Bitcoin and other cryptocurrencies have been dominating the headlines lately, with every rise and fall in their value being accompanied by a wave of new analysis. The simple truth, though, is that all signs indicate that Bitcoin is here to stay, and that it will radically change the way you make your purchases — including when you’re buying a new home.

In fact, the bitcoin revolution has already begun to affect the real estate world, with an increasing number of online listers accepting Bitcoin payments in addition to traditional payment options — and some now only accepting Bitcoin.

So what is it that makes Bitcoin so appealing, and how would you go about buying your house using this digital currency? Let’s take a closer look.

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How It Works

While the intricate details of cryptocurrency mining can be rather confusing at first glance, the basic premise behind Bitcoin is actually quite simple. Bitcoin is a digital currency that allows users to buy and sell items without dealing with banks or other middlemen. The currency isn’t regulated by a government, which allows users to make transactions with people around the world.

Bitcoin’s decentralization is a key element behind its popularity. Any money you receive via the blockchain network is 100 percent yours. You don’t have to worry about a bank freezing your assets due to an accidental terms of service violation. The money is yours to use as you please.

In reality, you don’t need to jump through a lot of hoops to use Bitcoin to buy a new home. All that is needed is for both you and the seller to agree to use Bitcoin to make the purchase. Because blockchain platforms can be used to create smart contracts, a buyer and seller could conceivably set up a monthly payment system if the full value of the home cannot be paid all at once.

One important thing to remember when using Bitcoin and other cryptocurrencies, however, is that confirmed payments are irreversible. Once a transaction has been confirmed, you can’t cancel it if you suddenly discover that you were dealing with a fake seller.

Because of this, individuals who wish to use Bitcoin to buy a new home should make sure they are dealing with a reputable company before parting with their hard-earned gains.

Ensuring a Smooth Transaction

Currently, Bitcoin is most easily applicable when a buyer is able to pay the full value for the home upfront. Though smart contracts may be used to set up automatic monthly transfers, not all sellers will be interested in this option, requiring the use of traditional escrow companies and title insurance providers, many of which are wary of using cryptocurrency.

Fortunately, you aren’t left out of options if these other parties need to get involved. There are many tools available that allow users to transfer their cryptocurrency to actual dollars.

Due to Bitcoin’s volatile nature, however, the best option may be to simply use your pre-existing cash holdings rather than attempting to convert your cryptocurrency. By understanding what payment options are accepted from all parties who might be involved in the purchase of your home, you can find a financial solution that works best for you.

Knowing that you can buy a home using Bitcoin is one thing — but how do you ensure that the buying process goes as smoothly and simply as you’d hope? For one thing, it’s important to remember that while cryptocurrency platforms do have some measure of security, they are not fully private, and this can make them more vulnerable to hackers.

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Bitcoin transactions are actually stored in a public ledger that can be viewed by anyone. While this actually does contribute to blockchain’s security, it also poses certain risks. The last thing you need is to have the government seize your cryptocurrency because someone who held it before you used it for illicit transactions.

To avoid this dire predicament, individuals making cryptocurrency practices would do well to use tools like Boolberry to protect their transactions. These platforms use unlinkable outputs, address aliasing, and more to ensure the total privacy of cryptocurrency transactions.

With added privacy, you don’t need to worry about your digital assets getting frozen or stolen.

Using a secure, private cryptocurrency platform can allow you to complete the transaction in as little as ten minutes. While you would still need some outside assistance to handle things like the title transfer, the fast completion of the actual sale will certainly make your offer more attractive to a seller entertaining several potential buyers.

Are You Ready to Buy?

Buying a house with Bitcoin isn’t as mystical or complicated as you might be tempted to think. In fact, by bypassing the the credit score checks and other minutiae typically associated with transactions conducted using a mortgage company, the home buying purchase could actually be completed more swiftly and easily than ever before.

Bitcoin appears to be part of the wave of the future — and it could very well change the home buying process forever.