Last year, the global real estate market grew in value from $8.5 trillion to $8.9 trillion. The transfer of assets through real estate market is enormous, but it still operates in a very traditional way. It requires face-to-face meetings with investors, attorneys and banks. The COVID-19 made things even harder. A transaction can take weeks if not more to set meetings, file paperwork, put money in escrow, transfer the funds, and cut checks.
Cryptocurrency — and the blockchain — offer a solution to the slowly turning wheels of the traditional real estate market. The infrastructure for buying real estate with crypto currencies already exists and early adopters are taking advantage of it. In 2017 a buyer purchased a single-family home in Texas using Bitcoin and BitPay. Someone else used BitPay to buy property on Lake Tahoe for $1.6 million. Chinese investors are also very interested in using virtual currencies to diversify their holdings away from the prying eyes in Beijing.
You can buy real estate with cryptocurrency. Soon many investors will utilize the blockchain to improve the market as a whole. However, despite the benefits of using virtual currencies, we are still missing out on some of the tools and infrastructure needed for such large transactions that involve digital currency and physical property.
Present day Bitcoin has shown robust growth and increased its market capitalization up to 900 billion U.S. dollars. Following the tendency Dimsofor Consulting LLC aimed at partial exchange of its capital in real estate sphere for BitCoins.
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