Across the globe, more markets are using digital currencies such as Bitcoin. With Bitcoin in the mainstream media, more people are using digital currencies for trivial and large transactions.
In Japan, participants in the real estate market are paving the way for a new approach for purchasing commercial spaces. If trends like these continue in other countries, the housing market and real estate will have many more Bitcoin & Blockchain transactions taking place as well as increased potential new buyers.
Small organizations and latest currencies
There is a growing number of small organizations that deal in the buying and selling of properties for digital currency. For example, Yitanzi is a Japanese real estate startup that has found success in this case.
They are selling small commercial building and apartment spaces in return for digital currencies. The company plans to sell a small commercial building for 547 Bitcoin, valued at $6 million at the time.
Yitanzi’s CTO, Yokozawa Yuske, stated that digital currency investors have grown an interest in diversifying their investments. They are spending their profits on Japan’s real estate. For example, valuing the square footage in Bitcoin rather than in dollars for a piece of property.
Many early digital currency investors have made millions of dollars in returns on their investments. Since digital currencies have become more popular recently as people have gained an interest in trying it out.
Yuske stated that investors want to gain a large amount of Bitcoin fast through the selling of multi-million-dollar properties. This allows them to quickly attain copious amounts of Bitcoin, or any other cryptocurrency, and circumventing the verification processes required on trading sites.
There is a strong fear of missing out when it comes to trading in Bitcoin. Experts predict that digital currencies may be comparable to the creation of the Internet itself.
Cryptocurrency exchanges and availability
Many entrepreneurs have benefited from the anxiety of people who do not want to miss their chance at getting into cryptocurrency trading too late. For example, the international multi-language cryptocurrency exchange website Binance, founded in 2017.
Binance CEO, Changpeng “CZ” Zhao believes that cryptocurrency must be accessible to people in all countries and languages.
Users of Binance can select from hundreds of various coins, including the most popular such as Bitcoin, Ethereum, and Litecoin. There is even a discount on trading fees when users of Binance pay with BNB, the company’s own digital currency token.
Paying with crypto
In Japan, there are numerous establishments such as the popular sushi restaurant in Tokyo called Sushi-Bar Numazuko Ginza, which allows patrons to pay for a bowl of ramen using Bitcoin. Over the course of several months the restaurant has seen an increase in sales paid with Bitcoin.
There is also a Bitcoin ATM inside the restaurant for guests who would like to convert their Yen into the digital currency. Although the sushi bar is popular amongst tourists, the guests who pay in Bitcoin are mainly Japanese. However, the number of tourists utilizing Bitcoin for their transactions overseas is increasing due to the added advantage of not having to pay foreign exchange fees.
Japan is one of the most technologically progressive countries in the world. It remained one of these since the late 20th century. Many countries may soon follow where Japan is currently heading regarding its growing acceptance and integration of digital currencies.
Much of the worry for cryptocurrency holders is the regulations put into law which creates less freedom for users. For example, in the United States there have been talks among lawmakers that some form of regulation must be put into place in order to combat the use of digital currencies to launder money.
There is still too much that is undetermined legally in the United States, however, considering the positive trends for cryptocurrencies, one can only imagine it may soon be adapted for most transactions in the future.
More about the author: