fbpx

Question of the Week: What Are the Risks Associated With Buying Real Estate With Bitcoin?

As bitcoin continues to penetrate new industries as a form of payment, many are wondering if crypto transactions pose any risks. Following news of the $22.5 million penthouse sale using cryptocurrency in South Florida, we asked Blake Harris, Miami-based attorney and managing partner of Blake Harris Law, to weigh in.

What are the risks associated with buying real estate with bitcoin?

“A bitcoin transaction is not reversible, so if you are transferring your crypto to a seller for property, it’s important to be certain your crypto is going directly to the seller and not someone else,” Harris cautions, adding, “Bitcoin fluctuates often, always increasing risk for both the buyer and seller. Not every aspect of the real estate industry has caught onto crypto yet. You may have difficulty finding an insurance and escrow company comfortable with a transaction that uses bitcoin, rather than a traditional fiat currency.”

You May Also Like

Fort Lauderdale International Film Festival Hosts Oscars Watch Party

Space is limited and advance purchase of tickets is required.

Desai Foundation Hosts Holi Celebration in Miami

The aim is to raise awareness and support for health, livelihood, and menstrual equity programs in India.

Set Sail for Fun: Inaugural Red Shield Regatta Launches in March

The evening will be hosted by Captain Lee Rosbach of Bravo TV’s Below Deck.

Editor’s Letter: A Heartfelt Return

If you are a longtime SFBW reader and are wondering what the heck I am doing back here with an editor’s column, well there’s a story behind that. It was

Kevin Gale

Other Posts

Screen Gems

“The Price for Freedom,” a chronicle about Harry T. and Harriette V. Moore, will begin pre-production of the monumental civil rights story in the Fort Lauderdale area.

Chef Aarón Sánchez Prepares to Shine at Visit Lauderdale Food & Wine Festival

We spoke with Sánchez about current culinary trends, food festivals, and his own approach to cooking.

American Heritage Schools Hosts Virtual Job Fair for Teachers

Educators around the U.S. are invited to attend.

Editor’s Letter: A Man of Nearly Unlimited Interests

Kevin Kaminski, Lifestyle Group Editor, was an honor to the profession of journalism.

Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.