The year 2017 is shaping up to be the year of the cryptocurrency. What’s all the fuss about this form of virtual money and is it really safe and reliable to purchase goods and services?
What is Bitcoin?
Bitcoin, an encrypted decentralized digital currency called cryptocurrency is now making waves ever since its conception in 2009 by Satoshi Nakamoto, an anonymous, enigmatic genius who created it. It is a form of currency just like the Sterling or the US Dollar, but is now making headlines ever since its value soared, where one bitcoin is worth $2800. Bitcoin has now acquired a market value of 44.4 billion and is the simplest way to exchange money at a very low cost. In countries that accept it, you can buy clothes, groceries and other everyday staples with bitcoin. You don’t have to carry it around in your pocket as it’s completely digital. All transactions can be made without additional fees or banks acting as middlemen to process the sale. Consumers who possess bitcoin wallets have secret data called a private key or seed used to authenticate transactions. This provides a mathematical proof that the currency comes from the owner of the wallet. With bitcoin, there are no boundaries. You can spend your cryptocurrency anywhere in the world without the need for conversions. Each transaction is recorded in a public ledger called the blockchain.
Bitcoin for purchasing residential real estate in Dubai
Dubai is a bustling metro and is said to be the world’s most luxurious and expensive cities to live in today. You can now buy homes in Dubai using Bitcoin as virtual money. The Knox Group of Companies earlier announced that their residential and commercial property development in Dubai, Aston Plaza and Residences which is valued at Dhm 1.19 billion can be purchased with the digital currency, bitcoin. It is the first real estate project in Dubai that will accept bitcoin payments. This is a huge step to encourage this cryptocurrency into the mainstream.
Many industry experts believe that this virtual currency has a major boost in its efforts to take its place among the mainstream audience, in this case homebuyers.
Benefits of bitcoin transactions in real estate
There are so many benefits that consumers will enjoy if they choose to buy residences through bitcoin transactions. They include:
- Turning bitcoin currency into a bricks and mortar investment
- Buying residential or commercial real estate anywhere in the world
- Flexibility to convert cryptocurrency into US Dollars
- Trading bitcoin on the Forex market with other world currencies
- Carrying out real estate transactions with more transparency using bitcoin’s blockchain technology
- Managing titles, contracts, property history and money transfers
- Cutting down expenses, preventing fraud, and avoid mediating with banks, brokers, companies and government databases
- Leasing out properties by using blockchain to store data and transfer a renter’s credit profile and financials
Bitcoin in a nutshell helps consumers by protecting their identity, gaining control over their money, carrying out fast international payments easily and securely.
When it's digital, you need more than expert advice to choose a property in Dubai. A very intriguing question that is been doing the rounds is Can Chatbots Replace Real Estate Brokers?
If the real estate industry is all about establishing good business relationships, is there any room for chatbots, and can they really replace professionals like real estate brokers?
To know more on this,