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Bitcoin & Real Estate in TRNC

October 2020 celebrates the twelfth anniversary of the virtual currency, Bitcoin. With its new age, comes a new worth: it is more valuable now than it was this time last year, for the second time since its arrival in the virtual wallet. In late October 2019, bitcoin was worth just over £7,000 while todays value is just under £8,500, and there are still a couple of months of trading to go! What is Bitcoin? Bitcoin is a cryptocurrency (digital currency) created in 2009 and is a type of ‘money’ that is solely virtual. Why Bitcoin? Bitcoin is an online version of cash. It can be used it to buy products and services. In addition, international payments are cheap and easy because bitcoin is not tied to any specific country or subject to any regulations. Small businesses may prefer Bitcoin because there are no credit card fees. Some people just buy Bitcoins as an investment, hoping that they’ll go up in value. How does Bitcoin work? Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain. Why are Bitcoins valuable? There are lots of things other than money which we consider valuable like gold and diamonds. The Aztecs used cocoa beans as money! Bitcoins are valuable because people are willing to exchange them for real goods and services, and even cash. Bitcoin’s Future in Question No one knows what will become of Bitcoin. It is mostly unregulated, but some countries like Japan, China and Australia are amongst the countries that have begun weighing regulations. More than 100,000 merchants, including Microsoft and Overstock, around the world now accept digital currencies. You can book flights and holidays on Expedia and Cheap Air, while certain NBA teams – pioneered by the Sacramento Kings – are accepting cryptocurrencies for tickets and merchandise. You can also play popular online casino games using Bitcoin. And the list seems to go on and on. How Bitcoin Purchases Work in Real Estate It was therefore only inevitable that cryptocurrencies would make their way into the real estate world, but how does the whole process work when it comes to purchasing a property? Essentially, there is only one thing needed for any real estate purchase to be completed using a cryptocurrency, and that is for both parties – the buyer and the seller – to agree for the transaction to take place using such a currency. A developer based in the United Kingdom, announced in 2017, a $325 million property development in Dubai with purchasers encouraged to buy the properties using Bitcoin. Meanwhile, real estate companies across the world – including in North Cyprus – are accepting Bitcoin for deposits and purchases. As well as being a regular estate agent for almost twenty years, we here at Henry Charles Estates have recently also been offering clients/investors the opportunity of purchasing their properties online in North Cyprus and are now excited to announce that we have started accepting the ‘new’ way to pay, Bitcoin (cryptocurrencies)! With the current situation due to Covid-19, online buyers and Bitcoin users seem to be taking a fresh look at alternative ways to invest. Buying and investing in property has always been seen as a safe and long-lasting investment. We are now receiving enquiries from new investors, looking at investing their Bitcoin too. Can you imagine easily purchasing property, as easily as purchasing everyday goods and services using cryptocurrencies from anywhere in the world? A Safe New Way to Do Business To find out more and to talk to us about investing your Bitcoin in North Cyprus property, please contact one of our team on: +90 (392) 815 8333 +90 (542) 862 1600 Or contact us via email at info@henrycharlesestates.com.