Cryptocurrency and digital currency, since their introduction into the global finance world, have slowly changed the way we do business. Business owners and millennials especially, now prefer mining cryptocurrencies and using them to complete transactions.
When the idea for an e-currency, the bitcoin, was first speculated in 2009 by Satoshi Nakamoto and used in a transaction in 2010, not everyone knew it would rise to become a game-changer in the industry. The digital currency, which has now gone mainstream and worth approximately $4027 (for one bitcoin), was worth $0.008 dollar in its first ever transaction. Mind-blowing, right?
The peer-to-peer electronic cash system which totally eliminates the need for middlemen (like the bank) in business has provided users with some added advantages that make it better for carrying out real-life transactions. Its safe – you can carry out your transaction without fear of getting robbed, and it does not leave a digital footprint making it untraceable. This later advantage creates discomfort for the police sometimes.
While most fields are incorporating it into the systems as a means of payment, the real estate world is not left out as well. The slow-and-steady manner in which the property market is embracing the digital currency means we’ll probably have the bitcoin being a stable means of exchange across all platforms in the near future. Its ever-increasing value also means both parties in a transaction are automatically engaging in investment if the virtual cash is used as payment.
Thanks to the blockchain technology which gives rise to smart contracts, digital ledgers are even more transparent and immutable than credit ledgers – clearly showing transference of ownership in a safe and secure digital real estate transaction. Following the first UK real-estate transaction carried out using bitcoin in 2017, property developers and owners are now realizing the immense benefits the blockchain tech offers.
Here are some of the benefits of using blockchain tech and cryptocurrency in real-estate transactions…
- Faster transaction time and less paperwork: When using blockchain tech and the bitcoin, you have no need of middlemen to secure title deeds. There’s no need for agents or lawyers too. Imagine the time and cash that can save you. The transaction is smooth, fast, cost less, and is hassle-free. This will give you a great boost to your bottom line and increased profits.
- Reduced fees and expenses: Blockchain tech means you do not have to secure title insurance or hire a lawyer. So you save some dosh you could have used to offset these extra costs. Added to this, you also stand to get increased value for your spending if the value of the bitcoin increases. And that has shown no signs of stopping bay for a small crash last month the value of bitcoin has been a phenomenal rise.
- Full Transparency: The peer-to-peer transaction system means many middlemen are eliminated from the transaction. This takes care of one fundamental problem of real-life property transactions. The blockchain tech also records every step in the transaction granting full transparency all the way. This will help potential clients be secure in the deal and hope to entice more business.
- Secure Storage and Transfer of Data: The blockchain provides tested-and-guaranteed secure storage, processing and transfer of data. It can be used to secure deeds, title chains, contracts, and more. This protects properties for deed holders and means the ownership of your property can always be confirmed anytime. The security of your data is paramount in today’s business world and the use of blockchain technology is ultra secure.
- Enhanced Privacy and Anonymity: You can easily buy property without the world being all up in your business. With secure encryption, the transaction can still be untraceable to any third party or outside source unless you want otherwise. This is the strong encryption and will keep all your data fully secure.
- Payment devoid of taxes: Digital currencies are considered property in many countries and therefore not taxable. So you don’t get to pay taxes when you buy it, sell it or trade with it – unless you convert it to a legal tender or fiat currency.
- International Coverage: The digital currency is uniform and transcends national/tribal barriers. Unlike in property transactions carried out in the real world, there is no need to exchange currency before performing a transaction. So you can buy property anywhere around the world comfortably once it
These benefits clearly offer better customer experience which will definitely revolutionize the property market in the future. So all you need do in order to own or develop property in the UK is to identify a property that can be bought using bitcoin, obtain a loan from Hank Zarihs Associates, convert it to bitcoin and purchase your property without stress. How cool is that? This is the future of currency transactions and will be a common feature in the years to come.
The UK property market has become very lackluster, to put it mildly, over the last year. A lot of that could be put down to the fact that people are unsure about moving, whilst we are in the middle of the whole Brexit debate and the length time it is taking to work out a leaving deal, if indeed we end of leaving at all. The stable of death, debt and divorce will of course continue to carry the torch of people moving on, but many experts think it could get worse for a long time before it turns the corner. Welcome technological advancements could then be a great thing for helping to add some much-needed innovation and in turn, drive fresh sales.
The ease of transactions could be used to facilitate much quicker deals especially in the field of property development and refurbishment where any slow down can cause a great deal of lost revenue. Many firms will be keen to embrace anything that is a stable way to make transactions quicker and easier and that is exactly what cryptocurrency can do for the flagging UK property market.