A real estate company, Mister Piso, based in Barcelona, Spain sells an apartment for Bitcoins payment, making Spain the first country to accept Bitcoins in real estate.
Bitcoins were first came into being to circumvent any middleman like banks and eradicate commission, to make payments easy and faster. It works well due to peer-to-peer platform and doesn’t require any central organisation to store information associated with the transactions. In short, property buyers and sellers put aside influence of banks and greatly reduce the commission factor by paying in Bitcoins.
The apartment was sold to Anna Durango for 40 Bitcoins with the rate of $11,840, approximately for $475,00. The property was in market for 5 years now and and the company has taken the risk of accepting Bitcoin payment knowing how the price chart is going for Bitcoin. But it is a calculated risk as Bitcoin also gained 1500% in last year. Mister Piso is accepting this risk associated with Bitcoin, and already announcing second property for sale in Bitcoin.
Gerard Platero, Manager of Mister Piso at Tarragona, stated,
“It’s a much cleaner transaction, and you do not have to have cash in the moment, you can have this bitcoin wallet and have something that is not tangible. If I saw a flat and liked it, instead of paying and signing and having to go to a notary, I could make the transaction very quickly in the moment, according to the value of bitcoin, and all parties are happy.”
The transaction is clean, fast, easy, and eliminates extra cost of commissions.