In the past few years, many have believed that cryptocurrency is the next big thing, a digitalized form of currency! Cryptocurrency became operational in 2010, and a unit was valued at 40 dollars. However, the industry has revolutionized, and a group can reach a pick of a million dollars. Many people have adopted cryptocurrency in business transactions and accepted as a mode of payment in numerous online shops. Additionally, cryptocurrency utilizes blockchain technology composed of robust computational power and high power hardware that is impossible to hack.
On the other hand, cryptocurrency has gone a step further used a payment plan in real estate. A report published by SWI, a Swiss outlet indicated that BrickMark purchased a more significant portion in Bahnhofstrasse 52 and managed to partially complete the deal by transacting with BrickMark tokens in Ethereum, a cryptocurrency blockchain. According to a press statement, the property purchased by BrickMark was on one of the prestigious shopping boulevards.
The value of the tokens is estimated to be 20 percent of about $134 million valued property. Additionally, Stephan Rind noted that no transaction of such magnitude had ever been experienced in a token-based real estate. He further added that they are breaking new opportunities for real estate industries to invest in cryptocurrency.
However, accepting blockchain token as a form of real estate may be simply a gimmick targeting to attract investors into cryptocurrency. Consequently, BrickMark token owners still possess 1,600 meter square of the property; therefore, they can always obtain the payment on rental income and sell the owned tokens to another potential investor. The enthusiasm of RFR to accept cryptocurrency as a form of payment is baffling. The act may suggest significant advantages in cryptocurrency towards real estate onwards.
Alexander Koblischek, managing director RFR, remarked that they gladly accept token-based real estate transactions as a form of payment. He further added that the specified operation might act as an icebreaker to more significant opportunities for the real estate industry and cryptocurrency. Likewise, BrickMark’s deal might be the most significant but not certainly the first cryptocurrency real estate transaction.
A Chinese Bitcoin holder was reported to have bought a mansion after selling 500 units of Bitcoin in 2018. Also, in 2017, The Bloody Bay Company allowed up to 13 acres of land to be sold using bitcoin cryptocurrency. Numerous debates might arise from real estate owners concerning blockchain tokens in real estate. However, if Chrysler Building can involve in cryptocurrency, then it indicates significant merits exist in digitalized currency.