Miami Real Estate For Bitcoin?
The cryptocurrency boom with dozens of digital currencies has exploded world-wide. Historians will call today's cryptocurrency market the biggest BOOM ever. There are dozens of digital currencies and some have exploded as high as several thousand percent in just recent months! Even if you know nothing about cryptocurrencies, by now you've at least heard of it and wonder if you should invest in it. No wonder, just one cryptocurrency Bitcoin gained a lot of publicity after it turned many regular folks into millionaires, but there are Etherum, Sibcoin, Verge, Nexus, Litecoin, Bitcash, Digibyte, Stratis, Rubycoin, Monero, Decred, Ether, Golem, Gnosis and the list goes on. To make it even more confusing, each industry will likely have their own ctyptocurrency and specific platform it runs on. Enough to make you crazy, right?
The truth is, very few people understand it now, but those who understand are already making a fortune. Just Bitcoin alone had made a whopping 25,000 percent! Think about this - if you had bought $5 of Bitcoin 7 years ago, you would be $16.8 million richer today! But wait, there is more! Bitcoin had already reached $20,000 mark but the truth of the matter is, it's just the beginning. It could reach $1 million by 2020. But how you may ask? Well, there are 15 million millionaires around the globe. It is likely that by 2020 most of their financial advisors will advise them to buy Bitcoin for some exposure. However, there's only going to be 21 million Bitcoins minted ever in history. Do the math, even if they own 1 Bitcoin it is set to trade at very high numbers. In addition, Bitcoin could potentially replace all money transferring entities such as PayPal, Western Union, Moneygram etc., American Express, Visa, Master Card, etc. Some even talk about Bitcoin replacing all the currencies in the world!
What is Bitcoin? Bitcoin operates through a technology known as blockchain, which is an undeniably ingenious invention of our time - the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. It allows digital information to be distributed but not copied, thus blockchain technology created the backbone of a new type of internet. It was originally devised for the digital currency Bitcoin, but today it finds other potential uses for this technology, such as real estate blockchain. This technology uses a completely decentralized system, where a global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. Bitcoin is managed by its network, and not by any one central authority, so there is no Bitcoin headquarters, not even a Bitcoin server!
But how is it going to affect the Miami real estate market you will ask. Well, it's already happening. Earlier this month a condo hit the market accepting only Bitcoin. Previously a Venezuelan family has accepted a Bitcoin for a four-bedroom condo in Key Biscayne and another high-end property was purchased by a Bitcoin investor in Miami Beach. The benefit with this type of transaction is there is no need to rely on an intermediary - a bank, which makes it very cumbersome for foreign buyers to transfer money between accounts, open new accounts in a local bank and wire the money between accounts. Buying real estate using cryptocurrecy is easy and allows buyers to not disclose their sources of wealth and not having to transfer the money back-and-forth between accounts.
Cryptocurrency is not bound by interest rates, exchange rates, or other inflationary charges of any nation. It can be used internationally to avoide a lot of international regulations, without experiencing any troubles and in a very quick and safe manner. This saves lots of money and time spent by investors.
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