Will BitCoin Change Real Estate And Other Businesses
There is a new currency development in all businesses, but some recent developments in the acceptance of BitCoinage for payment in real estate transactions will make this more commonly known. Bitcoin is an innovative payment network, and a new kind of money. It has no nation so to speak, and it has no central bank. Yet it is used the same as any other currency from any country.
This is something worth studying as business people. Not because it is avant-garde, and not because it may be considered rebellious, but simply because it may prove to be very, very useful, and it may be able to streamline real estate transactions.
For example, the current methods for transfer of funds at closing can sometimes slow up the closing process. I have seen it cause a lot of stress for sellers, attorneys, buyers, and licensees. Funds are already being wire transferred from bank to attorney to bank to seller to ... . The Bitcoin process may help us in ways we have yet to embrace.
Evidently Congress is watching it. And the US Court System appears to have already ruled on a few cases dealing with it. How will it shape real estate and other businesses in 2014? It may be the Time Man of the Year at the end of 2014.
You can read about it here http://bitcoin.org/en/