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Gone are the days of cryptocurrencies being a fringe commodity. Today, the market is full of opportunities for cryptocurrency spending and there’s an ever-growing roster of cryptocurrencies available themselves. Soon, it will even be possible to purchase property with cryptocurrency.

The Easiest Way to Purchase Property with Cryptocurrency

While buying real estate with cryptocurrency can be a difficult task, thanks to Propy, the process has been made a little easier. Propy is a worldwide property marketplace consisting of three main parts: a listing platform where sellers list properties and their information; the transaction platform, where, with the use of blockchain technology and smart contracts, users are able to send any paperwork, payments, and records; and finally the blockchain registry, where land records are stored by Propy on the blockchain.

By making purchases through Propy, users can have a simpler, more efficient experience than through other, more traditional methods. From the buyer’s perspective, they’ll first search the marketplace for a property they like, before submitting an offer to the seller. Once the seller accepts the offer and signs off on the transaction digitally, tasks such as property inspections and other such buyer requested conditions are completed, before the smart contract then generates the payment system, walking the buyer and the seller step by step through the process. All documents are stored in the blockchain, with each party able to view and verify them and their existence, eliminating the need for the majority of intermediaries.

Once payment has been accepted, Propy’s system transfers the cryptocurrency into the recipient’s desired currency.

The Harder Way to Purchase Real Estate with Cryptocurrency

The harder way truly is a harder option. Without Propy, buyers would need to find a seller who will accept cryptocurrencies. Next, buyers must verify that the seller is trustworthy or otherwise take a significant risk. Even then, buyers need to find an escrow and title insurance company that’s comfortable with dealing in cryptocurrencies. They’ll more than likely require that the buyer cash the cryptocurrency out into traditional currency, which somewhat defeats the purpose of trying to use cryptocurrency in the first place. Essentially, this way is a lot of work, and you’ll have an incredibly slim chance of being successful.