The popularity of Cryptocurrencies is growing every day. According to Gary Ng, the man behind Surge, a Crypto investment fund, many people are now purchasing property using the virtual currencies. Currently, Crypto payments are less than 0.1 percent of all transactions and are expected to increase going into the future. Despite the negative press, the number of Cryptocurrency users is increasing as the popularity of cashless payment method grows.
More People Paying Using Cryptocurrencies
The property sector has recently seen an increase in Crypto payment transactions. The number of people buying property using virtual currencies such as Bitcoin is increasing every day. Gary Ng is optimistic that soon, the coins will become a mainstream currency. The Surge founder believes the increased use of Cryptocurrencies in everyday transactions in Japan is an indicator of what it will look like in the future. Surge is a Crypto investment fund.
Cryptocurrencies Becoming Popular Despite Challenges
The popularity of Cryptocurrencies has been growing in the presence of various difficulties. The coins have been around for about a decade and there is that knowledge-gap that is locking out many people. The uncertainty in the sector makes most of the currencies volatile making it even harder to be used for making payments. Lastly, bad press has not prevented more people from adopting the technology.
Ng argues that Cryptocurrency payment is like any other payment method. As long as both the buyer and the seller are willing to transact using the digital assets, there is no problem. In this case, the seller gives an address that is similar to a bank account number to receive the payment.
As Ng notes, currently, the buyers have no option for mortgages or Crypto-loans when using this new payment method. Consequently, they have to pay the full amount in the virtual currencies. However, such products may be introduced in the future. Some costs like the stamp duty can only be settled in cash.
Currently, Cryptocurrency payments account to less than 0.1 percent of all transactions according to Ng. It is expected that, as the popularity of Crypto payment grows; more Cryptocurrencies will become stable and make it easy for people to use them for transaction purposes. Most digital assets are expected to appreciate in the coming years.
What Next For Cryptocurrencies?
Crypto-payment in the real estate sector today involves considering the value of the property in fiat currency and the Cryptocurrency exchange rate. Given that most virtual currencies change price fast, the value of a property in the new currencies is more accurately determined at the time of the transaction. After selling your house in the digital assets, it is advisable to convert to fiat currency if you are not trading due to the volatility of the market.
As more regions are trying to regulate the Cryptocurrency sector, the number of people using the new technology keeps growing. Many countries are trying to follow Japan, South Korea and other Crypto-friendly nations in supporting Cryptocurrencies. More people are now learning about the new currencies. Given that we are becoming a cashless society, the popularity of the digital assets in the property sector is only expected to increase.