MURFRISBORO, Tennessee (WTVF). According to local realtor Derek Trainer, money is still important in the real estate market today.
“Since I have been in this market, this is probably the most popular market I have ever seen,” he said.
But that’s not the case when he got a call from another agent about a $ 1 million home he recently sold. “He called me out of curiosity, before I show this property, will your seller accept Bitcoin as payment?”
Bitcoin is a type of cryptocurrency or “digital currency that usually only exists electronically.” Its cost can fluctuate at any time.
“The value of a cryptocurrency is completely dependent on other people who find it valuable, right? So if I didn’t believe that cryptocurrency has value for this transaction, this would never have happened, ”said Eric Hensley, home seller and coach’s client. “Tons of transactions have happened in bitcoin for all types of things – why not real estate? And I was confident enough to know about it. “
So how do you sell your home with Bitcoin? “There is a section in the contract that allows you to deposit whatever currency you will use to buy a home,” Trainer said. “You usually get cash in this section,” but for this transaction, the currency was cryptocurrency.
“Now it’s very risky for the buyer, extremely risky,” Hensley said. “So could you, as an individual, transfer me $ 1 million directly for the property? You do not know who I am, you do not know what I have done, you do not know any of this. “
Trainer said it was the largest Bitcoin transaction in Mid Tennessee to date. “If it’s as simple as it used to be, and since crypto is becoming what it is and the number of subscribers to that cryptocurrency has, this will continue, and I’m sure this is definitely a growing trend,” he said.
Not everything could be paid in bitcoin – both the buyer and the seller agreed to convert some of the money into cash, which was then used to pay expenses such as real estate agent and broker fees.