“Bitcoin Fever Hits US Real Estate Market” screamed last week’s headline—but like most of the other news stories about bitcoin, the details were less than convincing. Certainly, Henry County real estate has yet to be diagnosed with a serious case of bitcoin fever.
Yet, if you are a local homeowner who has begun to wonder if one day you might see “bitcoin accepted” messages in Henry County listings, you may have been tempted to check into what the hubbub is all about. Is bitcoin some get-rich-quick Ponzi scheme cloaked in technological mumbo-jumbo? Or is it destined to be the dominant exchange medium for all future electronic transactions?
One problem is that the bits and pieces of information that keep dribbling out through the media are often contradictory. If a single bitcoin is worth $11,000 (or $18,000, depending on the wildly fluctuating market), how could it possibly be used for buying a six-pack of Coke? Typical is the guidance offered by the CEO of the U.S.’s largest bank, JPMorgan Chase:
My guess is that most of our Henry County neighbors don’t have much time to delve into the nuts and bolts of whether various cryptocurrencies may come to play a role in Henry County real estate transactions. Still, you can’t be too careful when it comes to future 21st-century reality. If self-driving cars are certain to arrive sooner rather than later (they are), who knows how soon digital currency will be the norm? With that in mind, here is a quick sketch of three basic bitcoin features:
Of course, these are simplifications—and presented without possible drawbacks—but they do point to some of bitcoin’s appeal. Whether it will be widely adopted for everyday trade is completely unknown. At least for the moment, most Henry County listings will continue to do nicely without a “bitcoin accepted” notice.
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