Cary Kuo, a 23-year-old design engineer in the aerospace industry, used Bitcoin-like cryptocurrency to buy three-bedroom rambler. Even though the tax collector and mortgage company need regular U.S. dollars to be paid, the recently passed out college graduate used a combination of bitcoin cash (a new type of bitcoin) to buy this well-furnished house which was sold for $415,000. To be a first for Seattle-area real estate, the investor also used several other cryptocurrencies for the 10 percent down payment and remaining cost (conventional mortgage) of the house. In order to pay the seller and meet requirements of the lender, he converted his cryptocurrency assets to regular U.S. currency. Hence, the closing costs like taxes were calculated and paid before the sale was closed. The engineer had been renting an apartment in Renton.
Cryptocurrencies are digital funds that are produced in limited numbers using software, without involving government, bank, or any central authority. Headed by Bitcoin, the cryptocurrency world changes its value daily. Digital cash can be used directly to buy things when the seller is willing to accept. Else, you can convert them to regular U.S. cash. The college graduate has been trading cryptocurrency since June. He made his entire down payment by the profits he made from his crypto asset. Kuo puts forward nearly all of his spare income into it and took a final approval from his mortgage lender. Despite a smooth finish, the deal wound up going relatively challenging in its early stages.
Nelya Calev of John L. Scott represented Cary Kuo. She said: ''A lot of it was so foreign, I'd pop up awake at 2 in the morning and go, 'Uh! What if this goes wrong? There was a lot of panics. But really, it was not necessary.'' Seller's broker, Allan Ponio of Marketplace Sotheby's International Realty, said: The main concern from the Calev and Ponio behind selling this home, who did not know much about cryptocurrency either, was whether the money was real. They initially were not crazy about the whole idea.''