[2019-02-24] 3 Properties,are being sold for cryptocurrencies in the Philippines

[CryptoSteem]

3 Properties, are being sold for cryptocurrencies in the Philippines

The homeowner of not just 1, but 3 houses in the Philippines, is looking to sell them in exchange of cryptocurrencies.
On three separate Facebook posts, Dr. Joel Advincula, licensed broker and realtor at RE/MAX Advantage Iloilo, has recently shared 3 properties being sold in Iloilo City, Philippines.

One of the owners of the said properties, investor Jonha Richman, is open to either cash buyers or “cryptocurrencies” – also known as ‘digital money’ as form of payments.


Full article on https://www.cryptosteem.com/properties-sold-for-cryptocurrencies/

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[bL4nkcode]

That's true that Philippines is one of the firm adopters of crypto/blockchain tech, besides there are still a lot of people viewed bitcoin as a scam which I really don't get while the central bank acknowledged this technology. Little by little, crypto companies starting to build businesses on the Philippines while the government is kinda crypto-friendly.
 
I will be amazed if some of my countrymen will really buy this house/s using crypto/bitcoin.

[Nameless27]

At this existing bitcoin price, the owner is highly knowledgeable about cryptocurrency. The value would be triple in just a year if the said house be sold at the current rate. That's a good move and certainly, give me an idea in the future dealings out of this kind.

The Philippines is always one of the top destinations in Asia on crypto spending. No tax, no regulations but with high business appreciation.

I'm gonna sell my house now so I can buy 3 more in December when bitcoin increased.

[pixie85]

At this existing bitcoin price, the owner is highly knowledgeable about cryptocurrency. The value would be triple in just a year if the said house be sold at the current rate. That's a good move and certainly, give me an idea in the future dealings out of this kind.

The Philippines is always one of the top destinations in Asia on crypto spending. No tax, no regulations but with high business appreciation.

I'm gonna sell my house now so I can buy 3 more in December when bitcoin increased.

This is rather a PR move by him. If he really wants cryptocurrency he can sell it for fiat and then buy crypto. The result will be the same because there are no fes when you buy cryptocurrency OTC and very little fees when you buy on exchange.
Also selling for fiat would be much easier because not many people own crypto compared to those who own fiat.

[davis196]

3 Properties, are being sold for cryptocurrencies in the Philippines

The homeowner of not just 1, but 3 houses in the Philippines, is looking to sell them in exchange of cryptocurrencies.
On three separate Facebook posts, Dr. Joel Advincula, licensed broker and realtor at RE/MAX Advantage Iloilo, has recently shared 3 properties being sold in Iloilo City, Philippines.

One of the owners of the said properties, investor Jonha Richman, is open to either cash buyers or “cryptocurrencies” – also known as ‘digital money’ as form of payments.


Full article on https://www.cryptosteem.com/properties-sold-for-cryptocurrencies/

Wow,that's great.3 purchases out of probably 1 million property purchases in the Phillipines is a great start.
Now I'm waiting to see when the governement of the Phillipines is going to ban crypto real estate purchases,due to the tax paying frauds.

[Naida_BR]

This news seems very interesting and promising for the future of the blockchain and cryptocurrency industry.
It puzzles me how the local real estate authorities will react to this selling, and how this transaction will be recorded in the systems. Will this transaction trigger a bureaucratic domino? I am not aware of the legislation in the Philippines this is why I am asking.

[btyco]

These guys are smart, no point in asking for cash which won't have any increasing value in the bank. Get some bitcoin and watch it pump 10x per year

[gentlemand]

A crypto accepting owner would be an ideal situation for many. No worries about having to sell, getting frozen on exchanges, having your bank freak out when the fiat arrives. You'd have to set aside some for tax depending on where you are but at least the vital transaction goes through without a hitch.

[Betwrong]

“We are big proponents of cryptocurrencies and think we should start expanding the conversation towards seeing it as a viable payment option for purchases. ..."

I personally don't trust such statements, especially when they come from real estate salesmen. Those people will do anything for profits and they will never risk losing a dime for an idea. It is very likely that the price in BTC/LTC is going to be high enough so that if they exchange the crypto for fiat right away they'll get an amount bigger than what they'd get if selling for fiat.

This article would be more valuable if it contained the prices for similar properties in the same region and the prices of the properties in crypto that Jonha Richman is asking for them.

[LeGaulois]

Only 3... and sellers on the top of that. Nothing to be excited about. Sure it's better than nothing but it's not like if suddenly there is a wave of people looking to buy a house and paid it exclusively with Bitcoin. To develop the ecosystem we need to start somewhere you can say, and you're right. But only 3 and it hits the news 

[orions.belt19]

This is rather a PR move by him. If he really wants cryptocurrency he can sell it for fiat and then buy crypto. The result will be the same because there are no fes when you buy cryptocurrency OTC and very little fees when you buy on exchange.
Also selling for fiat would be much easier because not many people own crypto compared to those who own fiat.

This is likely to be true, but with the unregulated nature of crypto in the Philippines, its especially a place where some fiat-related headaches can be avoided. I know a lot of business in the PI will only take cash: car dealerships, for instance. So if you can pay for something in crypto it would save you a lot of trips to the ATM (only 10,000 PHP, or ~$200 can be withdrawn at a time, and holding huge amounts of cash also makes you a target).

I don’t think it’s a PR move. The owner probably just wanted to add an option for buyers. Maybe he just wants his property to be sold immediately, and he knows that those who can afford it probably might own crypto. I don’t think this is such a big deal, but it’s cool to see how there are some already very open to the use of crypto even while there are limited merchant vendors in the Philippines where you can use and purchase crypto.

[bbc.reporter]

@cryptosteem. Tell the writer of your article to specify what coins are being accepted by the house sellers. I reckon we should warn them to not accept Ethereum or Ripple as payment hehehe.

