Cryptocurrency is Changing Real Estate transactions in India
One of the wildest developments to come out of the 2010s was the development of Bitcoin, a cryptocurrency that was once seen as a bit of a joke. cryptocurrency has been around for a little more than a decade, but the benefits of this digital method for moving around valuables are still unknown to many commercial real estate executives.
What is Bitcoin ?
Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software. Each Bitcoin is basically a computer file which is stored in a ‘digital wallet‘ app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain. Typically, the blockchain will give you a QR code with a private key to your updated transaction list. This could make it easier to recover lost wealth, but typically Bitcoin is so secure that this isn’t needed.
Purchasing real estate with Bitcoin
Nowdays You can already buy a house with bitcoin. In an all-Bitcoin real estate purchase transaction, a purchaser transfers a Bitcoin payment from his/her digital wallet to a seller’s digital wallet and/or digital wallet(s) of the seller’s representatives, including an attorney, title company, and/or escrow agent.
Bitcoin or Real Estate: Which is the Better Investment?
Bitcoin is a highly speculative asset with incredible rewards and risks. If you choose to venture into it, do so with utmost caution. But at the end of the day, real estate is generally the better investment.
But Now in 2021 Choosing between the best investments can be very confusing. The uncertainty brought about by the coronavirus pandemic 1st and 2nd Waves makes this choice even tougher. If you make the right move, you could enjoy a great return on investment for years to come. On the other hand, you could lose everything if you invest in the wrong place.