You might of heard of cryptocurrencies like Bitcoin and thought nothing of it. In that case, you are probably like the majority of the public who are not familiar with it or the significance it might have on world economy. In most cases the idea is dismissed as nothing but a trendy catch phrase that’s in today and out tomorrow, however it would seem that cryptocurrencies are gaining momentum and more and more people are talking about it. So what does virtual currency have to do with Real Estate?
If you haven’t been following the cryptocurrency trend then you wouldn’t know it is actually a popular topic within the financial markets. The attraction to this currency is the promise of a better way to move money and transact with others. Today over 100K merchants worldwide is accepting bitcoin as a way of payment and with more joining daily. With that being said, would you take that risk to buy and sell Real Estate with such a volatile currency? Today sources confirm that cryptocurrency was listed as a way to pay for some 75 properties in California and Florida.
Why would anyone want to buy a house with Bitcoin or any other cryptocurrency? Apparently it’s faster, easier, and instantly available. The Real Estate industry is a trillion dollar business and because blockchain technology is the future it only makes sense to explore the possibilities this kind of transaction can bring to the table. In Ontario accepting cryptocurrencies will be determined by the following factors: the law, the code of ethics and the assurance that consumers are safeguarded when buying and selling real estate.
Here are a few articles that might peak your interest and you be the judge if digital currency has any business in real estate: