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Dogecoin

Brand executive posts discounted utah home listing for Dogecoin

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The influencer marketer says prospective buyers can get 10% off the listing price of their house listing if the payment is made in Dogecoin. 

Crypto as a payment option for real estate continues to gain traction as the adoption of digital currencies for commercial transactions continues to take shape.

Scott Paul, the founder of Utah-based marketing agency Wooly, put up his Saratoga Springs home for sale, with Dogecoin (DOGE) as an acceptable payment method, according to a report by Fox 13 on Sunday.

While the listing price is set at $399,000, Paul is reportedly ready to offer a 10% discount if the purchase is made via Dogecoin. Commenting on the potential volatility risk associated with a real estate deal conducted via DOGE, Paul remarked, “I’m a very risky person. I think the chances of me selling it in Dogecoin and having it go up by 20%, 30% or 40% is more likely.”

Given the current price of Dogecoin, Paul’s house listing at a 10% discount will amount to 1,734,782.60 DOGE. The eighth-ranked crypto is down 72% from its May all-time high as of the time of writing.

The Wooly founder’s background in brand recognition and viral marketing also offers a likely explanation for the decision to accept Dogecoin as a payment option. DOGE is arguably the largest viral meme coin in the crypto space, with its price growth often fueled by the same techniques ubiquitous in the influencer marketing arena.

For Paul, the decision to accept Dogecoin for his house is also part of a longstanding interest in cryptocurrencies dating back to 2015. Paul told Fox 13 that he was an early adopter of Bitcoin (BTC) and Ether (ETH).

As previously reported by Cointelegraph, Bitcoin payments for real estate are on the rise. In June, E11even Hotel and Residences, a Miami-based luxury condo developer, announced the receipt of its first crypto deposit for property purchases.

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Dogecoin

Utah man trying to sell his home for Dogecoin

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SARATOGA SPRINGS, Utah — Cryptocurrency is rising in popularity and you’ve likely heard of some of them.

Bitcoin, Etherium, Litecoin, and Dogecoin are just a few of the well-known ones.

Now people like Scott Paul are trying to invest in them more because they believe it’s the future of currency.

He’s the Founder of Wooly and said he has a big interest in cryptocurrency.

“I got lucky and got into Etherium and Bitcoin in 2015 and then I was just one of those individuals who believed in the stories I was hearing that one day it would become a lot more,” said Paul.

The Saratoga Springs homeowner is trying to get someone to buy his house for $399,000, but he said he will give someone a negotiable discount of about 10% if they buy it with Dogecoin.

There are a couple of potential issues with this though.

For one, Dogecoin is very volatile, meaning the value can go up or down very easily, but this factor doesn’t seem to worry Paul.

The tech entrepreneur said, “I’m a very risky person. I think the chances of me selling it in Dogecoin and having it go up by 20, 30, or 40% is more likely.”

The second issue is you can’t really buy a home in the traditional sense using cryptocurrency.

Julian Fowkes, the Senior Manager of Listing Operations at Homie said, “You would have to convert your current cryptocurrency into U.S. dollars for a traditional escrow company to be able to hold it and help facilitate the transaction.”

The licensed Realtor also said that the seller would need to convert the money back into cryptocurrency after the sale was complete if that’s what the seller is after.

The alternative option would be having lawyers draw up a contract that both the buyer and the seller sign to exchange the money and title of the home on a peer-to-peer basis.

“The contract is written in U.S. dollars, so if you’re buying a house for $300,000, at the end of the transaction that’s how much cash needs to be given to the seller,” said Fowkes.

So regardless of whether the value of the cryptocurrency goes up or down in the time it takes for the home sale to finalize, you still owe the same dollar amount.

“I think the future is peer-to-peer. It’s just going to be sending that money, smart contract technology will hold it, and once the purchase contract is complete, it will release the money to the seller,” said Fowkes.

Based on the market value from August 1, 2021, a buyer would need to have about Ɖ1,900,000 to get the equivalent of $399,000.

Paul said he has already gotten two offers from people to buy the home in cryptocurrency.



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Unique Bitcoin-backed home loan refinancing deal in California

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One of Southern California’s largest independent escrow companies, Glen Oaks Escrow, has announced its first property refinancing with a Bitcoin-backed loan.

The company stated that this is the first time a refinancing has been completed using Bitcoin as collateral. In the July 28 announcement it added that it has previously facilitated a number of real estate transactions that used BTC as the form of payment.

Glen Oaks Escrow, which started accepting Bitcoin payments in 2018, views the transaction as proof that Bitcoin’s value proposition is becoming clearer to debtors and creditors. Company Chief Operating Officer Joe Curtis commented:

“Seeing a lender use cryptocurrency for a refinance shows us that this payment method is continuing to grow in how it’s used and who it’s used by.”

He added that seeing the lender rather than the home buyer using BTC in a real estate transaction “tells us that this technology has the potential to continue becoming more prominent, even if it is still considered new to our industry.”

In another crypto related real estate development, a Dogecoin aficionado from the U.S. state of Utah has offered a 10% discount on his property if the buyer pays in DOGE.

On July 27, a local TV station reported that the owner listed the $389,000 home for sale and will accept seven cryptocurrencies but prefers Dogecoin due to his belief the 10% discount would quickly be made up for by Dogecoin price appreciation. After applying the discount, the amount of DOGE required to make the purchase would be around 1.7 million tokens at current prices.

Way back in 2017, Cointelegraph reported on the first-ever BTC real estate transaction which occurred in Texas.

Related: 5 Cities That Let You Buy Real Estate with Bitcoin

These two new stories are the latest positive developments in the real estate sector. On July 23, Cointelegraph reported that an increasing number of real estate firms are accepting payments in cryptocurrency.

CEO and founder of The Crypto Realty Group, Piper Moretti, told Cointelegraph that many buyers purchasing real estate with digital assets are taking loans out against their cryptocurrency, so they can still benefit from holding coins while putting the value to work.

In May, it was reported that buyers could even use Dogecoin to make a property purchase in Portugal. FNTX Capital Suisse partnered with Portugal-based property developer 355 Developments to offer condos for crypto in the capital, Lisbon.

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