Cryptocurrencies are becoming more practical. There are sites that offer to exchange both goods and services for them. Employment services are popular and focus on encouraging its adoption. The sale of goods, while less common, is seen as a necessary step in the development of the cryptocurrency market. Recently, the real estate market has garnered a lot of attention in regard to such applications.
Can you imagine easily purchasing real estate, as well as, everyday goods and services using cryptocurrencies from anywhere in the world? Instead of an online system governed by credit ledger’s, immutable ledgers that complete final transactions are showing the ability to support a stronger economic model.
Whether you live in a log cabin outside of a major metropolis, or if you’re nowhere near Silicon Valley, the blockchain has made the modern world more accessible. Even if you prefer to use the Bitcoin satellite network, Blockstream, to stay off the conventional grid you have access. As far as real estate, there are a few cryptocurrencies currently available that caters to all that you need to complete a transaction.
Cryptocurrency’s Rising Presence in the Real Estate Market
Each year, the average American home is costing less in bitcoin. One estimate values them at less than 20 bitcoins. Though Bitcoin’s price has fallen since the end of 2017, it remains much higher than just a few short years ago when the Brothers Winklevoss made their record deal. In 2014, an undisclosed buyer purchased a luxury property for what was then worth $1.6 million dollars in bitcoin. The 2,739 bitcoins that were used for the purchase made billionaires out of the Brothers Winklevoss.
Cryptocurrencies offer several real advantages for the real estate market. From smart contracts to the clarity of ownership, blockchains bring modernization to a global economic system that was passed over by digital innovation. Initially, the Internet developed around information exchange. Digital transactions, that are only now finding security through blockchain technology, were previously treated like patch fixes responding to Internet innovations.
Blockchain technology has proven itself effective as more than just a digital financial ledger. It is being used by established corporations for dynamic data manipulation. Blockchains have always touted their value for data security. These two applications make them a lucrative venture for real estate assets.
Smart contracts are one of the newer technologies running alongside blockchains. Dynamic applications enable programmable instructions for different cryptocurrency usage. It is how they can be applied to a wide range of industries. Smart contracts enable blockchains to meet the stringent legal requirements of regulatory bodies or a rapidly evolving gaming space. As diverse as the global real estate market is, smart contracts can provide flexible solutions.
Real estate markets need clear ownership. Credit ledgers find this more difficult than a digital ledger designed from its inception to be immutable and transparent. The decentralized aspect of some blockchains means that owners themselves will be in complete control of their asset information. No longer will a central authority be needed to affirm who owns what property. The participants on the real estate blockchain will do that.