Is it possible to buy property in Dubai for cryptocurrency?

The United Arab Emirates has always been famous for its innovative attitude, especially when it comes to introducing the most advanced technologies into the economy. And the so-called “crypt” in slang, which has now become one of the aspects of modern life, is also included where this is concerned. So then, it should come as no surprise that cryptocurrency payments are being accepted by both realtors and developers alike.

The main reason for this is because this particular method of payment has many attractive benefits. Some of these include its low commissions, how fast and convenient it is, and how large financial transactions can be carried out with ease. Is it any wonder then that cryptocurrency has since grown in popularity, especially where the purchasing and selling of real estate and investments is concerned.

Content:

• What is cryptocurrency and how to use it
• Purchasing real estate in Dubai using cryptocurrency
• We will assist you in purchasing real estate for cryptocurrency in Dubai

What is cryptocurrency and how to use it

Cryptocurrency is a digital currency that has the same features as that of regular cash or funds that one would find on a card. The only difference is in which system these funds are regulated. So the system that cryptocurrency uses is regulated by is called Blockchain.

Blockchain is used to hold and process payer data and identify transactions. The blockchain is an unbreakable chain of data blocks that contain records of completed transactions.

What’s more, the data on all completed transactions for the transfer of any funds are saved forever and the new information that follows is simply added as the next link in the chain.

There are two terms that are closely related to cryptocurrency, namely, coins and tokens.

Coins are actually the cryptocurrency itself, which can be used to make payment transactions. It can either be obtained electronically – where you mine in or purchased.

Tokens can be called an analog of bonds, but only in the digital world. Or in other words, tokens are a guarantee that their owner owns a part of a certain project. Also, tokens cannot be mined like coins, they can only be purchased.

Furthermore, coins are mined using two methods, namely, traditional “Mining” and “Staking” – a newer method of mining.

The meaning behind cryptocurrency is that a certain group of people equal to each other can make certain transactions and gain confidence that these transactions:

• Cannot be undone.
• Can be checked for validity without special permissions.

Information regarding this type of transaction is stored and transmitted in such a way that all parties involved in the transaction feel safe in the knowledge that it’s legitimate. This includes the fact that no one can replace or modify this data in any way.

What’s more, all information is stored in a special block. The first block contains only the address of the file from which the operation was carried out and the date of the transaction. This block is confirmed by the creation of a new block by another network party. This includes service data, information about the transfer itself, the file address, and a special identifier, which will all already be included in this block.

To create each block, you have to allocate technical and software forces, as well as, waste time and electricity. The one who creates more blocks with the most transactions gets more coins. This clearly implies that there is a race between the network participants.

This race leads to the emergence of entire mining farms, which are interested in the efficient creation of the largest number of blocks in the chains and the chains themselves. This is what we call mining in cryptocurrency.

In other words, mining is a paid work of creating blocks on a chain, which is based on the Proof of Work (PoW) algorithm. The person supports the operation of the network and the process of creating blocks and by providing proof of the operation performed, receives well-deserved coins for this.

Staking is the work of the Proof of Stake (PoS) algorithm. That is to say, this is the work of storing the available coins and maintaining the health of the network.

Unlike mining, here the earnings of a network member do not consist of providing the capacity to create blocks. Instead, the focus is on the capacity for storing coins and maintaining the entire blockchain.

Private corporations, for example, Tesla, and some countries such as China both flatly refuse mining. As such, in China, the crypto market is gradually becoming illegal.

So as you can see, coins work in the same way that other currencies today work. Moreover, cryptocurrency is the same money as the money that already exists. The only reason that people use it is because it’s a simpler and more convenient way when a person wants to sell something like assets in exchange for it.

Purchasing real estate in Dubai using cryptocurrency

Three types of cryptocurrencies are widely used in the Dubai real estate market, namely:

• Bitcoin
• Altcoin Ethereum
• Altcoin Ripple from XRP

Bitcoin is still the most famous cryptocurrency in the world. An investor can purchase this currency by converting ordinary money into it at various exchange services.

What’s more, it turns out to pay off for this “crypt” with developers or other individuals in the market of the Emirate.

So while there are several ways one can purchase property in Dubai, both Bitcoin and other cryptocurrencies can also be used. However, many sellers and developers will not agree to directly sell their assets to an unfamiliar investor for digital money, since the coins themselves are a very unstable and risky asset.

Usually, real estate sellers work with a certain list of verified exchangers. These verified exchangers, in turn, work either with private investors themselves or with real estate agencies that work on behalf of private investors.

So in this way, exchangers acquire cryptocurrency and exchange it for dirhams, which is then used to pay for real estate. The process is characterized by a high level of security, but at the same time, it is transparent to all parties involved. Moreover, the entire exchange of money for “crypt” takes less than half an hour.

Currently, the market has a positive attitude towards these types of transactions, since significant profits in recent months have specifically come from investors who have become rich from the growth of the cryptocurrency rate alone. Moreover, this has already become a separate category of investors, which all major companies in the UAE are paying attention to right now.

The main achievement for Dubai where this is concerned is the property acquisition using cryptocurrency, as it is removed a huge number of intermediaries from the market who used to be involved in the processing of payments taking a high percentage of the commission for this type of work.

This commission, as you can understand, affected the cost of the purchased property. As such, the prices for the purchase of the crypt are reduced because there are no longer any unnecessary intermediaries taking part in this process.

Some of the largest companies in the real estate market that accept payments in cryptocurrency, either directly or through exchange platforms, include Emaar Properties, Select Group, and Fam Properties. These companies also accept Bitcoin and Ethereum cryptocurrencies.

Soon, system development for purchasing assets for tokens will be possible in the financial market. Especially, since many developers, such as Emaar, have already thought about such a scenario. If this happens, investors will be able to purchase both real estate for coins and shares of companies or shares of projects for tokens.

We will assist you in purchasing real estate for cryptocurrency in Dubai

As we mentioned above, despite the speed and ease of acquiring property for “crypt”, an investor should still consciously and cautiously approach this matter. This is why it’s important to include finding a suitable currency exchanger in Dubai at the top of one’s to-do list when purchasing real estate for cryptocurrency.

So in order for our clients to get rid of any unnecessary worries where this is concerned, our agency offers property selection services by employing payment through digital assets.

All you need is to have the required amount of currency to purchase your desired property.

We will do the rest for you, which includes:

1. Selecting a property based on your needs and preferences.
2. Asking for your confirmation.
3. Carrying out the entire chain of transactions and transfers for the registration of real estate from the seller.
4. We are happy to inform you as a new owner of real estate.

The whole process is extremely simple and fast and does not require any extra effort on your part.

Please feel free to contact us at any time and we’ll be happy to provide you with some free advice on anything that interests you where this is concerned.