With early doubts regarding the long-term validity of cryptocurrencies now lain to rest, the market has moved beyond its infancy and into an age of increasing mainstream acceptance. One of the ways this is illustrated is with the flexibility of cryptocurrencies, and the range of goods and services for which they can be traded. How did the market reach this point, how far does the current cryptocurrency property market reach, and what might this reveal about the future success of cryptocurrency?
A broadening reach
While there are many elements which tie together to create the current success of the cryptocurrency market, there are a few which stand above the rest. Fundamentally these revolve around the popularity of the currency, which has helped it rise from misunderstood underdog to major competitive force with immense ongoing interest.
Finance can be a world of great risks and leaps, but it can also be one of enormous reticence. In this it is the early adopters who have proliferated the cryptocurrency market, giving it feet and creating a world of supply and demand which fostered a healthy growth environment. From the early days of direct currency trading, cryptocurrency is now useful in purchasing a constantly increasing range of goods and services used in our daily lives.
The current range here is too vast to list in its entirety; suffice to say the biggest aids in terms of growth were developments like OpenBazaar, an eBay like cryptocurrency market which allowed digital coins to reach an enormous range formerly locked to more traditional monetary systems. Over time this would grow to include electronic goods, vacations, and a range of digital-only gaming services. Each would help build confidence, with each bringing the market one step closer to what we see today.
The current state
With a safer environment now reflected in increased consumer awareness and confidence both, the movement from smaller to large-scale purchase potentials was nothing short of inevitable. The most major currencies like Bitcoin appear to have found a settling ground – around $6,500 US at the time of this article – and with this more major organizations are lining up for a cut of the profit.
As Expedia showed with their success in booking travel, crypto was not only untapped, it was immensely profitable, proving safe even with larger-scale purchases. This prompted a few to go ahead with their own crypto-based property sales, many of which resulted in significant success in terms of profit and visibility.
With both crypto itself and the property market now introduced and proving a prime area for exploration, additional marketplaces like Bitcoin Real Estate have now appeared to take the reins for themselves. What’s more, this does not appear to be a mere testing step into the new waters of potential, but rather a dive into the deep end. Properties listed on these websites are not just small tracts of lands or dilapidated cottages, rather they boast some incredibly high-quality real estate with fiat prices being listed within the millions of dollars.
A bright future
As this booming new market shows, just as all other explosions of crypto markets have shown, consumer interest is of the most important components of a strong market. Everyone wants household goods, so services like Overstock were already primed for success before their digital doors ever opened. It’s only natural then that the demand for something people need, shelter, would prove a popular target of any developed currency. Even those of us who already own homes would consider trading up if the opportunity presented itself, as shown by this survey performed by Betway, which showed that 43% of people would buy a new house if they won £1 million, meaning the strength of this desire is in many ways a fundamental and inescapable part of our humanity.
Just as how the former success of other crypto related markets have helped build confidence and expand the potential reach of the cryptocurrency world, this new foray into property has helped raise the bar to new and unexplored heights. Not only does this mean more choice when it comes to financing new property, but it also creates an environment of competition which is often key to market health, aiding both the seller and the consumer.
Stepping closer to the mainstream
With each step that cryptocurrency takes in extending its reach, the market grows stronger, and public interest continues to build. In this, the relationship is one of cooperation, with each success building more confidence and interest, and greater confidence and interest in building a more successful market. As cryptos approach an era where they challenge many traditional and even newer online currencies when it comes to flexibility and viability, modern society has effectively entered a new financial age, one which the ultimate potential is still unknown.
Whatever the world of tomorrow looks like, cryptocurrency will undoubtedly play an important part, not just for those early adopters, but a world more confident and convinced than ever before.