Hope everyone is staying safe and healthy with the Corona Virus. Real estate is an industry experiencing significant change, and one of those changes is cryptocurrency in transactions. How does it work and what is the underlying technology that makes it so favorable in business? How should real estate agents be approaching this technology? In this episode, Donald Hyun Kiolbassa, real estate and estate planning attorney with cryptocurrency expertise, shares what the rise of cryptocurrency means for our industry.
Exercise an extremely heightened level of caution before proceeding a deal that involves blockchain. -Donald Hyun Kiolbassa
Takeaways + Tactics:
- When government monetary regulations started popping up, this created an appetite to circumvent them and this created cryptocurrency.
- Cryptocurrency is the exchange, blockchain is the underlying tech that makes it hacker proof.
- Change your Bitcoin into cash before an exchange. There aren’t enough safeguards and regulations for direct exchanges yet.
- Cryptocurrency is the future of real estate, and while we’re not there yet, it’s good for agents to know what it is, and how we can use it.
At the start of the show, we talked about a transaction that involved cryptocurrency, and how it led to me meeting Donald. Next, Donald shared some basic information on blockchain, why it’s become popular and the technology behind it. We also talked about whether or not real estate agents and their clients should start doing cryptocurrency transactions.
We also discussed;
- How government policies created the appetite for cryptocurrency
- How blockchain can be used to reduce fraudulent transactions
- The drawbacks of cryptocurrency
Donald Hyun Kiolbassa is a real estate and estate planning attorney, investor and speaker. Over the past 11 years he has managed thousands of residential real estate transactions, and has extensive experience in corporate structuring and tax implications of residential and commercial real estate transactions. For more information, visit http://www.chicagorealestateatty.com/.