Bitcoin Used for Purchasing House For the First Time in Kentucky

According to a report from the local news outlet Courier-Journal on May 9, a property was recently sold for $65,000 in Bitcoin for the first time in the history of Louisville, Kentucky’s largest city. The two-bedroom property in Louisville’s Iroquois neighborhood was purchased in just eight seconds and cost $0.70 in transaction fees. Ashely Brown, the real estate agent who sold the house with Louisville Homepage Realty, said: “I told the buyer I didn’t know if [using Bitcoin to buy the home] was possible. (…) I wasn’t sure if it was legal.” House Costs 1 Bitcoin Brown stated that the ultimate purchase price was “approximately 1 Bitcoin” after commission, recording fees, and title fees were paid in dollars. Based on the price of Bitcoin at the time of publication, the purchase was worth around $31,600. The transaction took roughly eight seconds and cost $0.70 in fees. According to the report, the sale occurred in February, after which municipal officials have not reported any cryptocurrency-related real estate sales. This is not, however, the world’s first Bitcoin-based property purchase. A house in Braga, Portugal, was sold for 3 Bitcoins with no conversion to euros. As the use of cryptocurrencies grows worldwide and in all aspects of life, it becomes more visible in various purchases, such as real estate transactions — utilizing Bitcoin.The post Bitcoin Used for Purchasing House For the First Time in Kentucky appeared first on Cryptoknowmics-Crypto News and Media Platform.