How Cryptocurrency Impacts Home Improvement Brands

How Cryptocurrency Impacts Home Improvement Brands

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The widespread cryptocurrency adoption has already disrupted financial services and applications across various industries. Cryptocurrencies have impacted payments, remittances, and foreign exchange, as well as stock investing, startup loans, and venture capital. The virtual currency has even disrupted the real estate industry. Real estate transactions are typically conducted in person with various entities, but that’s changing. Blockchain technology and the introduction of smart contracts in blockchain platforms now allow assets to be tokenized and traded as cryptocurrencies such as Bitcoin and Ether.

Cryptocurrencies are digital assets that use an encryption technique known as cryptography for security. Virtual currencies are used to buy and sell goods and services as well as establish a set of rules for currency users. These currencies aren’t redeemable for another commodity, nor are they issued by a central authority.

Platforms and Marketplaces

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The main focus of real estate technology has traditionally been connecting buyers and sellers with listings. Blockchain technology offers new ways to trade real estate on trading platforms and online marketplaces designed to support such transactions. Assets can be traded like stocks when tokenized, allowing for online transactions.

Crypto owners are obligated to pay cryptocurrency tax. Understanding the complexity of cryptocurrency tax laws can be challenging. TaxBit is a crypto tax software platform that helps cryptocurrency users navigate tax compliance. CryptoVantage offers an overview of the pros and cons of the TaxBit Consumer and TaxBit Enterprise software solutions.

The crypto tax app, designed by CPAs and tax attorneys, is backed by prestigious names in the cryptocurrency investment space including Paradigm, Coinbase Ventures, and Winklevoss Capital. The app gives crypto owners a full picture of their tax liability including how much taxes are owed for crypto exchanges and the basics of tax compliance. There is a free trial available, however Taxbit’s software only works for taxpayers reporting to the United States IRS at this time.

There are no intermediaries.

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Real estate brokers, lawyers, and financial institutions have always been a part of the real estate ecosystem. New blockchain platforms will take on the functions of listings, payments, and legal documentation, cutting out the need for intermediaries. This will put more money in the pockets of both buyers and sellers because they will save considerably on commissions and fees charged by intermediaries. This also results in more expedient exchanges during the transaction.

Liquidity

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Real estate has always been considered an illiquid asset class, given how long it takes to close on a sale. Cryptocurrencies, on the other hand, can be traded for fiat currencies through crypto exchanges at any moment. When real estate can be readily traded as tokens, it means sellers don’t have to wait for buyers who can afford to pay the entire price of the property.

Homeowners make necessary repairs and fixes when preparing to sell their homes to get the most attractive offer. Making minor investments that improve the value of the property is one of the smartest things homeowners can do. Old windows can allow air leaks that reduce the energy efficiency of your home while increasing your energy bills.

All-Weather Seal has years of experience installing replacement windows or brand new windows for homeowners in West Michigan. The window company uses high-quality materials that enhance the look and value of your home. The window professionals are known for customer satisfaction and performing an excellent job when installing new house windows in Kalamazoo. The window company offers a free estimate on all home improvement projects including patio doors, replacement windows, gutters, siding, decks, and roofs.

Fractional Ownership

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Blockchain technology allows for fractional ownership, which lowers the barriers to real estate investing. Traditionally, investors need to put a large sum of money upfront as a downpayment for the property. Another option is for investors to pool their money together to make a larger property purchase. Blockchain technology allows investors to access crypto exchanges to buy and sell fractions of digital currencies.

The widespread use of cryptocurrency is transforming the real estate industry. Tokenized real estate assets can be purchased through online transactions, saving buyers and sellers thousands on intermediary fees and commissions.

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