Investing in crypto has become the new ‘in -thing’ in the finance world since the past couple of years. People are quite familiar with buying crypto currency, aka investing in the crypto market, but not many use crypto currency to make transactions. This however, is changing with every passing day.
Crypto currency can be used to make everyday transactions like buying groceries or shopping for luxuries and can be used to make larger asset purchases like vehicles, land, and properties. What makes such transactions secure is something known as blockchain technology. In simple terms, blockchain technology is a decentralized ledger that is used to keep crypto transactions. This helps people verify transactions despite the absence of a central authority. A fun fact about blockchain technology is that it was solely to facilitate Bitcoin transactions! This fact shows how ideally fitting the technology is for anyone dealing in crypto currency.
Here's how crypto is transforming the world of real estate:
No More Escrow:
Escrow, in real estate transactions translates to security for all parties involved in the buying/selling process. If that is the case, then how is not having escrow a good thing? Well, escrow companies simply act like middlemen in the property transaction, taking care of paperwork and money until the process is complete. Crypto transactions use blockchain technology in place of these companies, making the entire process cheaper and faster.
Provides Transparency, Avoids Secrecy:
Crypto transactions are public information. Almost every cryptocurrency is transparent about their transactions and have them available to the public for viewing. This is a major contrast to the traditional hidden transactions of real estate. This not only helps in avoiding secrecy but also help newcomers keep up with the latest real estate trends, updates, and market changes.
Promotes Micro-Investments:
Micro-investing has gained popularity in the recent years. Micro investment is a process where, rather than one large entity or company investing in a commercial property, it is a group of entities or companies investing small portions together in the same property. Usually, micro-investments cause multiple transactions that can lead to multiple fees adding up. Crypto gets rid of this problem by offering next to zero transaction fees, improving the ROI for the investors.
Offers Additional Security:
One of the biggest attractions of dealing in crypto is the fact that blockchain technology cannot be hacked! Cybercrimes have been increasing daily, with hackers coming up with new ways of scamming people and stealing their information. Crypto offers security to sensitive information, keeping it out of the reach of hackers making real estate investors more confident in their transactions.
Boosts International Investments:
Investing overseas can be a big hassle, given the transfer fees, long processing times and effort. Even expedited transfers are subject to bank holidays and weekends. Investing in real estate using crypto helps avoid all these hurdles and speeds up the buying/selling process significantly.
As they say: Time is money! Investments through crypto is the future of real estate. With everything in our lives moving into the virtual world, is comes as no surprise that real estate is also taking a turn towards a new dawn. Even though these tips are legitimate, investments are subject to market changes and economic risks. It is always a good idea to talk to a financial advisor or hire a professional who can help guide you and advice you on what suits you best.
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