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As cryptocurrencies become more and more accepted as a method of payment, the value of the items being sold also increases. There are already a few ICOs being developed with the real estate market in mind, but stories of people selling their actual home for cryptocurrency are rare. Needless to say, this is most likely down to the fact that the market for cryptocurrencies is extremely volatile.
This could have disastrous implications if you are trying to sell a house worth all your savings and your pension. Some cryptocurrencies, like Bitcoin, are more legitimate than others, and are less likely to lose all their value in a short period of time. Although, as the crash of December 2017 showed us, not even the original cryptocurrency is immune to dramatic downturns. If you are thinking of selling you house for cryptocurrencies, here are a few thing you need to consider before doing it,
Assess the risks involved
As mentioned, there is the volatility of the market to consider. If you are going to sell your house for a cryptocurrency coin or token, you should consult a real estate lawyer who understands the world of cryptocurrencies. More importantly, as the seller of the house you should do your own rigorous research into the token which you are considering accepting as payment for your house.
You should understand the progress the token has made in terms of its value, and how stable it is. You should look into who the people in the team behind the token are, and if you trust their track record. Finally, it would always be a wise move to convert some of the cryptocurrency tokens you accept into fiat money just in case the value drops somewhere down the line.
Get a solid contract in place
When it comes to drafting up the contract for the sale of your house, it is crucial that you enlist a real estate attorney to help you out. Again, they should be knowledgable when it comes to the cryptocurrency world, and be very meticulous in their research as well. When it comes to determining the closing date for the contract, it will also be a good idea to account of the fluctuating value of the cryptocurrency the transaction is made with. Leaving a few weeks on either side of the closing date to assess the fluctuations will avoid you experiencing a sudden crash in value the moment the transaction is finalised.
Research the legal matters
Since cryptocurrencies is still a relatively new concept to most people, it is not all countries that have incorporated them into law. This means that even if you are happy with accepting cryptocurrencies as a method of payment, and using smart contracts in place of a traditional agreement, you need to check with the law first. Depending on where you are, you might have to have a traditional agreement with the value represented in fiat money drawn up. This ensures that if there is any lega trouble down the line, you have all your bases covered.
Your attorney might not accept cryptocurrencies
It can be tempting to just buy and sell everything in cryptocurrencies, but bear in mind that not everyone might share your enthusiasm. Legal firms will most likely want their salaries paid out in fiat money, so it is a good idea to check with them when making your plans. If you do manage to find a legal firm that accepts cryptocurrency then all the better. But always select your attorney based on their merit and skill, and not on whether they accept cryptocurrency tokens.
Bitcoin was launched way back in 2009 after the financial crisis. Although this means that cryptocurrencies have been in existence for almost a decade, it is still taking many in business a while to catch on. Shrewd businesspeople will have made a note of the fact that Bitcoin itself rose from $1000 per coin to $10,000 in just over a year. That alone should be reason enough to pay attention to the phenomenon that is cryptocurrencies. But if you have been keeping up with the news, then you will also be aware that the market for cryptocurrencies is extremely volatile. That is perhaps the number one reason why many seasoned investors have been apprehensive when it comes to pitching money into a blockchain project. If you are still unsure about the potential, as well as the risks, involved with cryptocurrencies, here are a few things you should be aware of.
No more intermediaries
One of the main rationales behind Bitcoin and other cryptocurrencies was the eliminate the middleman. That means that most cryptocurrency transactions are not only anonymous but comes with little to no transaction fee attached. Cryptocurrencies have no nationality, so they are not influenced by the same rules and regulations as regular currencies. Another key feature is that all transactions are recorded on the online ledger, which provides users with full transparency.
The price is going up
Despite the volatility of the market in general, cryptocurrencies like Bitcoin are gaining a certain level of legitimacy. This means that people trust it more, and therefore the value of it will continue to go up. the fact that countries like Japan are recognizing cryptocurrencies as a legitimate method of payment also adds to the credibility. More and more tech development companies have now dropped the old pitch of company shares in favor of ICOs – initial coin offerings. This allows potential investors to receive cryptocurrency tokens in return for their investment. Like shares, these tokens usually rise in value as the company progresses.
The risk is still a thing
Despite cryptocurrencies becoming more legitimate and more widely accepted, there is still a certain level of risk involved with investing. One needs only look to the recent crash in December 2017, after Bitcoin hit its all-time high. When you invest in cryptocurrencies, things can quickly change. Governments around the world have now begun to regulate various ICOs, which can both benefit and hurt the various cryptocurrencies. Either the regulations weed out the bad apples, or they stifle the entire industry. As for the ICOs themselves, not all projects are created equal. Many investors end up losing their money because the teams behind the ICOs fail to reach their goals.
Be careful with payments
More and more businesses and charities are now accepting cryptocurrencies as a method of payment. But despite this, it is important to remember that the value of these payments can fluctuate drastically. It would be a shame as a business to accept a cryptocurrency payment, just to discover that the tokens are worthless a week later.
