If you had to sell your property today, would you accept digital money?
Digital money (called cryptocurrency) is a sensation that is cropping up in the financial world with no shiny coins to put in your hand.
Individuals and companies have Bitcoin “wallets” to store keys they purchase from online exchanges.
There are only digital balances of public and private keys. The public key is like a bank account number and the private key is like an ATM pin.
There are a limited number of Bitcoin ATMs, where you get a key printout. Like cash, if you lose that piece of paper, you’ve lost your Bitcoin.
Question is….
Can you convince your client that there is a digital currency called Bitcoin? How about making them understand that they can buy or sell property using cryptocurrencies that only require mobile e- payment from a digital wallet?
Hard sell, right? Not so much.
In what appears to be a natural transition, holders of digital currencies are increasingly taking their newfound wealth in the form of cryptocurrencies into real estate as a way to diversify their financial holdings.
Bitcoin is set to take over the real estate marketplace and it’s only a matter of when it will be adopted as a mainstream form of payment to purchase homes.
As long as forms of cryptocurrency, (Bitcoin isn’t the only one) are accepted, homes will undoubtedly be purchased this way.
Do home owners have anything to fear?
As long as they use a licensed agent, a reputable lender, and title company, these transactions shouldn’t hamper the sale.
International real estate firms are warming up to the idea as told by Natalia Karayaneva the CEO of Propy; an online international real estate marketplace that allows investors to purchase properties with digital currency.
If a real estate agent is willing to take Bitcoin, there’s really no stopping it.
Banks stand to lose the most if at all more digital money enters the real estate marketplace.
Bitcoin could speed up the transfer of property ownership and lessen fraud by preventing the forgery of documents, a challenge that banks have been unable to curb.
Me thinks real estate + Bitcoin is a match made in heaven, what say you?