Five Advantages Of Using Bitcoin To Pay Rent

The author gives us a look at the advantages of using Bitcoin to pay rent as we move towards a future bettered by Bitcoin.

Renters are looking for properties that give them more payment flexibility. According to a recent study from the Motley Fool, more than half of renters surveyed said that they would pay more in rent to have more convenient payment options.

Payments with bitcoin can be fully digital and made on a phone, computer or tablet. Unlike traditional banks, bitcoin payments can be made and received 24/7. This means that landlords won’t have to wait until business hours or after a holiday weekend to receive their rent payment.

Renting abroad can be tricky, especially when the landlord and tenant use different currencies. Transferring money in traditional ways likely means paying wire transfer fees, foreign transaction fees and currency conversion fees. On top of that, landlords and tenants must consider foreign exchange rates and the time delay it often takes for money to transfer internationally.

However, bitcoin can be used internationally instantly with little to no fees, saving time and money for both the landlord and the tenant.

Most online rent-paying platforms charge a fee to pay rent with a credit card. This fee is typically 2.5%-2.9% of the rent amount and is paid for by the tenant. Even third-party platforms like Venmo and PayPal charge a fee of about 3% for business transactions like accepting rent payments, which landlords have to pay when accepting payments.

Renters and landlords can avoid these transaction fees altogether by transferring bitcoin directly, which could save each party hundreds or even thousands of dollars over a few years.

If tenants and landlords choose to transfer bitcoin via a property management platform that supports bitcoin transactions, they’ll likely still need to pay transaction fees. However, those fees are meager compared to credit card processing fees.

Bitcoin payments are great for tenants who prioritize their financial privacy. Bitcoin uses anonymous addresses that change for each transaction, so payments don’t require any personal information, traceable credit card numbers or account numbers.

Given the pseudonymous nature of the blockchain, bitcoin payments are ideal for those who are privacy-forward and wary about sharing their personal information.

Bitcoin is increasingly becoming more accepted in mainstream markets, with many companies beginning to accept bitcoin as payment. However, there’s still some work to be done before it becomes a financial norm.

Landlords who are forward-thinking, tech-savvy and want to remain at the front of upcoming trends may want to consider being early adopters. Potential renters may see the value in a property that accepts bitcoin and be more inclined to rent with those properties.


Master Asked on October 3, 2022 in Bitcoin.
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