What Role Does Bitcoin Play in Real Estate?
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Real estate is one of the world’s oldest industries.
It has amassed a slew of bureaucratic procedures over the years, making the transfer of property and funds cumbersome.
However, the way we think about real estate is changing as a result of a global digital revolution, particularly the Bitcoin wave.
In this article, we’ll look at how Blockchain is being used in real estate, specifically how Bitcoin is helping the industry.
It contributes to the growth of the real estate market.
The expansion of the real estate market is one of the most significant ways Bitcoin helps the industry.
Previously, if you wanted to buy a new home, you had to sift through listings, attend open houses, and negotiate favorable terms with the seller.
After that, you’d have to prove your financial stability to a lender willing to back you up in your purchase.
As a result, buying a new rental property is a time-consuming process that takes weeks, if not months, to complete.
When Bitcoin and Blockchain are introduced, however, the process becomes significantly more efficient.
As a result, buyers and sellers can engage in direct transactions, exchanging deeds for bitcoin.
They could also tokenize real estate assets and trade them like stocks.
In any case, it makes real estate investing less expensive and time-consuming.
This, in turn, expands the market by attracting new investors.
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It does away with the need for third-party middlemen.
As mentioned in the previous point.
The use of bitcoin in real estate eliminates the need for third-party intermediaries.
If you’re wondering who these go-betweens are, they’re anyone in a transaction who isn’t the buyer or the seller.
As a result, the lender, agent, lawyers, and others serve as middlemen in the real estate market, which we have long considered necessary.
The adoption of Bitcoin, on the other hand, is gradually altering or phasing out their role.
After all, why go through a bank when you can pay for a property via peer-to-peer, and why hire an account when all of your transactions are already stored on the Blockchain? As a result, buyers and sellers can save money and time.
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It lowers transaction costs.
Then, by lowering transaction costs, Bitcoin helps the real estate industry.
When there are a lot of them
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