TL;DR Breakdown
• Magnum Group announces that it will accept Bitcoin as a payment method.
• The real estate agency benefits from fast transactions on BitPay.
The Bitcoin adoption in New York is a fact, and it is being seen frequently in cafeteria payments, in-vehicle sales, and real estate sales. New York citizens are getting closer and closer to virtual transactions, taking a token like BTC that offers profits for having them in a wallet.
The sale of commercial real estate within the city was recently celebrated in NY for its ease in crypto payments. Real estate agencies like Magnum Real Estate are behind these commercial sales in which they will accept payments with BTC.
Magnum allows real estate payment with Bitcoin
Magnum Real Estate, one of the main real estate agencies in New York at 385 First Avenue, announces that it will accept payment for its condos in cryptocurrencies, but only Bitcoin for now. The real estate agency believes there is a great demand in apartment sales where providers refrain from accepting cryptocurrencies.
Magnum Group says its goal is to offer a flexible payment system in which its clients can decide whether to pay in crypto or fiat currency such as the dollar. Ben Shaoul, the real estate company manager, said there are three apartments for sale in Manhattan valued at about $29 million and will accept Bitcoin as a payment method. Shaoul has also signed several contracts in payment, such as in 2018, where he sold an Upper East Side apartment valued at $15.3 million with BTC.
According to Shaoul, cryptocurrency operations are rising, and he does not intend to miss it. The manager at Magnum Group believes that Bitcoin is seamlessly linked with real estate agencies for offering simple and secure transactions.
Why are real estate sales so efficient using cryptocurrencies?
When the real estate company sells a property in Bitcoin obtains benefits, both in liquidity and security. A real estate agency like Magnum Group will not have to wait for 30 to 60 business days to withdraw the money after the purchase but can do so the next day after the contract is concluded.
The owner, Magnum Group, will not have to see or trade with the accepted token but will use a decentralized network to exchange their BTC for dollars. Usually, BitPay is available for this transaction, a trusted crypto platform that operates from Atlanta.
BitPay will accept the BTC payment and later sell the tokens to send the money in dollars to the real estate agency. These transactions can be completed at any time for the entire week without high payment commissions but for a minimal fee established by the provider. Like other real estate agencies, Magnum Group will not have to go through the tedious fund verification systems that some banks apply.
