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Blockchain: Do cryptoassets have the potential to revolutionize the real estate sector?
[/vc_column_text][us_separator][vc_column_text] Anyone who invested $1,000 in Bitcoin five years ago can easily buy a nice apartment with that money today… and that's exactly what's happening: Bitcoin millionaires (cryptomillionaires) are increasingly investing their money in the real estate sector. The digital currency Bitcoin was invented in 2009 and enables commission-free transactions without the involvement of banks. Due to its strong price development, Bitcoin has experienced a real stir. Today, almost everyone is familiar with the digital currency, and it is increasingly accepted as a means of payment—even in the real estate market: in many places, apartments and houses can be purchased with cryptocurrency—this is also the case in Costa Rica. Blockchain can massively simplify processes and make them more secure. Real estate remains the safest type of investment and most often guarantees a return on investment. However, the capital required is often significant, leaving ordinary people on the sidelines. Blockchain changes this situation, as it enables fractional ownership through tokenization. Tokenization means that assets are converted into many tokens that investors can purchase individually and pool capital for future development. When it comes to securing transactions, blockchain generates private and certified digital identifiers, protecting against fraud. Compared to traditional bank letters, this system offers a more up-to-date and reliable proof of capital. Buyers and sellers can securely store their data and verify it immediately. Blockchain eliminates the time-consuming and often costly interaction with banks. Real estate can be equipped with an individual digital identifier that provides complete information about the chain of ownership. One of the main advantages of cryptocurrencies in real estate purchases is their low cost, even in cross-border transactions. Buyers can avoid high transfer and currency exchange fees and purchase real estate in other parts of the world comparatively more cheaply thanks to blockchain. Costa Rica is one of the most cryptocurrency-friendly countries in the world. Cryptocurrencies are already accepted as a means of payment, and cryptocurrency real estate transactions are becoming increasingly popular as investors become more comfortable with the technology. For any questions, please email us at infocr@lexincorp.com.[/vc_column_text][us_separator][vc_column_text]Written by: Leonardo Alfaro, Legal Assistant. [/vc_column_text][/vc_column][/vc_row]
