As the headline grabbing name in the cryptocurrency world, Bitcoin is one digital currency that continues to break new ground. The high level of security it gives along with the anonymity some people like means it provides real-world solutions for a number of sectors.
One of the largest markets to use Bitcoin is the property sector – some cities are now accepting Bitcoin as a form of payment as opposed to traditional money. We take a look at some of the cities blazing a trend in using Bitcoin for property deals:
Although you may not realise it, Miami, Florida was one of the first places to realise Bitcoin’s huge potential. The technologically savvy estate agents and investors in the region were quick to adopt it as a currency after its launch in 2009. This has culminated in a Miami resident selling his home recently for around 1,600 BTC (or $6 million!!).
Proving that Bitcoin has global appeal, Dubai in the UAE has also jumped on the cryptocurrency train. A joint residential-commercial development in the city will let buyers use their Bitcoins to make a purchase. It is expected that a one-bedroom apartment in the complex will cost 54 BTC, which is roughly $250,000. With the majority of the residential properties being reserved for Bitcoin purchases, this could be a next-level evolution in the more widespread use of the currency.
Located on the exotic island of Indonesia, Bali was among the first cities in the world to start using Bitcoin for real estate transactions. One headline-grabbing buy was the 800 Bitcoins an unnamed person used to purchase a villa there, which was worth about $500,000 at the time! It must be said that the use of Bitcoin on Bali is exclusively for residential purposes, but it may move into the commercial sector in future.
The above shows just how popular Bitcoin is becoming with professionals across the globe for conducting business. Although some are still unwilling to take the plunge in using the new cryptocurrencies, for the savvy business person it provides real-world value and benefits.