Cryptocurrency in Real Estate: What You Need to Know

We live in the age of technology and change, where our cars park themselves and talk of the colonization of Mars has become commonplace. So, while nearly every industry has undergone an unprecedented facelift thanks to the disruptors of Silicon Valley, it’s surprising that our financial system has remain relatively unchanged for centuries.
Yes, we are able to pay bills and transfer funds for goods and services on the internet, but the way that we rely on centralized financial institutions as the keepers of the keys has gone unchallenged since the creation of banks in 1791. That is, until now.
In 2009 Cryptocurrency was introduced in the form of Bitcoin. The key angle was the decentralized control of currency and has only increased in popularity since then. You may have heard of it; but, along with many other individuals, after learning of it, you might be left with more questions than answers.
And as a business owner in particular, you might be wondering what kind of impact this technology will have on the real estate market, and ultimately your own business. Read on for a crash course in crypto along with an interpretation of its current role in real estate.
 
The Basics
What is Cryptocurrency and Why Does it Exist?
Cryptocurrency is true digital payment. It exists only online in virtual form as a means to provide a hyper-secure way to transfer funds. It uses cryptography to conceal the sensitive data associated with each transaction and, as such, maintains a h……