The Canadian Senate has issued a report that regulation of growing digital currencies such as Bitcoin, should be done with a “light touch”. Those who have already fallen in love with virtual currencies enthuse about them wildly and believe they have a strong future in real estate transactions. For many of us though they are still something of a mystery but essentially the whole system operates online using military-grade technology known as a block chain. When a transaction takes place between parties who have a Bitcoin wallet on their smartphone, tablet or computer it happens within 10 minutes. There is no bank involvement. The currency is particularly popular with those earning above $60,000 and a quarter of Bitcoin owners earn above $180,000.
As for real estate, it would seem that the digital currency experts are far from calling for a widespread move away from mortgage lenders. So far there are no Bitcoin mortgages so the proliferation of transactions using the virtual currency is unlikely, however there have already been some high-value ‘cash’ sales using Bitcoin; a U$7.85 million property in Las Vegas for example. In Canada there have been a handful of listings using the currency, including Taylor More’s 2-bedroom apartment put up for sale in March 2013, the first in the country to be priced in the currency. The listing was subsequently removed with no report on whether it actually sold.
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