Have you ever heard of Bitcoin- the currency that is supposed to leave behind the concept of printed exchange in just a few years? This post is going to give you a fair idea about this ‘global giant’. However, before we start, you should know, what exactly digital or cryptocurrency is.
We all know that currency is a system of money used in dealing with buying and selling products. But, to add to your more knowledge, in early 20th century, there was no existence of governed currency. Different banks used to issue their own legal tender, which was backed by neither any central bank nor any Govt body. Then, a number of reformations took place and printed currency paved in the scenario. Nevertheless, in the last few decades, with the advancement of technology, the concept of virtual currency has ushered in and made all the transactions easier as well as simpler. Using credit cards, debit cards, net banking and the lately introduced money wallets, people can now complete any kind of transaction just in a jiffy!
Now, the question remains, will it be a prudent decision to buy real estate using Bitcoin?
There has always been a significant regulation in the real estate industry and especially, with the Indian financial institutions being very conventional about Indian currency, putting a nod for a new legal tender will be difficult only. Also, in case, Bitcoin ever finds a way to be accepted in certain spheres, it would actually take time to be accepted by all the investors and end-users. At first, it has to be certified and established by the primary banking body before it becomes a legal coinage. At the same time, the lousy reputation that was doing rounds for last few months has made its adoption in India much more difficult.
Last but not the least; there is always a concern for safety of investment. Anything bought in a form of currency which has not yet been established as a legal tender in the country can be a risk to both the buyers and sellers. They would always want their real estate asset, be it a land or a residential property, to be legal in every way. But, with Bitcoin having such controversial domain, any ownership done using this cryptocurrency can create a huge hullabaloo. Considering this present scenario, currency like Bitcoin is very unlikely to lift off in the sector right now; but if legalized or accepted by the Government body, it can just create a boom as a promising future currency.