With a large number of people who have crypto such as Bitcoin as an asset, many sellers are trying to lure them. Thus, they allow property payment, for example, to buy house with Bitcoin Italy.
But why Italy, why not any other country in the world?
First, Italy is a perfect destination in Europe for its vast landscape. From the mountain,
beaches, rural, and cities - you can find them at a relatively close distance. Thus, buying a
house to move to or only for investment in Italy is a good move. Further, the regulation for foreigners to purchase a property in Italy is not too restricted.
The Rise of Cryptocurrency
Actually, there’s no limitation on where you can spend your Bitcoin or any other crypto
money. Whether buying property, getting goods, or even investing it - you can do all of that.
But this can only happen if the parties involved agree on what kind of currency you’re going to use. For instance, if you’re buying a house in Italy with Bitcoin, then you and the seller should reach an agreement.
Many know that cryptocurrency is starting its domination in the world through various
aspects. With how finance technology moves everything digitally, crypto - as a digital
currency, has an upper hand. For that reason, many are trying to involve the crypto money in various transactions such as buy house with Bitcoin Italy.
In Italy and many other countries, although crypto currencies are fancied as an easy asset to grow, it has no regulation yet. Because crypto money is not backed up by the Bank of Italy as the major ruler in the finance scheme in the country. Therefore, it has a huge risk and is prone to be equipped with criminal activity.
Although the risk, there’s no stopping the investor from growing their crypto assets. Not to mention, its value is always on the good side and they couldn’t help but keep it. Further, crypto money is easier to transfer for digital transactions.
Buying a House in Italy with Bitcoin
Since cryptocurrency is a good tool for payment, the real estate scene wouldn’t wish to miss it. Therefore, many real estate companies accept Bitcoin and any other crypto money as payment, including in Italy.
Read Also: Real Estate Companies That Accept Bitcoin
In some cases, the property agent and seller even demand payment in Bitcoin to create
some buzz. Meanwhile, in other cases, there are also those who ask for a half-half payment, in fiat and Bitcoin. This is real proof that crypto money embraces the property scene.
Also, there are also some rental sites that adopt Airbnb-style that only accept Bitcoin and crypto payment. Further, you can also find property fundraising practices by using Bitcoin. All you have to do is invest with Bitcoin in any amount and get a house in exchange once your amount is sufficient enough.
Why Using Bitcoin to Buy a House in Italy
Although the real estate scene is opening for purchasing with Bitcoin, why buy house with Bitcoin Italy in particular? There are several reasons that you can consider for spending your Bitcoin:
- You can have the ultimate privacy when buying property using Bitcoin or any other crypto payment. Because the transfer happens within the blockchain ecosystem.
- When you’re a foreigner and willing to buy a house in Italy, it would be an easier transaction than a bank transfer. Thus, you can cut some transaction fees because Bitcoin transfer is more direct.
- As you know, real estate investing is arguably a safer asset than fluctuating crypto money.
- For most people, tax is a pain for the huge cut it takes when transferring property rights. By using Bitcoin, you can avoid this part because your transfer happens in private.
The Drawback in Using Bitcoin for Purchasing a House in Italy
Even though the advantages of using Bitcoin to purchase a house in Italy look promising,
there are also some drawbacks. Here are the things that you should be aware of and take
into consideration when making a transaction:
- The transaction will purely happen online in the blockchain. So, the risk of losses due to hackers is a huge possibility.
- When that happens, there will be no protection and collateral for you to fall. You can lose your Bitcoin but there’s no new property under your name.
- If you have no experience in the real estate scene, there’s a high possibility that you’ll fall into a scam that aims to get your Bitcoin.
- For now, yes there’s no regulation yet from the Bank of Italy about cryptocurrency. But there’s no guarantee that it will stay in that way in the future. When the new regulation comes, you also have to make some adjustments.
At the moment, it’s possible to buy house with Bitcoin Italy. Yet you have to find the real estate agent and seller that accepts Bitcoin for payment for that purpose. To do so, you have to be extra careful in choosing, thus you wouldn’t fall for a scam.