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When the cryptocurrency world first began no one thought it would be able to make it’s way into the markets that it is in today. Markets such as; politics, entertainment, restaurants, airlines and more! But, in order to understand how and why cryptocurrency became so big, we must first understand where it came from.
Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency. In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“ His goal was actually to invent something; many people failed to create before digital cash.
Let us go back in time around 25 years ago. As we already know, many people had been trying to create digital cash but Satoshi Nakamoto learned from all of their mistakes and tried to build a system without a central entity. This move created the birth of the first cryptocurrency- Bitcoin.
Now, because it is completely decentralized and the government has no control over it, most early adopters of cryptocurrencies are doing very well with their investment. The reason many people are buying Bitcoin to ensure their hard-earned money. People all over the world buy Bitcoin to protect themselves against the devaluation of their national currency. But now, a shift is happening.
Some real estate transactions are now also accepting Bitcoin and this is a huge change in the industry. According to Bitcoin Real Estate, a site that has been tracking the business for several years, the trend is growing more and more and not slowing down.
At the end of 2017, a Miami condo reportedly sold for 17.7 bitcoin and actual cryptocurrency was exchanged between the buyer and seller. Not just bitcoin converted into cash, which is the more popular way to use the coin. Another home in West Palm Beach, Florida, is open to buyers with bitcoin and Ethereum and Litecoin, but with the caveat that cryptocurrencies are constantly changing. “Owner financing possible $149,900 USD, 13 bitcoin 375 Ethereum, 950 Litecoin (crypto price subject to change. Inquire crypto price at the time of interest),” the listing says. So far Trulia hasn’t officially seen a sale go down with the coin, but it’s probably just a matter of time.
Furthermore, it is obvious that cryptocurrency will have a part in future real estate transaction deals, but will it be enough to be the primary way of how things will be done in the future? The only way to find out is to wait and see. The life of cryptocurrency is still young.
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