So, you finally made a huge profit and have a load of Bitcoins to spare; what do you do with it? Many people will think of real estate since it’s booming at the moment. Everyone who gets a little money wants to invest in it. 

However, the only problem is knowing what rules apply when you want to use your Bitcoins for such a purchase. Many real estate firms currently do not accept cryptocurrency, which might leave you in a dilemma. Worry not; there is still something you can do with your newly acquired wealth.

Pay off your Mortgage

The easiest way to purchase a new home is to pay off the loan on the old one. Please consult with a mortgage broker on how much it would cost you to clear off the entire debt you might have on your house and then convert your Bitcoins to the said amount. Having a bank account will come in handy since you will have to use it to transact at this point. In doing so, you can qualify for another traditional loan from a bank.

Buy the House With Cash

Buying a house with cash is a fast process when compared to taking a loan for the same. You need to ensure that you can exchange your Bitcoins for the required amount of money. Many banks will not help you get a loan unless you produce evidence of having an actual job. If you do not have a regular job and spend your time trading in Bitcoins, you might have difficulty securing a loan from anywhere. Buying with cash will only help you if you have a job that pays you on a regular.

Conclusion

From the two examples given above, it is pretty obvious that buying real estate with Bitcoin is a long process. Many agents and companies are yet to accept it as a mode of payment. The best way to transact with Bitcoin is to invest on a Bitcoin exchange like OKX and convert BTC to fiat currency when you’re ready to make a real estate purchase.  

If you still want to get traditional financing, you might want to consider getting a regular job like everyone else. It is the only way to show the bank or whoever is loaning you money that you have baking when it comes to loan repayment. Many people are skeptical about trading and selling cryptocurrency because it is still new and is not stable. There are bound to be days when a trader loses all his money in a tradeoff with such issues, which will not sit well with the bank.

If you are still stuck on what to do and want to buy real estate with your cryptocurrency, you might want to ask around from realtors if they have an idea of who can accept it. One thing to note is that paying in cryptocurrency is yet to be accepted as official payment, so legal issues may arise in the process. You might want to consult a lawyer before doing this.