Experts Believe Cryptocurrency is Expected to Revolutionize the Future of Real Estate Transactions
More and more real estate transactions are being purchased, listed and sold with Bitcoin, Ethereum and other cryptocurrency as they become more popular and socially acceptable. The real estate industry is changing dramatically as new technologies and services influence the way society completes real estate transactions. One of the emerging technologies of the last decade is cryptocurrency. The growing popularity of cryptocurrencies like Bitcoin and Ethereum has enabled some individuals to sell or buy a house with cryptocurrency as the sole medium of exchange. Buying a home with cryptocurrency like Bitcoin is becoming more common. In fact, some believe that cryptocurrency will revolutionalize the future of real estate transactions. A recent article on real estate said about this new surge: “Bitcoin is known as the first and most stable decentralized cryptocurrency in the world. As this currency is exchanged between parties, a block of information is added to a publicly viewable chain of data that keeps a record of all transactions made via blockchain technology. Ethereum is another form of cryptocurrency that uses smart contracts to complete transactions. For instance, a smart contract will state that when a consumer pays the supplier a set amount of Ether tokens, the supplier will provide the consumer with a product or service. These transactions are also public. Active Companies in the markets today include Gaucho Group Holdings, Inc. (NASDAQ: VINO), Grayscale Bitcoin Cash Trust (OTCQX: BCHG), Coinbase Global, Inc. (NASDAQ: COIN), the AdvisorShares Sage Core Reserves ETF (NYSE: HOLD), Argo Blockchain plc (NASDAQ: ARBK).
The article continued: “Bitcoin and other popular cryptocurrencies like Ethereum are being used to purchase real estate all over the world. From home services to purchases and sales, the industry is exploring various ways to use cryptocurrencies. Property buyers are now paying with cryptocurrencies while sellers have the option to accept the digital currencies directly or have them converted into USD. The power, openness and security of the blockchain are also being explored by industry stakeholders as a viable option for recording property titles and transfers during the sales process. Another advantage in using cryptocurrency to purchase or sell a home is that the transaction can be completed and the closing on the property can be finalized in less time than a traditional real estate sale funded by a bank… Cryptocurrency and real estate transactions are quickly becoming more common as buyers and sellers responsibly take advantage of this safe, secure and swift finance option. Some believe Bitcoin, Ethereum and other types of cryptocurrency and real estate are a powerful combination that will shape the industry for years to come.”
Cryptocurrencies, decentralized digital currencies void of a central bank or single administrator, can be transferred from user to user on the peer-to-peer cryptocurrency network without the need for any intermediaries. Transactions are verified by network nodes through cryptography, and recorded in a public distributed ledger called a blockchain.
“This is an exciting development at Algodon Wine Estates,” said Scott Mathis, CEO & Chairman of Gaucho Group Holdings. “The acceptance of digital currency as a medium of exchange continues to gather momentum as, among other causes, investors across the globe witness the impact of central bank actions on currency valuations and as a result are seeking alternative stores of value. At the same time, investors are beginning to recognize the opportunity for diversification that luxury real estate in Argentina presents.
“This cryptocurrency-based transaction represents the first of what we believe could be many more such transactions as some cryptocurrency holders look to deploy some of their holdings into various hard assets around the world. As the world continues to emerge from the pandemic, we have expected to see a resurgence in interest from traditional investors and luxury buyers in Algodon Wine Estates. The addition of investors utilizing cryptocurrency as a medium of exchange could expand that investor base significantly, to the benefit of Gaucho Holdings.”
Global investors also have a unique opportunity at Algodon Wine Estates, where in addition to luxury vineyard ownership, investors can access a combination of world class wine, wellness, culinary and sports destinations. Gaucho Holdings recently completed its first water well, and has begun drilling a second well, in what the company ultimately believes may potentially add up to six additional wells, significantly enhancing the appeal and ultimately the value of plots at the Estates.
Algodon Wine Estates is a 4,138 acre (1,675 ha) world-class wine, wellness, culinary and sport resort, and luxury real estate development, located in the rolling hills of the Sierra Pintada Mountains in San Rafael, Mendoza, Argentina. This wine and golf community is surrounded by the natural beauty of vineyards, which are responsible for producing the wines of Algodon Fine Wines, as well as a boutique hotel, and amenities such as a nine-hole golf course (with an additional nine holes forthcoming), grand slam style tennis courts, a year-round restaurant serving traditional Argentine cuisine, and other services. More than 100 vineyard lots overlook the golf course, and the wines cultivated at the estate have garnered multiple awards from international tasting competitions.
Information provided by FinancialNewsMedia.
Text source: DailyCoin.com
