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Author Topic: Buying a house with bitcoin  (Read 5929 times)
BitCoinNutJob
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June 02, 2014, 01:14:43 PM
 #41


Thanks catfish et al for taking the time to provide some great info im going over the posts/info, i might have to hire yous for consultancy once we at $5k BTC Smiley.

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But I applaud your sentiment re: diversification - if your entire net worth is currently Bitcoin holdings, then you're taking a big risk and - with the volatility of Bitcoin - loads of emotional stress watching the value gyrate. UK residential property though? Have you considered buying some gold coins with the Bitcoin? Easy enough to do - plenty of reliable people selling bullion for BTC (I started off selling my mined BTC for silver and gold bullion in 2011...) - and if you wish, discreet enough to not declare to the taxman. Gold is currently cheap...

Like i said though im still waiting for this UK housing market crash (i do see a 30% drop sometime soonish maybe yes but could be 10 years who knows?).  So far ive paid about what... £50k - 60k? in rent over last years. 

Investing elsewhere requires some skill, could go with gold/silver but what else i have no clue, sticking some money in property might not provide any return but at least im not paying 600 PCM anymore which would be a great saving?

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sukamasoto
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June 02, 2014, 04:49:19 PM
 #42

good idea to buy a house using bitcoin currency

berkelip
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June 03, 2014, 10:39:04 PM
 #43

Planning on buying a house in the UK with bitcoin when it goes to the moon in next price bubble.  Buying with bitcoin will mean avoiding tax vs cashing out bitcoin before purchase in UK im pretty sure?

Im imagining issues of:

1.) Estate agents will still assume bitcoin is retarded money :/

2.) Negotiating for a lowball price will be harder with bitcoin

3.) General lack of choice, we need ebay to accept bitcoin or like a bitpay for property

Any tips about how to go about the procedure, has anyone bought a property with bitcoin? (if UK great!)

it's a good idea
I think I can't avoid tax even I use bitcoin, but I don't know if in UK

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Skycraft
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June 05, 2014, 12:44:22 AM
 #44

Could you please tell me of there is a Real Estate platform/site/portal/forum or whatever place i can go look for a house that the owner is selling in BTC??

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June 05, 2014, 01:30:52 AM
 #45

Could you please tell me of there is a Real Estate platform/site/portal/forum or whatever place i can go look for a house that the owner is selling in BTC??



https://www.bitpremier.com/5-real-estate

ShakyhandsBTCer
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June 14, 2014, 11:07:04 PM
 #46

Planning on buying a house in the UK with bitcoin when it goes to the moon in next price bubble.  Buying with bitcoin will mean avoiding tax vs cashing out bitcoin before purchase in UK im pretty sure?

Im imagining issues of:

1.) Estate agents will still assume bitcoin is retarded money :/

2.) Negotiating for a lowball price will be harder with bitcoin

3.) General lack of choice, we need ebay to accept bitcoin or like a bitpay for property

Any tips about how to go about the procedure, has anyone bought a property with bitcoin? (if UK great!)

I dont think using Bitcoin would let you avoid tax, they will use it to calculate the actual value in USD and still tax you.
Exactly right
If you're using bitcoin to tax evade you are to late, authorities caught on in the $20/BTC days

It is always a bad idea to avoid paying taxes.

With that being said it is still possible to deal with bitcoin anonymously to avoid any kind of reporting.
Gianluca95
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June 14, 2014, 11:47:50 PM
 #47

Great Idea ! You can avoid the fiscal control and if you're very lucky, you can pay house to cheap price  Grin
stlcoin
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July 07, 2014, 04:06:48 PM
 #48

http://www.homes4bitcoin.com home for sale 575 bitcoins
CoinLondon
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July 07, 2014, 05:08:02 PM
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Wow very interesting topic. I actually operate an property management company in the Midlands and London, and though i would really like the idea of implementing (piloting) Bitcoin into the firm. It will surely be difficult to find supply of sellers willing to sell their property in exchange for Bitcoin. Simple reason being the negative externalities of current market volatility, with the value of Bitcoin fluctuating the risk is too great for the average tech savvy home buyer/ seller.  Ofcourse other common issues are financial regulation and rules of conduct. I haven't thought about the above in in too much detail, nor am i knowledgeable with the legal aspect of bitcoin, however if anyone has any suggestion around the above it would be great to here.
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July 07, 2014, 05:20:55 PM
 #50

