This is an astonishing story: selling a house for Bitcoins. It makes me wonder about a whole range of issues:
- if there’s a notary act, how would that work without official banks?
- if this passes, would governments try to take control of Bitcoins soon?
- if there’s a dispute, what kind of legal framework becomes applicable?
- what if the transaction gets hacked, how would someone prove ownership of the property?
- if the seller’s computer eventually get hacked, would he lose everything?
- would someone start selling things like virtual insurance, BitInsurance?
- if new economic models should emerge around the Bitcoin type of concept, how would that play out in financial markets with their (already) complex instruments?
- shudders. The matrix?
These are interesting times. The whole Bitcoin thing may eventually become the next rage. If the model succeeds it may feel like going back to an age where humans did not use minted coins and paper sorts. Mind blowing.
The story can be read here: BBC article.