Cryptocurrency 17 Jun 2020
The Future of Bitcoin – Is the Real Estate Market Ready for Cryptocurrency?
By now, almost everyone is familiar with the term Bitcoin. It is a type of digital currency that facilitates anonymous transactions through a unique peer to peer payment system with private anonymous transactions.
Running primarily on blockchain technology, the Bitcoin users get an opportunity to make payments of almost any value, without having to pay any fees. Most important of all, they are able to bypass traditional banking systems and other government restrictions.
Cryptocurrency in Real Estate
As far as the real-estate sector is concerned, it is gradually coming to terms with Cryptocurrency. Bitcoin and other forms of cryptocurrency, in particular, have a lot of potentials.
Dubai is perhaps one of the very first markets in the world where you can buy and sell real estate by using Bitcoin or other similar cryptocurrencies. For instance, the Aston Plaza and Residences in Dubai Science Park featuring studios and one- and two-bedroom units were being offered to potential investors and buyers only through Bitcoin. A total of 400 units were sold, as per the data made available on the official website. This in a way has changed the norms of the game, resulting in more and more developers exploring the digital payment option.
The inherent risk of dealing with Bitcoin is rather minimal as the payments are converted to US dollars, once the deal has been negotiated and done. However, there is also the flexibility of converting the payment into preferred Fiat currencies. Besides, the fast mode of transaction and the absence of zero fees make things more convenient.
Does cryptocurrency have any future?
To a large extent, Bitcoin and other cryptocurrencies might not be in a position to replace the conventional transaction modes but it will go a long way to change and revolutionize the real estate market. It is certainly the right step and will open up many avenues for those who are keen to expand their investment portfolio.
It is possible now to buy or sell properties in Dubai using cryptocurrency and is becoming more viable, judging by the benefits that are in place. However, there is still a long way to go, as the existing protocols need to be sorted out to provide more clarity into the matter.
As long as the developers and real estate brokers are willing to make the necessary transition, investors and buyers will no doubt have fun, and in the long run, it will also give a massive boost to the overall economy.