A Future Relationship Waiting to Happen?
Cryptocurrency has long been debated with regard to its role in the world – many believe that it could be a valuable legal tender and have a place within every sector. The property market is just one of many which have begun to explore the nature of crypto, and many have debated whether or not the asset could be used within the world of buying and selling homes.
Currently A Work in Progress
The general consensus is, truthfully, that Bitcoin isn’t currently viable for property transactions – buying and selling – because it’s too volatile. However, there have been ways that crypto has been identified to be useful, and this has led to a few theories and ideas being thrown out.
Blockchain technology is heavily agreed to play a role in future property markets, with the blockchain being tied to smart contracts and web3 applications. This means that tokens and currencies like Bitcoin, which are directly tied to these blockchains, will undoubtedly play a role in some capacity.
Plenty of Room to Grow
The role of crypto in the property market is something which is still in its infancy and hasn’t been developed yet. The lack of regulation that crypto currently has meant that it’s not viable for interaction outside of the existing space. As an asset, Bitcoin exists as a fully digital asset without a fixed value.
Despite this, if the currency could become a viable part of the property market, there are still a lot of benefits that can come out of it. For example, a regulated space could help a lot with security and transparency for crypto, which would facilitate a better public reputation.
Furthermore, if you made assets available for use, it could help with property ownership for younger generations, many of whom currently struggle to access the property ladder at the moment due to high prices and the ongoing wage crisis.
Other applications involve the use of things like joint ownership, either on a shared freehold or leasehold basis, being managed effectively using smart contracts or web3 ecosystems. There are a lot of possible benefits for a system like this, and it’s definitely possible to implement it in time and with enough support. However, it would require a certain amount of regulation and cooperation, which is largely where the challenges come from.
Final Thoughts
We at Bitcoin Bible think that introducing crypto into the currency market could be a great idea, and we can’t wait to see how it could develop in a few years. When you consider that crypto has massive potential to give younger people a chance to get on the property ladder, it’s clear that there’s definitely a place for it. Obviously, we would need a little bit of support and maybe some guidelines to make it work, but otherwise, it’s a good idea that definitely deserves more attention – even if it’s something that we build up to over the next few years.
