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The real estate industry in Miami and the UAE are embracing Bitcoin

The real estate industry of Miami is gradually embracing Bitcoin, as realtors realize the advantages and benefits of using the Bitcoin network to facilitate the transfer of large-scale transactions.

22.Sep.17 2:03 AM
By Daria Zaytseva


The real estate industry in Miami and the UAE are embracing Bitcoin
For years, the Bitcoin community and experts in the cryptocurrency sector have discussed Bitcoin's main goal; whether it should act more like a value store or a digital money system that is capable of handling small transactions with substantially low tariffs, such as Visa.

As of the current moment, Bitcoin is qualified as a value depository and a digital money system. The integration of the transaction flexibility solution and the Segregated Witness (SegWit) Bitcoin Core platform scaling significantly reduced Blockchain overload in the Bitcoin network, reducing the size of the Bitcoin firewall-the waiting area for unconfirmed transactions-and the average Bitcoin block size. Moreover, less than three percent of Bitcoin transactions are included in SegWit.

Since the transaction ratio with SegWit support allowed increase transactions by more than 50 percent, Bitcoin transactions will become even cheaper.

As a result, more traders, investors and users began to consider and use Bitcoin as a financial and settlement network capable of processing both small and large transactions. In real estate, most transactions or payments are millions. But for processing multi-million transactions, banks require extremely high commissions, sometimes up to thousands of dollars per transaction. In Bitcoin such high fees can be avoided.

For realtors, using Bitcoin greatly facilitates the process of large-scale payments. Not only do multi-million dollar bank transfers cost thousands of dollars and take weeks to sometimes months of processing time, they also require lengthy documentation and an inefficient identification and financial verification process.

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