Real estate will soon to become synonymous with Bitcoin as it continues to enter mainstream markets. geralt/Pixabay

Bitcoin has established itself as a force in the marketplace, and it’s showing no signs of stopping. The phenomena surrounding cryptocurrency has only helped to fuel its economic growth as public interest surges, and real estate will soon become synonymous with it as it continues to enter mainstream markets.

As blockchain-based transactions become more popular, real estate developers are looking to jump into the action and capitalize on the momentum. For one, Bitcoin significantly eases the process of large-scale payments required of the industry. And not only do bank wire transfers cost thousands of dollars and take weeks or even months to process, but they also require hefty paperwork and inefficient processes of identity and financial verification. Bitcoin surpasses these missteps and miscalculations, which makes the entire process easier.

By adopting Bitcoin technology, real estate professionals are able to enter a more streamlined process to make transactions. There is a rise in demand to use Bitcoin for payments across markets, and developers would be wise not to ignore it — particularly as it relates to millennial home buyers.

The millennial generation is poised to hold the largest share of the real estate market moving into the new year. As millennials begin settling down and looking to buy their first homes, real estate firms are at a disadvantage if they don’t accept payments in cryptocurrency.

The real estate business mostly concerns the conversation surrounding return on investment and thinking outside of the box. Bitcoin is becoming a globally accepted form of payment, and buyers both nationally and internationally are able to benefit from those transactions. A universal payment system is more advantageous to creating seamless transactions.

There is a demand for real estate to overhaul when it comes to the transactional processes and bettering the experience. The flexibility created by Bitcoin is vital to the real estate market, and developers joining in now will only thrive in the future.

While Bitcoin is still in its infancy, developers need to be transparent in being able to adapt to the times and meet demands. Bitcoin is here to stay, and denying its existence will only serve to hinder business growth.

Ben Shaoul is the President of Magnum Real Estate, a New York City-based development firm and property management company.