Buy Real Estate with Cryptocurrencies in Panama

Bitcoin, Ethereum, Dash, Tether, Dogecoin, these are some of the most trending cryptocurrencies in the global market. In digital media, they are considered a new investment alternative and a different way of managing money.

The big question is, are there conditions in the market to buy and sell apartments and properties in Panama? Despite being a small market, its popularity and method of purchase is beginning to generate interest.

What are Cryptocurrencies?

Cryptocurrencies or digital currencies are a type of currency or digital financial resource that works under a type of encryption in operations such as transfers and payments of a certain good or service, without the use of financial intermediaries (example: banks).

The operation of transfers and payments of cryptocurrencies work through a decentralized system called Blockchain, which works by distributing the encryption of transactions under records in multiple computers in the network, these distributed records are called blocks (block).

The purpose of the blockchain system is that said record of the activity is not altered retroactively, unless all the blocks distributed in the different computers of the network are altered, that is, in mutual consensus.

This allows transactions to be true and, at the same time, not to be centralized or recorded through a financial institution.

What are the most popular cryptocurrencies?

Among the most popular cryptocurrencies worldwide are the following:

• Bitcoin: Bitcoin is the most popular cryptocurrency worldwide, considered the reference of cryptocurrencies. It was created by Satoshi Nakamoto in 2009, and was a pioneer in the creation of cryptocurrencies, inspiring other currencies to emerge.
• Ethereum: It is the second most popular cryptocurrency worldwide, it expands its use to a wide variety of applications. It was created in 2013 by developer Vitalik Buterin.
• Dash: It is another alternative to cryptocurrencies widely used worldwide for simple and fast payments of different types of goods or services. It is an alternative currency that was forked from the Bitcoin protocol.
• Dogecoin: Created as a joke in 2013, Dogecoin is a currency and payment system that has become quite popular in recent years, which has increased its value in the market.

There are a large number of alternative cryptocurrencies and other names also appear such as Tether, Cardano, XRP, Binance Coin, among others.

Cryptocurrencies in Panama

In Panama, the popularity of cryptocurrencies has already existed for some years, however its popularity grows exponentially in 2022 due to the Cryptocurrency Bill that was already approved in the assembly, known as Bill Number 697 described as a law “that regulates the commercialization and use of crypto assets, the issuance of digital value, the tokenization of precious metals and other goods, payment systems and dictates other provisions.”

The purpose of the cryptocurrency law in Panama is to provide a legal framework for the use of these digital resources in the country, its proposals include, for example, paying taxes with cryptocurrencies or promoting Smart Contracts (popular in the Ethereum system). It also seeks to encourage companies related to this market to be implemented in Panama to be one more contributor to the economy, either in the generation of employment or in increased demand for real estate. In general, Panama is considering accepting the use of cryptocurrencies in the country.

Buy real estate in Panama with Bitcoin, Ethereum and other cryptocurrencies

There are already cases of buying and selling properties in Panama with cryptocurrencies, however, for now it is a small market with a growth trend.

In some cases, you can already see sellers of property, apartments and houses in Panama that accept Bitcoin as a form of payment, at the moment they are rare cases, but without a doubt there will be more in the future.

The trend of buying and selling real estate in Panama with cryptocurrencies is attractive and is on the rise because many of the parties involved find transactions without intermediaries attractive, that is, making payments through the decentralization (blockchain) offered by Bitcoin. , Ethereum and others.

There are many high net worth individuals and companies in the cryptocurrency sector looking to diversify their asset portfolio, and real estate in Panama is an alternative that becomes even more attractive with Bill 697.