1
If you’re on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
by Katie Clinebell | Published on May 10, 2022
Image source: Getty Images
The new trend is likely here to stay, so learn the how and why behind cryptocurrency real estate purchases.
The Ascent's best crypto apps for 2022 (Bonuses, $0 commissions, and more)
Blockchain technology is increasingly moving into more and more aspects of our lives. And the real estate market is not immune to this. Just last year, the most expensive penthouse in Miami Beach sold for $22.5 million — all in cryptocurrency. That alone may cause jaws to drop but the truly amazing part of this story is that the closing process only took 10 days from start to finish. And therein lies the appeal of making large real estate purchases using cryptocurrencies such as Ethereum and Bitcoin.
The uncertain nature of cryptocurrency could create initial resistance to the already unpredictable (and sometimes volatile) realm of real estate. Real estate investors already have enough conjecture to do in the housing market alone, why add to it by buying in cryptocurrency rather than cash? For one thing, cryptocurrency has now been around long enough for investors to see it is indeed a legal and legitimate way to make purchases and investments. But even if crypto is here to stay, what advantages does it offer as opposed to U.S. dollars?
It’s important to recognize that a primary value of cryptocurrency is the technology that runs it. For instance, most cryptocurrency transactions are carried out using smart contracts. A smart contract is, of course, a contract of a transaction between two parties, but it cuts out the middleman of a bank or the government, by writing the terms of the agreement directly into lines of code. These codes, and therefore the agreements they contain, are permanently documented on the blockchain network. So the transactions can take place safely and directly, yet without the need for a centralized system to facilitate them (and of course, charge a fee).
This technology is the real advantage of buying a home with Bitcoin or Ethereum rather than money through a traditional bank. As mentioned earlier, the Miami penthouse purchase process took only 10 days. This streamlined speed and safety are appealing to real estate investors. The smart contracts involved do not require a third party, they are automatically and eternally recorded in the blockchain, and this fluidity of transaction information improves cost efficiency across the board. The money (in tokens) is transferred directly from one wallet to another.
We are seeing this technology being used more and more, and all indicators point toward it not only sticking around but growing.
Our updated list of the best cryptocurrency apps for 2022 is packed with best-in-class picks. The cryptocurrency apps that landed on our shortlist include perks such as $0 commissions, and one pick that is offering a $100 bitcoin bonus. Check out the list here and get started on your crypto journey, today.
Get the top picks
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Featured Offer
100% Commission Free Crypto Trading – 4.5 Star Rating
Related Articles
Best Cryptocurrency Apps and Exchanges
Best Places to Buy Bitcoin
Cryptocurrency reviews: apps, exchanges, and brokers
Best NFT Wallets
Best Cryptocurrency Apps and Exchanges
Best Places to Buy Bitcoin
Cryptocurrency reviews: apps, exchanges, and brokers
Best NFT Wallets
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 – 2022 The Ascent. All rights reserved.
