Cryptocurrency 11 Jun 2020
What are the Benefits of Using Cryptocurrency in Real Estate Market?
Dubai is fast becoming the global hub of real-estate development and the investors from across the world are making a beeline for the various projects that are on offer. With the change in times and exiting circumstances, these buyers are reportedly switching to cryptocurrencies like Bitcoin to pay for the transaction.
Of course, there are benefits of using cryptocurrency in the real market of Dubai. With developers are more than willing to accept the new mode of payment, some of the reputed brokers too have joined the bandwagon. This offers a great opportunity for both the seller and the buyer.
Cryptocurrency transactions are similar to normal transactions: One good aspect of making a payment with cryptocurrency is that the buyer can transfer bigger sums of money, with minimal charges and little interferences from the third parties. Because of the open-source nature of digital money, there is no apparent need to involve the banks. Further, the payments can be processed directly on its dedicated peer to peer exchange system.
So, you are more at ease, while trying to complete the payment and that too, without having to face any major constraint.
Quick payment processing is possible with cryptocurrency:
As far as using cryptocurrency for real estate transaction is that it makes way for quick processing of the payment. There is no apparent need to rely on the traditional banking system. Once the deal has been negotiated for better terms, all the buyer has to do is to make the payments, which can be completed in a matter of a few minutes. The seamless and secure method also enables the transfer of the title of the property through the use of blockchain technology.
Nature of transactions remains confidential:
Normally, when the buyer uses the traditional mode of transactions (cash/credit), there is always a greater chance of having the same documented. This becomes a reference point and might create some minor obstacle. However, on using cryptocurrency, the transaction being made is unique and it is done in a manner, where the privacy of your financial history remains protected.
Secure mode of transaction: On initiating a cryptocurrency transaction, you will not be in a position to stop it from completing. This is why; you are often advised to exercise caution. Nevertheless, the strong encryption and the other security measures in place do prevent any fraudulent activity. In a way, this new digital mode of payment is safe and helps to prevent any identity theft.