Home News & Article The Strategic Importance Of Cryptocurrency In Dubai Real Estate

  Cryptocurrency 25 Jun 2020

The Strategic Importance Of Cryptocurrency In Dubai Real Estate

The Strategic Importance Of Cryptocurrency In Dubai Real Estate

After successfully changing the dynamics of the financial markets, the next logical step for cryptocurrency seems to be the real estate sector. Given the uncertainty persisting around these days, cryptos can play a pivotal role. But the question that most of the investors and consumers, in general, have in their mind – How this whole thing will work? What about regulations?

Cryptocurrencies such as Bitcoin, Etherum, Litcoin, and Ripple are popular and endorsed by most of the people. Apart from being practical, the currency is rather easy to use and does offer a lot of flexibility.

With Dubai becoming one of the first real estate markets in the world to accept Bitcoins and other forms of cryptos, things are finally looking good. This move will give a significant advantage to the investors who will now be in a position to make the payments more conveniently and securely.

Dubai Real Estate and Cryptocurrency

Despite the many fluctuations, the value of Bitcoin is much higher in terms of Fiat money. Besides, cryptocurrencies do make it a point to offer plenty of advantages for the real estate sector.

  • Apart from smart contracts and the clarity of ownership, the use of blockchains does play an important role in transforming the economy by infusing it with modern elements.
  • Digital transactions powered through blockchain technology are more secure and innovative. It saves time and does not involve any complicated procedure.
  • Through smart contracts, blockchains are able to meet the legal requirements of regulatory bodies and this is what makes it a flexible solution.
  • Real estate developers in Dubai are drawn towards cryptocurrencies because of the ease with which the transactions can be completed.

One major issue with most of the investors is the negative perception they have related to cryptocurrency. They are finding it difficult to deal with something they don’t understand. This is because of the lack of awareness and the traditional mindset. However, with the gradual opening of the market, and because of the many inherent benefits, the investors are now willing to take the plunge.

With the government and other nodal agencies backing up the cryptocurrency, it presents a unique opportunity to explore something new.

What the future looks like?

Most of the leading real estate agencies are now accepting payments in Bitcoin. This is good news for investors who wish to expand their portfolio and want to buy properties in Dubai. This will not only revitalize the sluggish market but will also empower the developers to come with specific plans. The sign on the board is loud and clear- it is time to bring some change into the real estate and this will only help when all the major stakeholders will come forward and look for a feasible solution. The immediate focus should be on decentralization that will make the transactions easier and relevant.

Cryptocurrency is the future and the next big thing and it will have a big impact on the future, as to how we live and transact. There must be a consensus and a plan in place that will benefit all. Of course, there will be some initial hiccups, but with time everything will fall in place.

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