Bitcoin (BTC) payments now accepted by Spanish real estate firm based in Tenerife

Crypto adoption has surged in recent months as a number of merchants and online payments platform have started to accept cryptocurrency payments. The trend has even spread into Europe’s real estate industry with a Spain-based agency recently announcing that it now accepts Bitcoin (BTC) payments for its Canary Islands properties.

The Spanish real estate company Piso Barato Inmobiliaria announced that it is now accepting Bitcoin (BTC) as payment from customers, Bitcoin.com reported. The firm owns a chain of properties that is either for sale or for rental in Tenerife, the largest of Spain’s Canary Islands located West of the African continent.

One of the reasons for Piso Barato Inmobiliaria’s decision to accept Bitcoin as a mode of payment is the increasing adoption of the crypto with some experts saying that BTC is slowly becoming the “primary currency” of exchange worldwide. Thus, the firm is now allowing customers to use Bitcoin as payment when they purchase any of its property in Tenerife.

The company also highlighted some of the advantages when using cryptocurrency as payment. For instance, tampering such as forgery or duplication during the acquisition process can be avoided since the deal is done through the blockchain, Digital Sevilla reported.

Transaction processing is smoother thanks as there is no government intervention due to cryptocurrency’s decentralized nature. Piso Barato Inmobiliaria also said that it is possible for buyers to save on commissions if they pay using crypto.

“The evolution of expert agents in the real estate market has been so constant that buying a flat in Tenerife with bitcoin is currently possible,” the company added. “They assure that it is a positive contribution to expand the number of potential buyers internationally and give life to the sale and purchase of the real estate.”

Accepting crypto payments is part of the firm’s strategy to boost its sales in the booming real estate sectors in the Canary Islands. However, Piso Barato Inmobiliaria is not the only real estate company in Spain to embrace crypto in its operations.

For instance, real estate platform Idealista announced last month its first listed property that’s being offered in exchange for crypto. The offer is only available online and the company required buyers to only pay in Bitcoin.

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