It’s no longer news that Bitcoin can now be used as a medium of exchange to pay for goods and services. Before now, Bitcoin could just be acquired as a valuable asset, but this has changed, and it has now emerged to be a very popular currency embraced for use by different countries of the world. As cryptocurrency continues to make its way into the various sectors available, the real estate market has also considered accepting them as viable means of payment.
When in search of apartments for rent where Bitcoin can be used as the currency for payment, it is important to understand how it works. Usually, there are just two major ways in which cryptocurrency, especially Bitcoin, can be used for rental payments. One is to make use of property management software that allows the technology to access and process Bitcoin for rental payments. In this method, both the tenant and landlord must have an active account in the property management software to fully access and process the payments. The landlord can also be able to request the rental payment when due by making use of the software.Â
The second method is by engaging in peer-to-peer transfers of Bitcoin between the landlord and the tenants. The first method of rental payment with Bitcoin is more encouraged for use because there is a chance to create documents that show payment for future reference while the peer-to-peer transfer method does not leave any trace or documents.
Advantages of Using Bitcoin to Pay Rent
Bitcoin has become a popular medium of exchange, and now landlords and tenants prefer to transact with digital currency. Of the numerous advantages, one can make use of Bitcoin for rental payments. Here are a few.
- FlexibilityÂ
With Bitcoin payments, tenants can buy or pay for rent on their desired properties in a very flexible way. Bitcoin payments make it very convenient to request payments by landlords and tenants also find it less stressful than other methods of payment. Bitcoin payments are carried out digitally even with just a smartphone, computer, or tablet. There is also no time limit on when rental payments can be made since Bitcoin can be used at any time, even on holidays and outside of business hours.
- Simple method of payment anywhereÂ
The real estate market has continued to expand, with many more people getting involved with a series of investment plans. Intending homeowners can no longer be restricted when they want to buy a house in a foreign country and do not have the country’s currency at hand for payment. With the use of Bitcoin, prospective homeowners can make payments for their desired properties with ease, anywhere.
- Fast and timely paymentÂ
The use of Bitcoin in payment for renting or buying an apartment and other types of properties is easy and fast. Tenants and landlords can transact with Bitcoin from anywhere and get paid on time.
- Lesser transaction feesÂ
With the other types of rent payment options, there is usually a large fee required during the transaction, but this is different when it comes to making payments with Bitcoin. These third-party rent payment platforms can charge transaction fees of up to 3% before the main payment is done. The use of Bitcoin enables users to avoid unnecessary high transaction fees and receive payment directly. Even where there is a need for transaction fees to be paid when transferring Bitcoin through the property management software, these fees are usually small compared to the other payment options.
- Privacy
Bitcoin and other cryptocurrencies enable users to prioritize their financial privacy by using anonymous addresses. Payments can be made with Bitcoin without the users leaving behind or sharing any traceable personal information or documents. This is made possible due to blockchain technology.
How to Pay Your Rent in Bitcoin
Here is a guide on how to pay rent in Bitcoin with ease:
- Select the property to rent and approach the landlord or property website to make payments
- A wallet address where the Bitcoin transfer can be made would be provided.
- Tenants need to have a digital wallet from where they can make rental payments by inputting the landlord’s wallet address
- A confirmation report would be sent to the tenant once payments have been processed and received
Conclusion
Bitcoin is becoming more accepted in the real estate market, and many landlords have begun to accept Bitcoin as a substantial rental payment. Although there are still some loose ends to tie up in making Bitcoin rental payments more secure and accepted worldwide, those who are forward-thinkers, definitely already know the future of Bitcoin and other cryptocurrencies for rental and property payments. Renters and landlords who want to accept Bitcoin as payment in the real estate market can now see and appreciate the value.
