Blockchain

The Birth and Evolution of Digital Currency

I am currently writing a book on the topic of Cryptocurrency. Words like Digital Currency, Cryptocurrency, Blockchain, Bitcoin, Ethereum, and Litecoin, you are more than likely continuing to hear about. More and more posts, tweets, shares, and news about how many people are making significant returns on their investments in to Cryptocurrency. I want to at least share with you the jist of what it is, so it benefits your business now, by giving you some level of knowledge and understanding on it. Maybe you have even researched it and tried to learn about it, or you might even be one of the very few who know a lot about it already. In any case, let’s talk about it ‘briefly’ as I feel it goes hand in hand with being a savvy seller, buyer, and/or digital Agent / BROKER today. Whether you are a seller, buyer, investor, and / or real estate agent reading this, everything about our agency is designed to help you market and sell your listings or property in the digital world today, which now also has it’s own currency. At the rate the digital world is evolving, cryptocurrency will play a significant part in the future of real estate, even more than it already has begun to.

What Is Cryptocurrency (Digital Currency)

Digital currency has been around for years. A few years ago a gentlemen and / or group under the alias name Satoshi Nakamoto who remains unidentified, created the digital currency. What many have criticized and advised caution on when it comes to Cryptocurrency, there have been many who have shown the currency’s value. These experts in the field have been validated time and time again with the consistent growth in its value, technology, buy in, and popularity the currency continues to create against all odds.

cryp·to·cur·ren·cy

kriptōˌkərənsē/

noun

a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

https://en.wikipedia.org/wiki/Cryptocurrency

How bout’ in English? Cryptocurrency is like any currency really. Gold, Silver, Dollar, Euro, Franc, Dinar, and all other currencies in the world are given a value that we as people have given those currencies. What is a Dollar [USD] even worth, without Gold to back it up? We don’t even have enough Gold to back up the 20 trillion of USD currency debt in the world. That is why the piece of paper says, FEDERAL RESERVE NOTE. In other words, a fancy way of saying ‘I owe you", is what the dollar is, that many other currencies in the world also are actually. Platinum, Gold, Silver, are a few of the oldest currencies, and valued as some of the highest currencies that exist. But, and a very big BUT, if you think about it, what gives them their value? People. Gold and Silver would just be another group of elements, metals, 'rocks' on Planet Earth, if it wasn’t for humans giving those rocks a certain value that is worth more or less than other rocks. If we no longer use them as actual day to day currency to buy and sell with, and the dollars we use do not hold the same value, then all currencies whether paper or digital are simply backed by the people who give and claim its value. Or maybe the world super power and allies that are behind those currencies also add to their value? Hmm? Ok, I am going too far in to this, and like I said, I am writing a book about it which will go much further in to the world of cryptocurrency.

bit·coin

ˈbitˌkoin/

noun

a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

https://en.wikipedia.org/wiki/Bitcoin

As of now, the highest valued cryptocurrency on the planet. So like the dollar, franc, dinar, that can be worth more or less than others, the bitcoin is worth more than all other cryptocurrencies out there. A couple more popular ones you will hear out there in the main public is Ethereum and Litecoin. It’s pretty easy to find information on those cryptos as well in Google Search and Wiki.

block·chain

ˈbläkˌCHān/

noun

a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.

https://en.wikipedia.org/wiki/Bitcoin#Blockchain

The technology behind the currency, in which creates the transaction, in order to process and be completed establishing a recorded history of the transaction. Like a bank receipt, if you will? What does this mean for real estate? It means what has already begun actually. Cryptocurrency has already been the currency used for a buyer to purchase a property from a seller using Bitcoin. My Partner and I’s experience in these transactions, have lead to us starting a division and consulting firm for you to hire, as well as any buyers, sellers, and real estate agents to hire, where we oversee and guide you through the steps of the crypto transaction. Frequently asked questions we consult on, 

• What steps does the buyer need to take?
• What steps does the seller need to take?
• What does the buyer / seller need to know?

• How is one taxed?
• Does an escrow company or law firm play a part?
• Is it still considered a traditional process?

• Is it still considered a traditional sale?
• What are the risks to agent, buyer, or seller?
• What are the benefits to buyer / seller?

There are so many more faucets to Cryptocurrency. It really is fascinating. I don’t know a better word to use. It is only going to become more popular, and more main stream. Whether it is ever regulated, or controlled by ‘Big Brother’, know one has a crystal ball. I do feel very confident in saying I do not feel it will ever cease to exist. Any currency can skyrocket in value, and crash in a bubble. It is still a currency used however. Cryptocurrency will have its ups and downs and the process of using the currency I am sure will continue to evolve and shift. In short, do not take this lightly or turn down business that involves Crypto because you don’t understand it or have little experience with it. Say yes, and reach out to us when you have a buyer or seller who have inquired and asked you if you can handle it, and we will guide you through the fascinating process. Look for my next book on Cryptocurrency and Real Estate. No, that is not the title of the book. It is way more clever than that, but a secret until its published. 

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