Bitcoin makes history in this US state with the first home purchased

Bitcoin has made history in one US state as the first real-estate transaction using Bitcoin was made. The purchase took 8 seconds.

@JakConnorTT
Published Tue, May 10 2022 1:02 AM CDT   |   Updated Mon, May 30 2022 9:18 AM CDT

For the very first time in Louisville, Kentucky, a home has been purchased with Bitcoin, making local history in just eight seconds.

Bitcoin makes history in this US state with the first home purchased 01 | TweakTown.com

A report from The Courier reveals that up until February 2022, there was no record of Bitcoin being used to purchase real estate in the area and that the seller of the property was looking to liquidate several homes to invest in Bitcoin. The buyer contacted the seller and informed him that he was able to purchase the property in Bitcoin, which was later sold for $65,000, according to Ashley Brown, a real estate agent with Louisville-based Homepage Realty.

The buyer spoke to the publication and said, "I'm happy that I can help try and bring this technology to the future. There's so many uses for [Bitcoin], and I think we're at the very, very early stages of it. It'll be interesting to see where it goes." While commission fees, title fees, and recording fees were paid in US dollars, the actual purchase of the property was made through a direct transfer of Bitcoin from one wallet to another, taking about eight seconds to complete and a small fee of $0.70 cents versus a traditional fee of $25-$30.

"I think in two to three years, [using Bitcoin in home purchases] will be more commonplace," said Chip Ridge, president and owner of Millennial Title Company, who assisted Brown in the purchase of the property.

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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