by Cenap Turgut
Buying property with Crypto Currency, North Cyprus
Cryptocurrency in Northern Cyprus. Over the recent years in Northern Cyprus more and more specialised currency exchanges have opened up in Northern Cyprus because of the growing use and popularity of Crypto currency. In the main the use of the currencies is used for higher value goods and services however trade is open to all. Select Estates International has been amongst the first to implement buying, selling and investment opportunities to clients using Cryptocurrency. The Real estate sector is a growing market in northern Cyprus particularly with overseas buyers and investors from Eastern Europe, the Middle East, Far East and practically every continent primarily North America, North Africa and Europe. This accessibility to properties in northern Cyprus has seen dramatic growth in land and property sales further boosted by options through Cryptocurrency. Buying property with Crypto Currency, North Cyprus
Select Estates International are specialists in proving service to private buyers and investors with Cryptocurrency transactions. moreover they are in prime position in the market place to assist those new to Cryptocurrency who have and interest in this type of transaction where they may reap the benefits which cryptocurrency has to offer between borders and continents.
Background.
Crypto currency across the globe has been gathering popularity at an alarmingly fast pace. But why is it so popular? And what is Cyrpto currency?
It is one form of digital currency. Digital currency (virtual money) is moved around by computer systems especially through the internet and does not have a central bank. Digital currency includes Crypto currency and virtual currency through various forms. So now that we’ve established that Crypto currency is a form of digital currency what makes it different to anything else?
Digital currencies are essentially e-cash that doesn’t need any special indigenous methods to encrypt them. Cryptocurrencies, on the other hand, are stored on a blockchain and the coins themselves are stored in ‘wallets’ that offer a much higher degree of cyber security. A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralised record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party. A blockchain is a decentralised ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority.
The 10 Most Common Types of Cryptocurrency
- Bitcoin (BTC). Bitcoin was the first cryptocurrency to be created and it is by far the most invested and trusted crypto currency.
- Ethereum.(ETH)
- Cardano (ADA) …
- Binance Coin (BNB) …
- Tether.(USDT)
- Solana.(SOL)
- XRP.(XRP)
- USD Coin (USDC)
- Terra (LUNA)
- Avalanche (AVAX)
Which countries have legalised the use of Bitcoin and similar crypto currencies? And why it continues to grow?
- United States.
- The European Union. …
- Canada. …
- Australia. …
- El Salvador.
- Denmark
- France
- Germany
- Iceland
- Japan
- Mexico
- Spain
- United Kingdom
- The Turkish Republic of Northern Cyprus
Turkey has banned the use of use of Crypto Currency to pay for goods and services but it permits the trading of them.
The list of countries continues to grow because of the global hold currencies like Gold, the US Dollar, UK GBP and Euro have over international growing economies as well as It allows an option outside of central banks clearing systems circumventing banking restrictions on international trade, reducing costs as fewer financial establishments saves on commissions and reducing the reliance on Dollar and euro money exchange markets. For example 1 Bitcoin currently trades at a value of just under $29,000 USD and £23,000 GBP (20/05/2022) in the marketplace.
Everybody can use Bitcoin for transactions where it is accepted for goods and services such as Real Estate agencies, Restaurants, Law firms, Groceries, Car hire and sales, holidays and you don’t need a merchant account. Paying staff is simple also. Payments are made from a wallet application, either on your computer or smartphone, by entering the recipient’s address, the payment amount, and pressing send. To make it easier to enter a recipient’s address, many wallets can obtain the address by scanning a QR code or touching two phones together with NFC technology.
What are the advantages of Bitcoin?
Payment freedom – It is possible to send and receive bitcoins anywhere in the world at any time. No bank holidays. No borders. No bureaucracy. Bitcoin allows its users to be in full control of their money.
- Choose your own fees – There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending. Higher fees can encourage faster confirmation of your transactions. Fees are unrelated to the amount transferred, so it’s possible to send 100,000 bitcoins for the same fee it costs to send 1 bitcoin. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currency and depositing funds directly into merchants’ bank accounts daily. As these services are based on Bitcoin, they can be offered for much lower fees than with PayPal or credit card networks.
- Fewer risks for merchants – Bitcoin transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks, and there is no need for PCI compliance. Merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets, and fewer administrative costs.
- Security and control – Bitcoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. Bitcoin payments can be made without personal information tied to the transaction. This offers strong protection against identity theft. Bitcoin users can also protect their money with backup and encryption.
- Transparent and neutral – All information concerning the Bitcoin money supply itself is readily available on the block chain for anybody to verify and use in real-time. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. This allows the core of Bitcoin to be trusted for being completely neutral, transparent and predictable. (Source Bitcoin.org)
What are the disadvantages of Bitcoin?
1. When bitcoin was created in 2009 by Satoshi Nakamoto a limit was set of 21 million bitcoins that could ever exist which is why some believe it is so scarce but its for this reason that Bitcoin is so valuable also.
2. There are no government regulations because it is a decentralised currency and it is not regulated by a central bank therefore Bitcoin transactions don’t come with legal protection and are not reversible.
3. Transactions made with Bitcoin are final and irreversible so nothing can be done if the wrong amount is sent or its gone to the wrong recipient.
4. As its popularity undoubtedly grows its still developing as a major currency force. Unlike using a credit/debit card it still has limitations where it can be used. Buying property with Crypto Currency, North Cyprus
CRYPTO CURRENCY, MORE WAYS TO BUY, SELL, INVEST.
