Prolly nothing... https://crypto-economy.com/are-you-ready-to-buy-your-apartment-with-bitcoin-in-canada/ Are You Ready to Buy Your Apartment with Bitcoin in Canada? July 13, 2022 Bysubhasish Canadian real estate developer, Ray Junior Courtemanche, announced that his company, SKYBLU Condos, will now accept cryptocurrency including Bitcoin (BTC) for its condos. The exploding cryptocurrency industry is revolutionizing the finacial ecosystem along with an increasing interconectedness with centralized finance. Not only financial institutions, but several governments are acknowledging crypto assets and are setting regulations to streamline the use of crypto to make purchases across everyday use products. Real Estate Industry will Benefit from Cryptocurrencies On July 12, Courtemanche, stated that the global economy is inevitably moving towards a digital eco-system. From investment to money transfer, everything is going paperless. The newest and most promising addition to the digital payment sector is cryptocurrency. An increasing number of people worldwide have turned to cryptocurrencies for their daily transactions. He emphasized, “More and more people are turning to cryptocurrency. I was just waiting for a simple and effective way to be able to accept crypto, and today, the solution exists and it’s from Quebec! At this point, I was sold on that idea.” According to the official blog post, Skyblu Condos, will allow its customers to purchase their condos using cryptocurrency which will be powered by Montreal based fintech company, Dello. Dello’s, ‘crypto POS systems’, will allow businesses to accept cryptocurrencies and receive settlement in cash directly to their bank accounts. Skyblu, believes that the mass adoption of cryptocurrency should happen at the earliest. The company added, “The crypto ecosystem is secure and reliable. In a transaction, it cuts out many intermediaries. At the end of the line, lots of people would benefit from crypto and blockchain technology, including those in real estate.” Crypto’s Tryst With Real Estate The opportunities for using cryptocurrency in real estate transactions are growing leaps and bounds. Digital tokens are becoming an increasingly popular way to pay for rent and leases. Online travel agency giant, Expedia.com, has already started accepting Bitcoins (BTC) in payment and has recently begun taking on more and more Airbnb-style rental/vacation listings. THE FUTURE OF REAL ESTATE IS SET TO BE REVOLUTIONISED! #DAMACPROPERTIES IS ONE OF THE FIRST DEVELOPERS TO ACCEPT #BITCOIN AND #ETHEREUM AS A TRANSACTIONAL MEDIUM FOR PROPERTY PURCHASES. THIS IS A MAJOR BOOST FOR THE DIGITAL ECONOMY! TO READ MORE:HTTPS://T.CO/J0AVJMPYMV PIC.TWITTER.COM/RVQE10XHUX — DAMAC PROPERTIES (@DAMACOFFICIAL) APRIL 27, 2022 In April 2022, Dubai’s leading real estate developer, DAMAC properties, revealed that it will accept cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) for sale and purchase of its properties. Bradley Nelson, CMO of Sotheby’s International Realty, explained that in the luxury real estate market, transacting in cryptocurrency will grow at an exponential rate in the near future. He expressed,
John, I know you get excited about such things, but it is nothing. All they do is immediately convert to fiat. It is just another sales channel. This is akin “we now taking discover” and etc. they would sell for tulips if they were being traded.
Defeats the purpose of using crypto when everything is still based on fiat. What's the point of accepting the payment in crypto when the transaction still settles in cash? Why not just pay directly in cash? Why go through crypto when the coin is traceable and there is not even anonymity about it anymore? I agree this is nothing but a sales gimmick.
Allowing people to pay for real estate with bitcoin will immediately bring up concerns about money laundering being wrapped up in real estate transactions. Especially since a good portion of real estate purchases in markets like Toronto are by foreigners. This also brings to mind using one one deflating asset bubble to purchase another deflating asset bubble. However this will not impact the developer since they will likely convert bitcoin payments to Canadian currency immediately.
Only the woke who don't understand that bitcoin has a ledger and is open to the public. You would be happy as law-enforcement to see dumb-criminals use BTC for buying real-estate.
I guess it will depend on which currency the property's price is based in. If the price is based in crypto independent of the fiat price, then the buyer will have every incentive to delay paying to wait for the crypto to crash further and the developer will lose because it will have earned less crypto to exchange to fiat at the end. It's like they are selling a depreciating property. But if the property's price is based in fiat currency value and the crypto is just another method of payment, the buyer wouldn't want to pay using crypto at all and will instead pay with fiat instead then this extra payment method using crypto is meaningless.