In the case of 5399 diehl ln , 63049  the owner has title free and clear, deed in an LLC, transferring ownership is as easy as handing over the LLC papers and deed. Plus the owner does not wish to exchange their bitcoin into USD by using bitpay or coinbase.  Most other transactions will have loans attached and would need to exchange BTC into USD to payoff loans.
Depending on location of property can get tricky...  Keep it simple is not always possible. 
RodeoX
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July 07, 2014, 05:21:55 PM
 #51

I'm looking for real estate that is buy-able in bitcoin also. Not a house, just large tracts of raw land. When I buy one I will have to pay capitol gains on the appreciation in value. Not sure how they do it in the UK, but I think you may owe also. The only loophole I can think of is in Denmark. You may be able to get a house without capitol gains there.

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July 07, 2014, 05:25:52 PM
 #52

RodeosX,,  5399 diehl ln, 63049 is on 10 acres of land, with possible 10 acres next to it available.  How much raw land and where are you looking if you don't mind me asking?
RodeoX
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July 08, 2014, 05:41:36 PM
 #53

RodeosX,,  5399 diehl ln, 63049 is on 10 acres of land, with possible 10 acres next to it available.  How much raw land and where are you looking if you don't mind me asking?

Hi,
Mostly I'm looking for 40+ acre tracts. But Maybe less space for high quality land. Like with waterfront for example. I'll look at the ones you have posted. But I would prefer a place in Wisconsin.
-Cheers

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

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stlcoin
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July 08, 2014, 07:47:11 PM
 #54

Skele, it can be that easy, if no loans are on the property deed free and clear.. 
Be nice to see our deed / title to property go digital maybe even new type of blockchain holding title to assets.   

Nerazzura
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July 14, 2014, 05:27:49 PM
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Buying with bitcoin will mean avoiding tax vs cashing out bitcoin before purchase in UK im pretty sure?

I am not specifically knowledgeable about UK tax law, but I would pretty much guarantee you that it doesn't necessarily have to be a cash sale to qualify as a capital gain. You would most likely owe on the difference between the fair market value of the house on the day of purchase versus the basis price of your Bitcoins.
so what the best solution of this problem. any property that is worth paying bitcoin
stlcoin
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July 14, 2014, 05:31:33 PM
 #56

Guess that depends on where one wants to live.
Daniel91
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July 14, 2014, 08:05:37 PM
 #57

It will be really great when this happen and Bitcoin become mainstream currency, like dollars, Euro...
But, this will not happen overnight, and I guess in the beginning we will have limited options what we can buy with bitcoin, digital staff...
Later we will have more and more product and eventually it will be possible to buy even house, yes Smiley

hollowframe
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July 14, 2014, 11:54:27 PM
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Buying with bitcoin will mean avoiding tax vs cashing out bitcoin before purchase in UK im pretty sure?

I am not specifically knowledgeable about UK tax law, but I would pretty much guarantee you that it doesn't necessarily have to be a cash sale to qualify as a capital gain. You would most likely owe on the difference between the fair market value of the house on the day of purchase versus the basis price of your Bitcoins.
so what the best solution of this problem. any property that is worth paying bitcoin
I would argue that you would likely have to use the current market value of the bitcoin rather then the cost basis. AFAIK the taxing authority would assume that any barter transaction would have both sides of the barter exchange into cash prior to the deal closing for taxing purposes.
Swordsoffreedom
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July 14, 2014, 11:58:33 PM
 #59

Guess that depends on where one wants to live.

For now but in the future the ideal would have it be another way of paying for it
Saving on realtor costs and some legal fees as well.
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July 15, 2014, 02:15:19 PM
 #60

It will be really great when this happen and Bitcoin become mainstream currency, like dollars, Euro...
But, this will not happen overnight, and I guess in the beginning we will have limited options what we can buy with bitcoin, digital staff...
Later we will have more and more product and eventually it will be possible to buy even house, yes Smiley

yes true it will not happen in a short time. our job is to keep the situation stable. that's enough. Do not get too excited until we take bitcoin as much and make the price fall
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