Why are cryptocurrencies a trend in the real estate sector during this 2022?

In crypto real estate transactions there are no additional costs and can be transferred from anywhere in the world to the seller

Many sectors of the economy are accepting the use of crypto assets as a form of payment or to carry out transactions for goods and services. This is due to their regulation by some governments and the technological evolution of the blockchain. The financial sector was one of the first to consider these assets in its business models and, during this year, real estate is having an upward trend in terms of the use of cryptos.

The United States is a pioneer in the industry in the use of crypto for transactions, since these assets appear as a form of payment in the Multiple Listing Service, in which most of the properties for sale in that country are consigned.

Central banks have promoted their own currencies (known as stablecoins or stable currencies), “this scenario becomes an easy and fast way to invest in any item, among which the real estate sector rebounds.”

Among the benefits that the real estate company highlights is the absence of additional costs for those who send and receive the money for the purchase of the property, since “being a decentralized currency and without state or bank regulation, the sum is not subject to discounts for being transferred”.

Among other aspects is the possibility of transferring money from anywhere in the world, which allows you to acquire a property by doing the operation from your home. Cryptocurrencies have become a new and alternative means of payment that does not materialize in paper or credit cards as traditional money does.

However, experts warn that, since they are irreversible transactions, the seller will receive the total payment without being able to cancel the transfer.

The cryptocurrency generation system prevents inflation from being generated on them. That is, the issuance of cryptocurrencies such as bitcoin or litecoin is limited to US$21 and US$84 million, respectively.

The role of the Blockchain network (the backbone of Crypto) is another important facet of the emerging cryptocurrency trend estate transactions. The main advantage here is that buyers and sellers can eliminate the middleman in any transaction. Transparency is another reason Blockchain is utilized in transitions.

First and foremost, the documents and information involved in transactions are stored across multiple computers, in the cloud, in a fragmented matrix. Owners get a cryptographic key that gives access to all this information. Also, everything involved in these “Blockchain” transactions is recorded for posterity, which can add a layer of security and simplicity. Still, an in-depth understanding and skill with Blockchain seem a prerequisite.