Japan was one of the first countries to embrace the internet and mobile payment channels fully; this makes it no surprise that it quickly adopted Bitcoin and similar currencies.
The real estate industry in Japan has significantly benefited from bitcoin adoption: taking its first plunge into the industry back in 2015. The Japanese government legalized Bitcoin as a payment option for buying and selling properties, attractive for foreign investors.
Bitcoin payments are convenient and carry significantly lower charges than traditional fiat currency transactions; this makes property purchases quicker and easier to conduct – both for buyers and vendors: easing the process and making it more transparent and secure.
7 Positive Impacts of Bitcoin on Real-Estate in Japan
1. Bitcoin is an excellent payment option for foreign property buyers.
Bitcoin has been a widely accepted currency worldwide, making it easy to purchase properties from Japan without any conversion rates or costs involved. All you have to do is transfer your bitcoins into Yen and make a direct purchase on the local market. This makes it an attractive choice for anyone looking to purchase a new home, particularly for Asia and North American investors.
2. The transaction fees are meagre compared to traditional payment methods.
Depending on the size of the real estate transaction, the fee for every bitcoin transaction varies between $5 and $20! When you compare this with standard fiat currency conversions, fees can increase to a few hundred dollars, meaning it is a more viable option for those looking to make smaller purchases.
3. Bitcoin payment options make the real estate industry transparent and secure.
There have been many fraud cases in online transactions in recent years: money is quickly transferred from the buyer’s account only to be reversed a few days or weeks later. This leaves the buyer empty-handed and out of pocket as there is no way to recover the money without going through a lengthy legal process. On the other hand, bitcoin transactions are instantaneous, meaning that you can buy properties from Japan using cryptocurrency, knowing that the vendor cannot reverse your transaction at any point during or after the sale.
4. It makes international property purchases quick and easy.
Unlike standard fiat currencies, bitcoin transactions are not bound by exchange rates or remittance fees! This is one of the reasons why Japan has become a significant hotspot for foreign real-estate investors. It allows them to purchase properties directly from the market using Bitcoin without incurring additional fees or conversion costs.
5. Bitcoin promotes quick and hassle-free transactions when buying property in Japan.
Bitcoin is a decentralized currency meaning that it is not operated by any governing bodies such as banks, which means that you don’t need to go through bureaucratic processes when purchasing properties in Japan: making the entire process much more streamlined and quicker than traditional payment methods.
Bitcoin’s adoption in the real estate industry has significantly improved the process of property purchases from Japan by making it easier, faster, and cheaper for international buyers. This may only be the first step towards cryptocurrency integration, but it will forever change how we purchase properties.
6. Bitcoin is a secure and convenient payment method for Japanese properties.
Although the integration of Bitcoin may not be as big as some people expected, its adoption into the real-estate industry has still significantly increased real-estate purchases from Japan by more than just international investors.
In addition, online payments are prevalent in Japan, with over 80% of all transactions online; this is a significant step towards bringing cryptocurrencies into the mix, making it one of the most widely accepted currencies in Japan. Know more at Bitcoin trading
7. It is an attractive option for local buyers to purchase properties overseas.
Bitcoin has become extremely popular within the international community as its value continues to rise daily. As a result, many people are starting to look at their digital wallets to purchase any currencies they hold.
With the stability of Bitcoin on the market, it makes an attractive option for many local buyers who want to use their digital wallet as a means of storing money while buying property overseas; however, some may be deterred due to its fluctuating value on the international markets.
An author of Namaste UI, published several articles focused on blogging, business, web design & development, e-commerce, finance, health, lifestyle, marketing, social media, SEO, travel.
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