value, if the price soar, then the deposit should have been much lower. Your bitcoin basically slept in their hands. Heck, they could have already made a profit out of it if they trade.
I'd be very worried that I would not get that deposit back after I'd finished the tenancy, especially if during that time Bitcoins' value has risen significantly. Landlords always seem to find a few issues to prevent you from getting your deposit back, not evryone ofc, but it has happened to me before. I'd only do it if escrow was available, afaik some landlords do work with escrow for deposits. I agree, the landlords will likely say at the end that, "I will return to you the value of your bitcoins at the time you deposited them to me" which means the landlords are going to return only the equivalent bitcoins at the time it will be returned. What if it raised by 10 times, and the tenant will only get 10% that means. You telling me the landlord might only give back the fiat value? Well better make it clear in the contract that he will give back the exact bitcoin AMOUNT. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: darkangel11 on September 05, 2017, 05:34:49 PM I'd be very worried that I would not get that deposit back after I'd finished the tenancy, especially if during that time Bitcoins' value has risen significantly. Landlords always seem to find a few issues to prevent you from getting your deposit back, not evryone ofc, but it has happened to me before. I'd only do it if escrow was available, afaik some landlords do work with escrow for deposits. The thing is - if you can prove that the address you sent your coins to belongs to the landlord, then the blockchain is a rock solid evidence that you sent the coins. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: LeGaulois on September 05, 2017, 05:57:40 PM This is another proof that there are demands from customers as well businesses to use solutions crypto oriented. And more demands we will see, more solutions will be added because when there is a market, there is at least someone to makes bank on it
Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: darkangel11 on September 05, 2017, 06:00:35 PM I agree, the landlords will likely say at the end that, "I will return to you the value of your bitcoins at the time you deposited them to me" which means the landlords are going to return only the equivalent bitcoins at the time it will be returned. What if it raised by 10 times, and the tenant will only get 10% that means. You telling me the landlord might only give back the fiat value? Well better make it clear in the contract that he will give back the exact bitcoin AMOUNT. If it's not specifically mentioned in the agreement, all deposits should be returned in their exact form. If the landlord was given a payment in BTC he should return the same exact payment, unless stated otherwise. They were not dealing in fiat or fiat value of BTC. Even the fees can't be deducted, you paid a fee to send it to the landlord and are expecting him to pay back the exact amount. If he screws up and sends it with a too low fee, the loss is on him. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: BADecker on September 05, 2017, 06:08:12 PM What was the price of Bitcoin back in the beginning of 2017? Wasn't it around $250? Why did it surge so that in only 6 or 8 months it has reached almost $5,000 (even though as of this writing it's back down to $4350)? Wasn't it because Japan added Bitcoin to their money system, legally, that started the big rise?
The housing industry is failing. People don't like the high prices of homes. They would rather live in travel trailers than buy a $200,000 or more home. But owners can't reduce their prices, because they would take a big loss doing so. The answer is Bitcoin. A Bitcoin infusion should help housing sales just like it stabilized the Japanese economy. But what will happen to Bitcoin? Be prepared for a gigantic rise in the price of Bitcoin. Buy low. Buy now. And when Bitcoin reaches $10,000 or more, you will be able to afford to sell your house cheap. 8) Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: Lmaooo on September 05, 2017, 06:16:30 PM Nice, that is a great news for Bitcoin community.
We are looking forward to see more countries implementing the use of bitcoin in the future. 8) Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: ivrynx on September 05, 2017, 06:19:54 PM this is good news, after china had banned their ICOs, surely this will give an increase to the value of bitcoin. hopefully others will follow this trend, since bitcoin is giving us hope, now those who have bitcoins on their hands, can now afford to buy a house, if they have enough.bitcoins. this just goes too show you that bitcoin can give a lot of benefits and hopefully this could also be true to cars. now we can surely look forward for a bettwr future, if this trend keeps on going, more and more people will surely accept bitcoin, and hopefully.by that time, we have more than enough in our wallets.
Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: amacar2 on September 05, 2017, 06:25:37 PM Still have to go through this full article but this news looks really good for bitcoin or whole crypto. Bitcoin payments are hassle free compared to all those chargebacks we have with other reversible payment methods. Sooner or later more merchants will acept bitcoin after realizing that price volatality on bitcoin can be covered by the use of third party gateways like bitpay.
Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: gentlemand on September 05, 2017, 06:26:27 PM Everyone seems to be getting a little overexcited because one organisation has introduced an idea that'll probably turn to shit anyway. Deposits are dodgy enough even when there aren't insane exchange rate fluctuations.
What would really count would be a national chain of estate agents or letting agents taking it on. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: countryfree on September 05, 2017, 06:35:39 PM Don't want to spend too much time on this, but can you effectively BUY a property there?
https://www.thecollective.co.uk/coliving/faq It looks like some kind of a student house where you pay by the week. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: guillzini on September 05, 2017, 06:56:48 PM While I do not see a problem with buying using bitcoin I think rental is more difficult. If a property was being rented at £800 per month or 0.2 bitcoin at time of agreement then if price of bitcoin increases then tenant will have to pay more using the same amount of bitcoin. A tenant could not be sure how much in £'s they would be paying monthly. You can add a clause to the agreement stating that, for example, rent is due at the 1st of the month. You can agree on a timestamp, say 12AM each 1st of the month. Then calculate the BTC due for the month according to it's value in fiat at that timestamp. Of course you can say there's risk involved because the value can increase or decrease, but as a tenant, you shouldn't be spending your BTC if you want to use them as an investment. And the landlord shouldn't hesitate and convert BTC to fiat if they don't want to risk losing money that month. If everything is worked out properly in an agreement, this thing could easily work. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: Mometaskers on September 06, 2017, 02:35:18 PM I agree, the landlords will likely say at the end that, "I will return to you the value of your bitcoins at the time you deposited them to me" which means the landlords are going to return only the equivalent bitcoins at the time it will be returned. What if it raised by 10 times, and the tenant will only get 10% that means. You telling me the landlord might only give back the fiat value? Well better make it clear in the contract that he will give back the exact bitcoin AMOUNT. If it's not specifically mentioned in the agreement, all deposits should be returned in their exact form. If the landlord was given a payment in BTC he should return the same exact payment, unless stated otherwise. They were not dealing in fiat or fiat value of BTC. Even the fees can't be deducted, you paid a fee to send it to the landlord and are expecting him to pay back the exact amount. If he screws up and sends it with a too low fee, the loss is on him. That should be the case, although this is the first time I heard a cryptocurrency being used as a deposit. If I were the renter I would probably ensure everything is clear. It seem people in the US and Europe are fond of lawsuits, it's possible to lose the btc. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: pixie85 on September 07, 2017, 09:20:25 PM With the current prices on UK housing market I'm not surprised they are trying new payments to bring in more customers.
Houses in the UK and especially in London, are the most expensive in Europe. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: smartbitcoininvestor on September 07, 2017, 11:08:16 PM One more down, millions more to go. Every piece of news about someone taking on Bitcoin as a payment option is another notch for the ultimate success of Bitcoin. ;D
It would be cool if football stadiums accepted Bitcoin for tickets. But honestly, I can't wait until major Internet platforms like Facebook, Uber and Amazon accept Bitcoin. That's when the real progress will happen. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: sana54210 on September 08, 2017, 06:45:45 AM It is quite appreciable that after 8 years at last United Kingdom accepts bitcoin as a legal currency and is using it in their local market.
By this step other European countries will also take some serious steps to legalize bitcoin in their respective countries. And by this one day bitcoin will be usable all over the world in every sector of life. People are choosing digital currency instead of paper money. Title: Re: Suddenly, Bitcoin Breaks into UK Housing Market as Down Payment Post by: Proteania Dev on September 10, 2017, 03:30:23 AM This is awesome news. Gradual adoption will see the value go up over time.
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