22
Sep

Real Estate Sector is embracing bitcoins

Real estate industry has begun understanding the unleashed potential of Bitcoins and many big players like Miami Real Estate Industry and UAE Real estate Industry have gradually started embracing this most popular crypto-coin. They have realized the importance of Bitcoins in facilitating the transfer of large scale transactions with more efficiency and cost effectiveness.

There has been a big debate amongst the Bitcoin community and experts on the fundamental purpose of Bitcoin. They debated whether Bitcoin should be used as a store of value or a digital cash system. But now Bitcoin qualifies in both the areas. SegWit has reduced the Blockchain congestion within the Bitcoin network to a significant level and this decreases the size of the holding area of unconfirmed transactions in Bitcoins. Currently there are only 3% of Bitcoin transactions are SegWit enabled, if it reaches up to 50% the transactions in Bitcoins will become more and cheaper.

Now more merchants, users and investors are adopting Bitcoin as a financial settlement network for both small and big transactions. In the real estate industry the most of the transactions go beyond million mark and processing these high amount transactions, banks take extremely high fees. Many researches showed that Australian or US banks can charge up to 4000 dollars for a $100000 transaction which is very high.

Such high fees in real estate transactions can be avoided using Bitcoins. With a SegWit enabled wallet it is possible to send a million dollar transaction with just $10 fee or even less than that. Even smaller fees can be charged if the Bitcoin blockchain network has less congestion and the size of the mempool is small.

Using Bitcoin helps real estate businesses to not only reduce the cost of transactions but also reduce the processing time which can take weeks and months. Also the long paperwork and inefficient verification process can be reduced through Bitcoin payments.

 

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