Dubai property with bitcoin is making headlines due to its association with the most controversial issue. According to reports, Dubai-based developers and real estate companies have announced that they will accept bitcoins as a way to pay for properties under construction. Anyone who wants to buy a property will be able to invest in bitcoin in addition to hard cash.
This is not the first time bitcoin has appeared in Dubai’s real estate market. Many properties in Dubai have been bought and sold through cryptocurrency. However, things have changed since then, and a growing number of digital currency fans feel it’s time to embrace the emerging technology.
How Trending is Real Estate with Bitcoin Cryptocurrency
Before Bitcoin, Dubai’s real estate market was open to other online payment methods like PayPal and international bank transfer. However, the recent development has certainly added fuel to the fire of Real Estate with bitcoin adoption in the Dubai market.
The announcement was made in January 2018 and marks UAE’s move towards providing more opportunities for its citizens to get involved in the cryptocurrency community. As per the reports, the first house was purchased for Bitcoins by a British woman. This particular purchase marked the first instance when BTC was used as a mode of payment also impacted the Dubai real estate market.
As you might already know, an increasing number of real estate companies in Dubai are accepting cryptocurrencies like Bitcoin (BTC) as part of their daily transactional activities. One reason behind this is the convenience offered by these digital coins. When compared to conventional fiat currencies like dirhams or US dollars. Dubai property with crypto allows users to make transactions without having to worry about involving third parties like central banks.
Advantages of Buying Dubai Property with Bitcoin
Here I am sharing the major benefits and usage of bitcoin in Dubai real estate.
1. Bitcoins Can Be Traded Easily
Since bitcoins are available on several different exchanges around the world, making them accessible to investors from anywhere. This makes trading even easier than before because people can switch between fiat currencies (dirhams) and digital coins instantly using the internet. Bitcoins allow users to trade money conveniently just like forex trading. Which can be done at any time depending on your preference. There are no credit requirements at all, so anyone including minors can participate in Dubai property with bitcoin.
2. International Payments Are Becoming Affordable
One of the most important features that make Bitcoin popular among investors in real estate is its ability to transfer money at lower rates than other online payment networks. This is because it does not involve any central authority. So there is no high banking fee for sending or receiving bitcoins. In addition, cross-border real estate transactions typically take approximately 24 hours to be verified on the network. But not in the case of digital coins. Because bitcoins are on a decentralized network, verifications can take place in 10 minutes or less. Depending on how busy the transaction pool is at any given time.
3. Asset Protection
One of the main reasons why bitcoin has become popular in real estate over the last few years is because transactions made in this digital coin are secure and anonymous. In fact, a recent study found out that many investors turn to digital coins like BTC and other forms of cryptocurrency when they need asset protection because buy property with bitcoin is secure.
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