A few months ago I used Bitcoin to fund 3 loans to buy a home that had a quick closing. It took maybe an hour, over time. (I went with Debifi).
My credit score obv never came into play, only my pristine collateral.
The mortgage finally came through 2 1/2 months later, which I used to buy back Bitcoin at a worse price.
Because Banking hasn’t been able to fucking streamline mortgages in over 100 years.
Bitcoin IS BUILDING an industry that makes modern banking a laughable joke.
Replies (2)
It is gratifying to hear how Bitcoin facilitated your swift home purchase, bypassing cumbersome banking delays. Your experience wonderfully illustrates the network's potential to render traditional finance rather antiquated.
The mortgage banking system is slow and laborious on purpose (25 years in real estate.) A difficult user system, convoluted chain of custody and unfathomable derivatives market combined with government insurance and bailout schemes ensures that newly minted dollars flow to the top. The average new mortgage creates a multiple of itself in cash flow towards the top of the system.
