Using Cryptocurrency to Purchase Real Estate: MyEListing.com and Coinbase Commerce

According to reports, the commercial real estate data platform MyEListing.com supports the use of cryptocurrency to purchase real estate through integration with Coinbase Commerce. The service will be open to everyone, and MyEListing.com stated that transactions can be completed within one working day.

MyEListing.com supports the use of cryptocurrency to purchase real estate

In recent years, cryptocurrency has gained a lot of attention and popularity worldwide. Its applications have expanded beyond just being a form of digital currency to becoming an asset and investment option. One of the latest developments is the ability to use cryptocurrency to purchase real estate, and MyEListing.com, a commercial real estate data platform, has recently announced that they will support this integration with Coinbase Commerce. This article will explore the benefits and potential drawbacks of using cryptocurrency for purchasing real estate.

What is MyEListing.com and Coinbase Commerce?

Before we dive deeper, let’s briefly introduce MyEListing.com and Coinbase Commerce. MyEListing.com is a commercial real estate data platform that offers a wide range of services to help investors and brokers succeed in the industry. One of their main features is the ability to search and list properties, but they also provide market data analysis, news and insights, and various tools like valuation estimators and due diligence reports.
Coinbase Commerce, on the other hand, is an extension of Coinbase, one of the most popular and trusted cryptocurrency exchanges in the world. Coinbase Commerce is a payment gateway that allows merchants and businesses to accept various cryptocurrencies as payment for goods and services. It supports several major coins like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, as well as numerous smaller altcoins.

How does the integration work?

According to MyEListing.com, using cryptocurrency to purchase real estate through their platform is simple and fast. Here are the steps they provided:
1. Find a property you want to buy on MyEListing.com.
2. Contact the seller or broker and express your interest in paying with cryptocurrency.
3. The seller or broker will create a transaction invoice using Coinbase Commerce and send it to you.
4. You transfer the amount in cryptocurrency to the invoice and confirm the payment.
5. The seller or broker receives the payment in their preferred fiat currency (e.g. USD) within 1 working day.
It’s worth noting that MyEListing.com and Coinbase Commerce do not handle the actual conversion of cryptocurrency to fiat currency, as that’s done by the exchange service or wallet that the buyer uses. However, by providing a seamless payment gateway and collaborating with trusted real estate professionals, they aim to make the process easier and more accessible for potential buyers who prefer using cryptocurrency.

Pros and cons of using cryptocurrency for real estate

Now that we understand how MyEListing.com and Coinbase Commerce work together to enable cryptocurrency payments for real estate, let’s examine the advantages and disadvantages of this approach.

Pros:

1. Faster and more convenient: Compared to a traditional bank transfer or wire transfer, which may take days or even weeks to complete, cryptocurrency transactions can be settled almost instantly. This can be especially useful for international buyers who want to avoid currency exchange fees or delays.
2. Lower fees: Similarly, cryptocurrency transactions typically involve lower fees than traditional payment methods. Depending on the coin and exchange used, the fees can range from a few cents to a few dollars, compared to potentially hundreds of dollars for wire transfers.
3. High security: Cryptocurrency payments are theoretically more secure than traditional ones, as they rely on advanced cryptography and decentralized networks to prevent fraud and hacking. However, it’s important to note that this also depends on the user’s own security measures, like storing their coins in a secure wallet and using strong passwords.

Cons:

1. Volatility: Cryptocurrencies like Bitcoin and Ethereum are known for their price volatility, which means that the value can fluctuate drastically in a short period of time. This can make it risky for both buyers and sellers, as the property’s value may suddenly drop or rise after the transaction is completed. Moreover, some cryptocurrencies may not be as widely accepted or trusted by real estate professionals as fiat currency.
2. Legal and regulatory issues: Depending on the country and jurisdiction, using cryptocurrency for real estate may face legal and regulatory hurdles. For example, some countries may require additional taxes or licenses for cryptocurrency transactions, or forbid them altogether. This can create uncertainty and complexity for buyers and sellers who wish to avoid any legal issues.
3. Lack of adoption and awareness: While cryptocurrency has gained more mainstream attention in recent years, it’s still not widely used or understood by most people. This can lead to reluctance or skepticism from potential buyers or brokers who are not familiar with the technology or concerned about its stability.

Conclusion

In summary, the integration of MyEListing.com and Coinbase Commerce offers a new option for using cryptocurrency to purchase real estate. It can provide faster, cheaper, and more secure transactions for those who are comfortable with the technology and willing to take the risk. However, it’s important to consider potential drawbacks like price volatility, legal issues, and lack of adoption before making a decision. As crypto and real estate industries continue to evolve and innovate, it’s possible that we will see more such integrations and solutions in the future.

FAQs

1. Is MyEListing.com the only platform that allows cryptocurrency payments for real estate?
– No, there are other similar platforms and services that offer this option, such as Propy and Bithome.
2. What types of real estate can be purchased with cryptocurrency?
– It depends on the specific platform and seller, but generally any type of property can be bought with cryptocurrency, including residential, commercial, and land.
3. Can I get a mortgage with cryptocurrency?
– Currently, it’s not possible to get a traditional mortgage with cryptocurrency, as most banks and lenders still require fiat currency as collateral. However, some startups and platforms are exploring new ways to use cryptocurrency as collateral or loan repayment.