Are you looking to buy property with Bitcoin but don’t know where to start? The concept of using cryptocurrency to buy property is a relatively new concept so information about it is limited at best. While buying property in Dubai using a digital currency might seem complicated, it’s actually really easy. In fact, it’s a three step process!
Today’s digital advancements have opened the door to endless possibilities so if we have adapted our real estate agency services in UAE to adapt a cryptocurrency approach.
With that said, this article will show you how easy it is to buy property with Bitcoin in the Dubai area.
Dubai formed a group known as the Dubai Virtual Asset Regulation Authority to protect investors from fraud, which is the biggest threat to using cryptocurrency. This committee regulates transactions that occur in special development zones. This is all in an effort to attract the younger generation, who love using Bitcoin.
The idea is that adding more flexible payment options will attract a diverse range of investors from around the world. Crypto isn’t going anywhere so protecting investors is how governments are approaching it now. With this protection in place, there’s no reason that investors can’t buy apartment with crypto or invest in other types of real estate.
There are actually three big benefits that make Bitcoin such an attractive option.
Due to the focus on creating a safe and secure crypto exchange environment, Bitcoin is one of the safest options for purchasing property in Dubai. In fact, a lot of real estate investors are using it because of how secure the transaction process is in today’s world. This wasn’t always the case but the fact that all regulatory eyes are on these exchanges has led to higher security.
Another reason investors are choosing Bitcoin is the quick and convenient payment process. It saves a lot of time and energy since investors get the property immediately after the payment is approved. There are fewer delays than with traditional transactions.
This makes Bitcoin a cost-effective way to buy property in Dubai. This is especially true for international buyers since banks are essentially bypassed in these transactions. That means investors don’t have to pay the expensive fees that banks charge for these transactions.
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This is done using your Bitcoin wallet. All you need to do is transfer the money to the seller and then wait for the transaction to be approved in the blockchain.
Once the transaction is approved, the property is then transferred to you. This waiting period is generally way shorter than traditional finances because it bypasses complex bank processes.
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Many investors remain skeptical due to the decentralized nature of Bitcoin. You are not alone in that skepticism, which is ironically what makes it a safe and secure option. Let me explain. The fact that it’s still controversial has led to Bitcoin transactions being put under a microscope. The result is a heightened number of security regulations surrounding it. Let’s look closely at the transactional process. The moment you make a payment in Bitcoin, it is transferred into legal tender. In Dubai, that’s Dirham. This fiat currency is protected from fluctuations in the market, making this transaction highly secure and stable.
This is the biggest reason foreign investors use Bitcoin to pay for property in Dubai. It has significantly fewer transaction fees attached to it. With traditional funds, banks charge hefty fees for international transactions but since Bitcoin cuts out the middle man, these fees do not come up during crypto exchanges. Long story short, there are no hidden fees associated with Bitcoin transactions so investors come out with an even lower price for the property.
Buying real estate in Dubai the traditional way means waiting for weeks for a transaction to close. When using Bitcoin, the transaction closes once the transaction is confirmed on the blockchain. This happens rapidly so investors get their property within days of sending payment.
The transaction process using Bitcoin is very straight forward but if you’re still unsure about the exact details, then our real estate agency services in UAE will help! Bitcoin removed the middleman (banks) so transactions are easier than ever. In fact, it’s a three-step process.
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