Shark Tank Investor Barabara Corcoran: Buying a Home With Bitcoin Makes Sense

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Shark Tank Investor Barabara Corcoran: Buying a Home With Bitcoin Makes Sense

Barbara Corcoran, a multi-million investor and a Shark Tank star – a reality T.V series where young entrepreneurs come forth and pitch their ideas to a group of investors on a panel – has recently revealed that buying a home on Bitcoin is the future and that it makes total sense to do so. Her comments and statements on this subject matter come in at a point where the price of  Bitcoin has been plummeting drastically for months now along with great stigma for some of these quarters.

Recently in an interview with Money, Corcoran had mentioned that buying and selling a house over Bitcoins makes a lot more sense and is also very much ideal in the real estate market. She says, “I’m being very optimistic because, as a long-term play, it’s perfectly suited for real estate transactions.”

She made her fortunes through real estate in New York as a real estate agent before becoming a big star on the reality T.V show Shark Tank, and also has a strong notion that bitcoin home sales is going to be a major thing in the coming years.

Banks will be replaced by Bitcoin

The successful entrepreneur and T.V star mentioned in an interview that the current form of the banking system is going to be entirely obsolete in a few years time as a result of cryptocurrencies. She also strongly mentioned that within a timeframe of 10 years, all the banks will be gone if they don’t get into modifying their operations the earlier.

She noted,

“I really don’t expect banks to be around 10 years from now unless they change their mode. I don’t see why it’s going to be needed if Bitcoin does what I believe it’s going to do.”

Experts have claimed that having your bank account details on your cell phone, PC and any other electronic handheld devices poses as a major threat and risk to users from ransomware attacks including other security and identity concerns. This can also be a threat to the traditional financial means of operations and banking systems.

Peer-to-Peer feature

Barbara Corcoran believes that this means of payment feature will prevail in the coming future due to its peer-to-peer nature that removes extra transactional costs and involves more transparency.

She mentions,

“It’s peer-to-peer, with no central anything, and that’s why it’s so powerful. The main idea is to eliminate the middle guy.”

Challenges

Nevertheless, even Corcoran know that there are some major challenges in making a transaction via bitcoin. She goes on to mention the factors that could be quite disinteresting to people such as the absence of insurance and assessment. Also, the very infamous cryptocurrency’s infamous volatility is equally distressing.

Corcoran said:

“I could agree, this week, that that unit is worth $3 million. If by next Thursday, the bottom falls out and [the bitcoin] is worth $2 million, that $3 million agreement is useless.”

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