With the increasing acceptance of cryptocurrencies globally, the real estate market in Atlantic City has begun to accept cryptocurrency for business transactions, changing how they are managed. In this entertainment and tourist city, integrating cryptocurrency into property transactions has advantages for both sides, especially for businesses targeting international clients. Today, different platforms like UniPayment provide high-scale flexibility for companies which mean fewer barriers, lower fees, and faster time for large cross-border payments.
Natalia Karayaneva, CEO of Propy, a blockchain-based real estate platform, said they closed over $4 billion in real estate transactions through blockchain technology. This indicates that society embraces cryptocurrency as a secure means of conducting property deals.
Blockchain technologies distributed database guarantees that every transaction is clear and tampering-free. It is standard practice for real estate transactions and deals that refer to large amounts of money. In terms of transaction security, the real-time transaction confirmation enhances the credibility of the buyers and sellers, hence reducing the chances of fraud. Smart contracts manage multiple stages of real estate transactions, including using escrow services and transferring title deeds. Since these contracts are automated, mistakes have less opportunity to occur, and the closing time for real estate transactions is consequently shorter.
Cryptocurrency as a mode of payment ensures faster and more secure methods of transactions in large value markets such as the real estate markets. Hence conventional real estate deals involve brokers, agents, or some other middlemen who may complicate the process besides adding other costs. This means that adoption of new kinds of money such as cryptocurrencies like BTC and ETH, real estate firms can now easily shorten the time taken for transactions, increase security, and eliminate third-party charges.
The upshot for buyers and sellers is improved cash flow. Sellers can be paid immediately without involving long processing periods from the banks, and buyers can transact in plain, straightforward methods without having to pay conversion charges, let alone long waiting time periods. In real estate, where transaction amounts are often large, this reduction in friction can lead to faster closings and fewer transaction errors.
For instance, a buyer from Europe or Asia can buy property in Atlantic City through cryptocurrency without waiting for several weeks it takes for a wire transfer. Cryptocurrency also makes transactions seamless and helps both parties efficiently manage their cash flow.
Due to the extensive tourist and investor attraction worldwide, Atlantic City is one of many markets that can gain significantly from multi-currency gateways offered by crypto payment systems such as UniPayment. Real estate crypto payments in Atlantic City easily convert multi-currencies into local currencies aiding international transactions. Consequently, crypto solutions for international investor can buy houses without worrying about fluctuations in the exchange rate or expensive conversion fees.
With full support for multiple currencies, local businesses in Atlantic City such as real estate companies can tap into the international market. Cross-border transactions for Atlantic City businesses enhanced and opened up for foreign investors who consider it easy to invest in the US real estate market.
The conventional real estate purchase costs are usually high due to bank fees when there is a foreign buyer. Cryptocurrency eliminates these fees substantially, making business transactions easier and cheaper in the long run. This efficiency is especially valuable for large cross-border transactions when currency conversion and transfer may entail considerable costs. The implementation of Blockchain also improves the security of transactions in that it provides a cut-through ledger for the prevention of fraud.
In 2020, a penthouse in Miami was sold for $22.5 million in Bitcoin, eliminating the need for a conventional bank loan and intermediaries, and saving around $1 million in fees.
UniPayment’s cryptocurrency services are aimed at solving the problems of Atlantic City's real estate. They allow the implementation of vast transactions at a high speed with minimal risk of a breach. From receiving payments from customers based in different countries to providing a multi-currency payment method for cross-border transactions, UniPayment makes it easier. Crypto solutions for international investors are of great significance who might wish to acquire properties but are restricted by issues related to conventional banking.
The acceptance of cryptocurrency payments is useful not only for massive real estate transactions but also for small businesses. Incorporating cryptocurrencies as a form of payment enables small businesses in Atlantic City to gain more customers and complete transactions with less herring. The use of these payment methods is expected to grow as more firms adopt them, thus boosting the circulation of money within the local economy.
Crypto payments let global clients participate in the Atlantic City real estate market with little hindrance, making it the top choice for a property market.
With relatively lower transaction fees and no middlemen involved, stakeholders in Atlantic City will be able to save significant amounts of money for reinvestment into the economy. This, in turn, has a domino effect on improving the sustainability and performance of businesses.
The World Bank states that as of 2018, 1.7 billion people are without access to basic financial services. These people can use cryptocurrencies to invest in properties without the need for the existing banking sectors. Currently, in 2021, the luxury real estate developer, DAMAC Properties, started accepting payments in Bitcoin and Ethereum for property buying in Dubai. It also helped to attract foreign investments, particularly from the countries where crypto usage is high, but the banking sector is underdeveloped.
With its tourism and gaming industry, Atlantic City has witnessed a growing attraction towards crypto for real estate purchases. The adoption of Bitcoin and other digital currencies is gradually being incorporated in the buying and selling of property, offices and spaces, and casino-related properties. Since 2020, there has been a 25% increase in inquiries about crypto payments for properties in Atlantic City, driven largely by international investors.
Some investors see cryptocurrency as a way to revitalize Atlantic City’s declining real estate sector by attracting tech-savvy global buyers.
Casinos are major players in Atlantic City's economy, and crypto is beginning to be used in transactions tied to the gaming industry.
Real estate crypto payments in Atlantic City is ever-growing development means integrating crypto payment options in the real estate industry benefits individuals and entities, domestic and global, alike. Efficiency in transactions, elimination of fees, and multi-currency show that cryptocurrency is capable of revolutionizing a city's real estate business.
