Bitcoin More Than a Fad for Real Estate?

Daily Real Estate News | Saturday, January 18, 2014

Bitcoin has been in real estate news a lot lately. Is it a flash in the pan, or is it something you should consider for your business?

“We’re way past the fad stage,” says Alan Silbert, founder and CEO of BitPremier, a website that lists luxury products for sale using the digital currency and acts as an intermediary for transactions. Silbert addressed a group of real estate professionals and others at Inman Connect in New York on Thursday.

BOND New York recently announced it will be using bitcoin, and Silbert predicts that more businesses are going in that direction. Not only are these companies getting a fair amount of media attention, but Silbert says accepting bitcoin could also bring to a brokerage clients who are younger and more tech-savvy and who have above-average wealth.

“There’s a lot of press value,” he says, but “you’re opening yourself up to another buyer base.”

Digital currencies are not backed by any central banking or governmental authority, which makes many nervous. But Silbert says the technology behind bitcoin is supported by “military-grade cryptography,” and he expects the government to get involved this year.

“The regulators are feeling bitcoin out,” Silbert says. He adds that the U.S. Senate held a largely positive hearing on bitcoin last year, and he predicts “the IRS will probably come out with some guidance this year.”

So how do you go about converting bitcoins to “real” money? Silbert says there are companies out there that can help you minimize the risk.

“The scariest thing right now is the volatility,” he says. “Bitpay and Coinbase can exchange bitcoins to your local currency on a daily basis.”

Even if you’re not ready to start accepting bitcoin, you owe it to your business to know about it.

“Virtual currencies are here to stay,” he says. “At the absolute least, I would implore you to educate yourself [about] bitcoin, because you’re going to have customers wanting to use it.”

—By Meg White, REALTOR® Magazine

About Ady Simion (Realtor and Public Notary)

Ady Simion was named in the Top 1% of all agents for NRT LLC a subsidiary of Realogy that operates a variety of real estate offices under brands such as Coldwell Banker, Sotheby's International Realty, Century 21, The Corcoran Group, and the technology-based brokerages ZipRealty and Climb Real Estate. NRT has 787 offices and 47,000 sales associates. Selling and buying property can be very stressful but with the right agent it can be profitable and a fun experience. Ady is also a Notary Public and being a people person he wants to help negotiate for his clients making their transactions as smooth as possible. Ady’s goals are simple: He wants to be the best source of information on the Los Angeles area Real Estate market, as he assists clients through each transaction with care and professionalism. He is proud of his large referral base of clients who have placed their trust in him over the years. Why him, when there are so many good people out there?!?! • Sellers will have their property exposed to the largest team of sales professionals in the world by far. Coldwell Banker Agents sale more homes than anyone else. • Buyers will have the opportunity to view more properties exclusively. • And most importantly when you hire him you get a whole team working for you not just “only one person”. Ady Simion started his Professional Career as an Insurance Agent, and then mastered the Mortgage Industry focusing on helping buyers and sellers achieve their life dreams. He now is an Agent with the Largest Residential Real Estate Company in the nation and the world, Coldwell Banker, at the Pasadena office which is the leader in the areas in which he specializes. After finishing College Ady has consistently been a Top Producer in every office/business he worked at. He speaks English, Romanian and Spanish. Real Estate is constantly changing and working with an agent that has been involved in the Real Estate buying/selling process most of his life is always beneficial for clients. Call, text or e-mail him or just stop by to say Hi and ask any real estate questions you may have.

Posted on January 18, 2014, in Uncategorized. Bookmark the permalink. Leave a comment.

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