The United Arab Emirates has been quite fast and decisive in getting done with the Blockchain Integration in government related functionalities. Earlier this month, we saw how two real estate developers in Dubai are ready to sell their properties in exchange of Bitcoins. Now the latest Bitcoin news coming is that the real estate developers from Miami are considering payment via Bitcoins option having gone through the potential merits and advantages of utilizing a Bitcoin network in order to make large-scale transactions.
Suggested : Luxury High Rise Apartments In Dubai To Be Sold In Exchange Of Bitcoin
Experts from the Bitcoin community have been arguing about the fact that whether Bitcoin should be used as a ‘store of value’ (like gold) or should be incorporated into mainstream digital payment system for making small-scale transactions at substantially low fees. Currently, Bitcoins are used as both.
Over the period of time, Bitcoin’s core development team has successfully addressed the issue of solving Blockchain congestion in the Blockchain network by integrating with the Segregated Witness (SegWit) scaling solution. However, at the moment, there are less than 3% of transactions that are SegWit-enabled. So once the ratio of this transactions increase up to 50%, Bitcoin transactions are expected to go even cheaper. This will result more adoption of using Bitcoins for small and large scale transactions.
The major thing with the real-estate industry is that it involves transaction in million-dollar amounts. While transaction such huge large sum of amounts directly from the banks, the purchaser has to pay a considerably large amount as a part of transaction fees. In US few banks charge up to $4000 for a $100,000 transaction.
With Bitcoins, such fees can be avoided. The SegWit enabled Bitcoin transactions allows a purchase to send one-million-dollar transactions at less that $10. As a result, for real estate industry it makes it very easy to process such large scale payments through Bitcoins. Moreover, with banks, there is also another time-consuming hurdle of long paperwork requirements, identity verification and final verification.
Also Read: Top Global Companies accepting Bitcoin
Stephen Burke, a realtor associate with Brown Harris Stevens and member of the Master Brokers Forum, a network of real estate professionals in Miami writes:
“It would seem that an industry like real estate, which already has a high comfort level with technology and the electronic exchange of large sums of money, will be a natural fit for Bitcoin in the coming years. In my opinion, some kind of serious regulation will be needed before Bitcoin hits Main Street. But I do believe that acceptance will happen sooner rather than later. The world changes extremely fast these days.”
Get latest Bitcoin news and updates on KryptoMoney.com
Subscribe to our newsletters and join our Telegram Channel to stay updated.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
