The Age of Bitcoin: Purchasing Real Estate in Dubai for Sale Using Cryptocurrency



There might be a new way to purchase real estate in Dubai for sale and that is through bitcoin. If you are wondering what it is, bitcoin is a form of digital currency or referred to as cryptocurrency and is an electronic payment system based on mathematical proof. Unlike the dirham, dollar, euro or any other printed, physical currency note, bitcoin is created and used electronically. It means you can buy staff or make online purchases electronically as long as bitcoin is a supported form of payment. It is unconventional in the sense that it has no physical form and is decentralized since no single institution have sole control of the bitcoin network. It is like diamond, gold, silver or any other precious gemstones and metals due to the digital mining involved. There are upcoming plans to implement bitcoin as another way to purchase real estates in Dubai.

Bitcoin in a Nutshell

The projected date to implement bitcoin for buying real estate homes will be late 2019 but you may want to know more about the cryptocurrency’s history. In 2008, Satoshi Nakamoto posted a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. The bitcoin network was launched in January 2009 with Nakamoto mining the first 50 genesis block of bitcoin. In its earliest days, the concept and system of bitcoin was ridiculed by many people. Even so, bitcoin (BTC) slowly rose in value and by 2011 it had already equalled the US Dollar. The following succeeding years saw the rise, fall and rise again of BTC prices. Like any currency, bitcoin too is affected by global factors leading to several market crashes throughout the years. You might be shock to find out that the price of one BTC right now is over $4300 US Dollars and went as high as $5000 US Dollars in September of this year. Its value today is a far cry of its value during its earliest days and BTC is now being taken seriously. Nations, governments and even big companies are getting into bitcoin while you are reading this.

Bitcoin as a Payment Method for Buying Dubai Properties

By late 2019, there will be real estate companies accepting bitcoin as a mode of payment for the purchase of regular homes and even Dubai luxury houses. This will give bitcoin early adopters an opportunity to procure a property in Dubai using their hard earned cryptocurrency. It will also allow real estate companies to penetrate deeper into the bitcoin market.

Zawaya Property is a Dubai-based real estate company advancing the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, to build Dubai as the global capital of the Islamic economy. Visit Zawaya Property and learn how it brokers and manages the best real estate in Dubai.


Tags: Dubai luxury houses, real estate homes, real estate in Dubai for sale



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