Send a Tweet
Most Popular Choices
Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
Exclusive to OpEdNews:
General News

Blockchain to Transform Real Estate

By   Follow Me on Twitter     Message Justin Samuels       (Page 1 of 1 pages)     Permalink    (# of views)   No comments

Related Topic(s): ; ; ; ; ; ; ; ; ; ; (more...) ; ; ; ; ; ; ; , Add Tags  (less...)
Add to My Group(s)

View Ratings | Rate It

opednews.com Headlined to H4 6/12/18

Author 72902
Become a Fan
  (4 fans)
- Advertisement -


(Image by CriptoNetwork)   Permission   Details   DMCA


Blockchain is now in the process of transforming real estate. Payments can now be paid to sellors of real estate using cryptocurrency. Earlier this year, the first apartment was sold in Spain using cryptocurrency. Purchasing apartments in cryptocurrency can help foreign investors in real estate, as one wouldn't have to rely on funds from local banks to purchase the real estate. For certain types of major transactions one is often required to make them in the local currency on funds drawn from local banks. Cryptocurrency prices are determined by world markets, so once one has purchased the relevant amount of bitcoins one can use that to purchase the relevant real estate wherever in the world, provided that the seller and the broker accept bitcoins. Those who have already invested considered sums in bitcoin can cut out the currency exchange fees, and also cut out the bank wiring fees. Properties are currently being sold in NYCto those paying in bitcoins. Using bitcoins to purchase real estate has become popular in other parts of the world as well, as bitcoin investors seek to convert their investments into something tangible.

- Advertisement -

Cryptocurrencies can also be used to sell shares in buildings. The first test of this is in a buildings in Bushwick.Those who wish to invest in the building can be tokens, and the tokens represents shares of ownerships in the building. This is an interesting way renters can use to buy equity in buildings they live in. Buildings that need money for repairs or renovations can raise capital by selling tokens. This has not only the potential to completely change the ownership of private buildings, but this could even be applied to public housing. NYC's NYCHA is a vast network of public housing that could be a city within itself. It has been neglectedand chronically underfunded. NYC could issue tokens to residents of public houses. Tokens could represent their ownership stakes in the building, and the city could also raise funds to repair and renovate by selling extra tokens for capital repairs. Residents could chose to remain in public housing and a reasonable amount of money in rent (to be determined by a board elected by the owners of the tokens) or they could chose to sell the tokens and cash out of living in public housing. Cryptocurrency could be used to help reverse the devastating effect the so called wars on poverty and drugs, along with other forms of historical discrimination have had on minority communities in places like NYC.


 

- Advertisement -

View Ratings | Rate It

opednews.com

Screenwriter. Historian. BA in History and certificate in Latin American studies from Cornell University. MA in English Education from Columbia University. Very interested in public policy.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

NBC Universal Telemundo Host Raymond Arrieta Does Racist Blackface and Brownface Performances On TV

Rapid Gentrification Hitting Bed Stuy and Changing the Neighborhood's Racial Demographics

Occupy Wall Street's Founders and Take Ownership of the Movement

Ghana's Right to Return Law for the Descendants of African Slaves

The Degeneration of Occupy Wall Street Into A Charity

Marjorie Hill, GMHC's First Black Woman CEO, Thrown Under the Bus