It is no secret that Bitcoin is a hotly debated topic, as it continues to make headlines not only in the investing and financial realms, but in technology, retail, and even real estate as well. This development should not come as a surprise, as real estate companies have been taking steps toward adopting cryptocurrency since the technology first got a public seal of approval.
However, it is imperative to explore all of the possibilities associated with this change — namely, how it may impact the ways in which properties are bought and sold in the future.
With that in mind, let us take a closer look at how Bitcoin will impact the real estate industry.
Although embracing change may be a difficult feat, it is far simpler than attempting to overcome the ways in which technology disrupts an entire industry. In the case of real estate, this is especially true, as professionals must go the extra mile to draw in and impress prospective buyers. Therefore, adding the convenience factor of Bitcoin and blockchain keeps the industry ahead of the curve and increasingly relevant in the scrutinizing eyes of younger generations.
Because blockchain is already a database for cryptocurrency, keeping track of who owns a particular bitcoin, many believe it could be utilized to monitor the process of recording and transferring property titles. Not only would this speed up said process, but it would also make it easier to track and access pertinent information, such as who owns a piece of land or the property on it — no matter if it is commercial or residential.
As previously mentioned, adopting Bitcoin would aid the real estate industry in its efforts to remain relevant. On the flip side, being adopted by a long-standing industry would give Bitcoin the credibility boost it so desperately needs. After all, with countless articles debating not only the true value of cryptocurrency, but its stability and trustworthiness as well, it is easy to see why many consumers may feel hesitant to invest in it.
Furthermore, this partnership would increase public knowledge on the matter of cryptocurrency — what it is, how it can be utilized, how to use it, and who accepts it. A similar process was used when credit cards were first introduced to the public in the 1950s, and it is no secret how that turned out, so it would not be surprising if Bitcoin became as widely accepted in half the time.