In any case, this might also be another clickbait article.

[joniboini]

I don’t think this is such a big deal, but it’s cool to see how there are some already very open to the use of crypto even while there are limited merchant vendors in the Philippines where you can use and purchase crypto.

If there are clear regulatory standards about crypto, and the government accepts it as a form of payment, maybe there will be more and more people who will use crypto to buy & sell something. But the nature of crypto is not suitable for daily expense imo. Still, it's cool if we can use Bitcoin with lightning to be able to buy something from a supermarket.

Only 3... and sellers on the top of that. Nothing to be excited about. Sure it's better than nothing but it's not like if suddenly there is a wave of people looking to buy a house and paid it exclusively with Bitcoin. To develop the ecosystem we need to start somewhere you can say, and you're right. But only 3 and it hits the news 

3 is better than none someone said. But yeah, I personally don't think this is groundbreaking or something like that. The nature of properties payment is also unfit to be paid with crypto imo. Maybe the sellers will directly convert it to fiat if there's someone who buy using crypto.

[BitHodler]

@cryptosteem. Tell the writer of your article to specify what coins are being accepted by the house sellers. I reckon we should warn them to not accept Ethereum or Ripple as payment hehehe.

Most likely scenario is that a payment processor will be used for the conversion, so there isn't much for the seller(s) to lose here when it comes to depth or volatility. It has been done like this for quite a long period of time now.

Overall, if you have something for sale, and you just want to get fiat, you'll accept any crypto currency that your payment processor accepts. Can't blame people for trying to reach as many rich crypto fanboys at once.

[milewilda]

@cryptosteem. Tell the writer of your article to specify what coins are being accepted by the house sellers. I reckon we should warn them to not accept Ethereum or Ripple as payment hehehe.

Most likely scenario is that a payment processor will be used for the conversion, so there isn't much for the seller(s) to lose here when it comes to depth or volatility. It has been done like this for quite a long period of time now.

Overall, if you have something for sale, and you just want to get fiat, you'll accept any crypto currency that your payment processor accepts. Can't blame people for trying to reach as many rich crypto fanboys at once.

With this line:

When asked about the move, Jonha Richman, advisor to global hyper-growth companies, including the Litecoin Foundation, and James Richman, private investor at JJRichman, shared

We can already tell that they do accept or had the option to pay LTC.lol

Its not being clarified though on what crypto they would accept but this is really a good news and would be advantage for the crypto users specially into that place.

[bbc.reporter]

@cryptosteem. Tell the writer of your article to specify what coins are being accepted by the house sellers. I reckon we should warn them to not accept Ethereum or Ripple as payment hehehe.

Most likely scenario is that a payment processor will be used for the conversion, so there isn't much for the seller(s) to lose here when it comes to depth or volatility. It has been done like this for quite a long period of time now.

Overall, if you have something for sale, and you just want to get fiat, you'll accept any crypto currency that your payment processor accepts. Can't blame people for trying to reach as many rich crypto fanboys at once.

Agreed and I reckon this proves that the article is only another clickbait to attempt to get more hits than it would have gotten without the sensationalism.

[stompix]

This is rather a PR move by him. If he really wants cryptocurrency he can sell it for fiat and then buy crypto. The result will be the same because there are no fes when you buy cryptocurrency OTC and very little fees when you buy on exchange.
Also selling for fiat would be much easier because not many people own crypto compared to those who own fiat.

exactly

One of the owners of the said properties, investor Jonha Richman, is open to either cash buyers or “cryptocurrencies” – also known as ‘digital money’ as form of payments.

Now, the pictures on the "rush sale" on Fb are one and half months old so I guess the rush sale didn't go well and now he's trying every trick in the book to get some attention.

Agreed and I reckon this proves that the article is only another clickbait to attempt to get more hits than it would have gotten without the sensationalism.

Without articles overexaggerating or omitting facts, treating rumors as official statements and of course faking stories entirely in some cases the whole press section would be as lively as the Death Valley.

[Kemarit]

My only comment on this one is why in Iloilo? Why not they sell properties wherein there are people who can afford it, let's say in the financial district of Makati? I don't know but I have a feeling that it won't attract crypto buyers in its somewhat in the province of the Philippines. They might as well put something for sale in Metro Manila or Makati City.

[stompix]

My only comment on this one is why in Iloilo? Why not they sell properties wherein there are people who can afford it, let's say in the financial district of Makati?

I don't get this part.
Is this Iloilo more expensive or ..cause numbeo shows me prices for houses to be 80% than in the other your mentioned , Makati.

Of course, people living in the city center would afford a house in the center, but I don't understand why the same people wouldn't be interested in these ones... Bad neighborhood? Doesn't look like in the pics.

As for why these properties and not others, probably this guy is the only one accepting cryptos on the entire house market

[Slow death]

3 Properties, are being sold for cryptocurrencies in the Philippines

The homeowner of not just 1, but 3 houses in the Philippines, is looking to sell them in exchange of cryptocurrencies.
On three separate Facebook posts, Dr. Joel Advincula, licensed broker and realtor at RE/MAX Advantage Iloilo, has recently shared 3 properties being sold in Iloilo City, Philippines.

One of the owners of the said properties, investor Jonha Richman, is open to either cash buyers or “cryptocurrencies” – also known as ‘digital money’ as form of payments.


Full article on https://www.cryptosteem.com/properties-sold-for-cryptocurrencies/

Many people who are worried about their own security avoid appearing in the press to talk about money or selling a property and still asking that the method of payment be by bitcoin. So I wonder why this guy is doing this? Does he want to become famous? if the guy wants bitcoin, then he could sell using Fiat as a means of payment and then he would buy bitcoin.