Ingot Coin Review
Since the financial crash of 2008, and the subsequent introduction of cryptocurrency in the form of Bitcoin, numerous developers have worked furiously at putting together innovative projects that could revolutionize the financial industry. Whilst many ICOs were off to a rocky start, if they did not fail entirely, some have managed to come up with realistic proposals for what the future of the economy could look like. One of these is the Ingot Coin ICO, which offers “the first fully integrated Wallet with a Digital Bank, Brokerage, Exchange, Certifier, and ICO Accelerator”. Rather than concentrating on one specific innovation, the team behind Ingot Coin offers a range of products and services that together form a complete decentralized financial ecosystem supported by blockchain technology.
What is Ingot Coin?
The Ingot ecosystem is comprised of eight different components. The IC Digital Bank facilitates all transactions, payments, and settlement within the Ingot ecosystem. The IC Brokerage provides a portal full of opportunities for investors who are actively looking for more trading options. The IC Exchange will provide all users with the possibility of trading in cryptocurrencies as well as fiat money. The IC Wallet is the digital wallet used for storing a user’s fiat money and cryptocurrencies, including the native IC Token. The IC ICO Accelerator is a program designed to campaign for genuine ICO projects, allowing developers to raise funds in an unprecedented way. The IC Crypto Certifier is an educational program designed to teach users about various cryptocurrency ventures in order for them to develop their knowledge. The IC Community will be the gathering place for all users, developers, investors, and enthusiasts, where they can connect and share information about their projects. Finally, the IC Liquidity Pool will serve as an insurance that provides liquidity for fiat money and cryptocurrencies alike, including the IC token.
How does it work?
By utilizing blockchain technology, the team behind Ingot are creating a decentralized and secure system that is a much-needed innovation given the current state of the financial market. The IC Bank will enable transparency by recording transactions on decentralized ledgers. This decentralization is facilitated by the ecosystem’s peer-to-peer (P2P) model. Perhaps most interesting of all, the IC Bank also eliminates the need for transaction fees, even for small transactions. Finally, the IC Wallet provides the users with the peace of mind that their assets are safely stored in an encrypted digital wallet.
What about the tokens?
The IC Tokens will be the native currency used on the Ingot Coin platform and will be available for sale during the ICO. The pre-ICO sale will run from May 1st to June 30th and offers investors a 35% bonus. This means that you can purchase IC Tokens for US dollars at a rate of 1:1 during this period. The actual ICO will run from July 1st until August 11th. Part of the total token supply will be reserved for purposes other than the token sale, such as reserves, development, and marketing.
Check the details on the right-hand side to learn more about Ingot Coin.
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Viva Network Review
Anyone who has ever had a meeting with their bank about a mortgage loan will know that the process is not only long and arduous but also does not always have a very high rate of success depending one’s location and financial situation. In the bigger cities especially, it has become almost an impossibility for younger generations to get on the housing ladder, despite earning an above national income. Viva is an ICO that will attempt to challenge the status quo and revolutionize the mortgage financing systems of the world.
What is Viva?
Viva is a blockchain-based platform that will connect borrower and lender directly, thus eliminating the need for any intermediaries. Rather than going through the long process described above, users interested in lending money for their mortgage can essentially crowdfund their loans via the platform. One of the key advantages of the Viva platform is that this takes the power away from the established financial institutions so that interest rates are governed by the free market and not a few select institutions. By recording all transactions on the blockchain, all parties can rest assured that everything is kept in a secure, decentralized ecosystem.
How does it work?
As with many other ICO projects using the Ethereum platform, the Viva network will be founded on the use of smart contracts. These contracts will serve as the formal agreement between lender and borrower, and ensure that funds only are released if certain conditions are met. This provides a much simpler and more transparent way of doing business. By using smart contracts on an international platform, not only will everyone involved save valuable time and money by circumventing the current bureaucratic systems, they will also have access to a much wider pool of investors and lenders.
What about the tokens?
The native currency of the Viva platform will be the VIVA tokens, which are based o the ERC20 tokens. As such, the Viva network supports Ether tokens as a method of payments. This means that users will use their Ether tokens to purchase VIVA tokens, which can then be used to make deals between borrowers and lenders. Users will naturally have to have access to an e-wallet in order to purchase VIVA tokens, as this is where they are stored.
How are tokens distributed?
The token sale started on April 1st and will last until May 31st, with a total token supply of 4 billion. 50,000 VIVA tokens can be purchased for 1 Ether. The team behind Viva is planning to distribute 75% of the tokens to the public during the initial sale of the ICO. The remainder of the tokens will be distributed to the team members of the ICO, the revenue funds department, the marketing department, as well as to the advisors to the Company.
All in all, this seems like a great initiative that has the potential to simplify the process of borrowing money for your mortgage. Not only will this make the process faster and cheaper, but it will also make it safer for both lenders and borrowers
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