Why you should buy real estate using cryptocurrency
Cryptocurrency, being a decentralized digital currency created on the Internet using software is designed in a way that banks aren’t needed to hold money. One can send money directly from one person to another without having to go through a central system like PayPal or banks.
What does this mean for real estate?
1. Immediate Settlement
Buying real estate usually involves third parties like attorneys and surveyors, fee payments, and delays. In several ways, the cryptocurrency blockchain can be tailored to add or eliminate third party approvals and ensure completion at a time or date, for only a portion of the time and expense required to conclude traditional asset transfers.
2. Reduced Expenses
Considering the fact that the miners are compensated by the network, there are minimal transaction fees for cryptocurrency. The lack of cryptocurrency transaction fee has seen most users create and maintain their Bitcoin wallets.
3. Less Risk with Robust Theft Detection Mechanism
Cryptocurrency, unlike the credit card, uses a “push” mechanism that allows the buyer (cryptocurrency holder) to pay exactly what they intend to the recipient without further information. Credit cards operate on a “pull” mode where when you give a merchant your credit card, the seller initiates the payment then pulls out the designated amount from your account. Cryptocurrency is superior because no amount of money can leave a holder’s account without their consent since they can instruct payments from their wallets. A credit card user has to trust the card network, the card issuer, the merchant, and IT supplier.
- Global Recognition
Luckily, cryptocurrency isn’t bound by the interest rates, exchange rates, or other inflationary charges of any nation. It can be used internationally without experiencing any troubles. This saves lots of money and time spent by investors transferring money across nations. Cryptocurrency operations at universal level, making transacting more efficient.
What are People Concerned About?
The main concern on everyone’s mind when dealing with cryptocurrency is security. The major solution businesses search for as they shift to blockchain technology is network reliability and data security. Luckily, there are steps towards [making sure the users are fully protected.
Another common concern is the speed of transaction. When choosing between the common players like Etherum, Bitcoin, PayPal, Visa, and Universa, you want to consider the speed of each when it comes to conducting transactions. For instance, Visa allows 2,000 transactions per second while PayPal does 450 in the same amount of time, which is still higher than Ethereum which does 20 transactions per second. On the other hand, Universa allows up to 20,000 transactions per second.
Consumers are also attracted to cheaper options when it comes to transactional costs. It eases the transition journey.