Technology is an absolutely invaluable part of our society. Objectively, the Internet is no longer an option, it is a necessity; we are constantly performing a variety of tasks on our smartphones, which are really supercomputers condensed into a device that’s barely larger than a deck of cards; and we are moving closer and closer to self-driving cars that no longer run on gasoline. The world around us is evolving into a digital utopia, and it’s taking no prisoners. Almost every industry, field or sector has been heavily influenced by some form of technology. One of the more recent impacts technology has made on our society is in our money. And this new form of money is impacting another important aspect of life: real estate.
Before I go any further, let me explain what exactly Bitcoin is. Originally introduced in 2009, Bitcoin is a digital form of currency known as cryptocurrency. The system works on a model known as peer-to-peer, meaning users exchange monies with one another directly without the use of a “middleman.” In the simplest description possible, Bitcoin is an online-exclusive method of virtual payment. And even though it has been around for roughly 10 years, it is just beginning to catch on in the mainstream market now.
Bitcoin seems to be most prevalent in the retail and restaurant industries. It is quickly becoming a viable option for payment. And now it looks to take on the real estate industry.
A report from CNBC.com states that there have already been properties purchased through Bitcoin in New York, Texas and California. President of Magnum Real Estate Group, Ben Shaoul, who was featured in the article, claims that he has begun to see Bitcoin make an impact in the Texas real estate market. He believes that the younger demographic of America is looking for alternative methods to purchase homes and property; they no longer want to rely on traditional U.S. currency. Bitcoin offers that freedom and variety in spades.
If Bitcoin continues to become widely accepted, it could take over the world and become just as easa to use as a credit card or a check. I am very interested to see if this new trend will take over or fizzle out.