Is It the Right Time for Cryptos to Enter in Real Estate?
We all can see the rise of cryptocurrency, the popularity that the crypto market has gained has made the market value roughly around 2.5 trillion USD. You will be surprised to know that it is little less than the economies of a few countries. This shows that digital currencies have massive respect and popularity among the masses. Though bitcoin is the current leader of the world of virtual currency with around 42% of the market share, research suggests that there are roughly 14,500 cryptocurrencies active in the world.
After seeing the growth and increase in the market size, it is obvious that everyone is considering cryptos for various transactions starting from the business owners to the technological enthusiasts to various real estate developers. They think that cryptos can bring revolution in the financial sector around the world, and this digital mode of payment is much safer and more secure than any other mode of payment.
As a result, in recent years real estate has shown a warm welcome to the idea of incorporating blockchain technology especially cryptos in their working procedure. The property developers have also said they are no longer skeptical about the digital financial market or cryptocurrencies.
Nonetheless, if you want to know how crypto technology is playing a crucial and significant role in global real estate, then our blog post will be beneficial for you. In the below section we have discussed the role of crypto technology in the global real estate market.
But before we start to analyze the role of crypto technology, we would like to recommend Bitcoin Up to you.
The role of crypto technology in the global real estate market
At present we can see that not just the blockchain technology but also the digital currencies are being used in the real estate sector. Cryptocurrencies are gradually gaining popularity and grounds in the real estate market. Do you know now you can buy property with cryptocurrencies? Yes, it is true, in some of the international cities, it has been proposed that the public can pay the property fees and taxes through digital currencies. And to your surprise in recent times, there are few people who have bought properties, luxury items, even yacht with their cryptocurrencies.
As per some news reports, we have seen that retail condos in Manhattan which are worth around 29 million USD are being exclusively sold through bitcoin. Their properties are listed in various crypto exchange platforms, such as BitPay or Bitcoin Up, you can check them from their official website.
If you are wondering why real estate is shifting into the digital currencies, then you must understand that the transactions in cryptocurrencies are more rapid and seamless. You can make the payment within a few days, which generally takes around 2 to 3 months if you will do it with other currencies. This can be beneficial for the real estate company and also for the person who is buying the property.
The bottom line
There is no wrong in saying that cryptocurrency is taking over the financial system of the world. The main reason behind this is the increasing growth, transparency of information, and the security meanuses. That is why, the real estate market is also involving cryptos as a medium of payment.