An Australian couple has made the local headlines by putting their home in Ballarat up for sale in a BTC only auction.

The couple, Melissa Bower and Trudy Purcell initially wanted to renovate the old miners' cottage into something "magnificent", but it proved to be a harder task than the couple thought. Ultimately, the couple came to the conclusion that it was a futile mission and it would be better off to sell the block.

But the couple said that they would be selling the property in a BTC only auction, meaning that the they would only be accepting Bitcoin Payments for the transaction.

Why specifically a BTC auction

Purcell and Bower provided a very simple and straightforward answer for choosing Bitcoin over fiat money-to reduce the middleman costs.

The couple explained that instead of losing money and time on estate agents and bank operations, why not use Bitcion instead to get a quicker and safer transaction that would cost significantly less?

In their case, the whole transaction took just one hour, with no inspection or staging taking place. Bower also added that in today's time, everyone can easily sell their own property with the help of social media, and pointed TikTok as an example.

This Australian couple is not the first person to have such an idea; in 2021, a penthouse in Miami was sold for $22 million using cryptocurrency. At that time, it was considered the biggest real estate deal made via cryptocurrency.

Cryptocurrency becoming increasingly interconnected with the real estate

While Bitcoin is not the main currency in most countries (except for minority countries like El Salvador), more and more people around the world are using crypto in their purchase of real estate. In fact, blockchain can be used outside of just payments. In Georgia, blockchain is used to keep a record of real estate at a national level.

One of the biggest advantages of crypto transactions is that it allows buyers to save money immediately and lift the barriers associated with cross-border transactions.

Interestingly, there are also others who also used the money they earned in crypto investment to invest or purchase properties. A study conducted by Fairway Study revealed that in the fourth quarter of 2021 nearly 12% of all first-time homebuyers used the money they made crypto holdings to purchase a property.

This shows how vital cryptocurrency has become in the 2020s and how interconnect the crypto market is with the real estate market, even if the property itself was bought in fiat. There is other reports that has speculated that crypto had fueled a real estate boom in the 2020.

In recent years, blockchain has become a tool shaping the new reality. In fact, any sector that involves data can benefit from blockchain. Above all, blockchain creates a win-win situation for both parties.

Blockchain building a more seamless transactions

It is just because real estate is one of the biggest and most lucrative industries out there, hence it was one of the industries that many blockchain businessmen flocked to. The real estate industry is also notorious for the hefty intermediary fees and cumbersome bureaucracy, which can be easily resolved through blockchain.

Blockchain transactions also allow owners to easily trade without having to go through traditional entities such as banks and agents, and the trade is done through smart contracts embedded in the local legal space to ensure that the ownership will be passed to a buyer as soon as the payment takes place.

Essentially, blockchain eliminates time-consumption, exhausting paperwork, and allows sellers to trade quickly without any intervention from banks or other entities. Through tokenization of real estate, owners may sell a fraction of their property in the form of digital tokens.

In general, it is safe to say that the real estate sector and also many other sectors are opening their arms to blockchain. Although many consider the price volatility of crypto as a deal breaker, others remain hopeful that the crypto they get in exchange for selling their house would rise in value in the future.