WHAT IS CRYPTOCURRENCY?
A cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.
Cryptocurrencies work using a technology called a blockchain. Blockchain is a decentralized technology spread across many computers that manage and record transactions. Part of the appeal of this technology is its security.
Potential Advantages of Using Cryptocurrency
- If compared to other modes of transaction, while buying real estate, Bitcoins appear cheaper, as they cut costs by eliminating third parties. With no fees involved, it does save the investor a lot of money.
- The quick and hassle-free transactions make it easy to complete the whole process in a short span of time.
- From the technical perspective, paying in cryptocurrencies is flexible and more efficient.
- While buying a property with cryptocurrency, it generally involves the task of fixing the price in terms of FIAT money and converting the same to Bitcoin. There s no volatility involved and both the seller and investor stand to gain a lot.
Purchase Property with Bitcoin in Dubai
Cryptocurrency is becoming an increasingly popular option for international buyers who want a secure and easy way to make payments. Several property markets around the world have started opening themselves up to crypto payments, including Dubai.
Dubai’s largest Real Estate developer Emaar is now accepting Bitcoin as payment
For the very first time in Dubai, you can now buy your dream house using Bitcoin or Ethereum!
Emaar, which is often considered UAE’s top real estate developer recently announced that they will be accepting cryptocurrency as payment for all their properties.
Emaar announced that the preferred method of payment is still in UAE dirhams or US dollars and that cryptocurrency transactions will take place through one of the biggest brokers of digital currencies in the world ‘Bitcoin Suisse’ based in Switzerland. Any buyer interested in purchasing an Emaar real estate using Bitcoin can do so through Bitcoin Suisse who will take care of the transaction process. The Bitcoin/Ethereum value will be converted to the value of the property in UAE dirhams and will be transferred to Emaar to complete the transaction.
As a brokerage with a strong digital presence, we are often asked by clients about the possibility of purchasing properties with Bitcoin. Our Private Client Advisory team can help you find the right channels for managing your cryptocurrency transactions.