Renters will soon be able to pay in bitcoin
Tenants will receive an instant conversion rate with the exact amount due in their preferred cryptocurrency.
New York rental management platform ManageGo will soon allow tenants to pay rent using cryptocurrencies.
From early 2018, the digital rental payments company will allow customers to make lease payments using digital currencies – including bitcoin, litecoin and ethereum – either online or via its mobile payment app.
ManageGo’s online payment solutions are free for property managers, while tenants pay a convenience fee.
Here’s how it will work. ManageGo’s app will allow renters to send payments in the form of digital currencies. Tenants receive an instant conversion rate with the exact amount due in their preferred cryptocurrency. These payments are then converted into U.S. dollars via digital asset broker Coinbase and distributed to landlords.
In February this year, Switzerland-based VisionApartments announced it would begin accepting bitcoin as payment for rent at all its property locations, while continuing to explore further crypto-based innovations.
However, one of the earliest adopters to accept bitcoin as a recognised rental payments currency was Alvic Property Management, which manages condominiums, cooperatives and multifamily rentals in the New York metro area. The company began utilizing the digital currency in 2013, eliminating the need to mail physical checks. Bitcoin payments post to the property bank account in U.S. dollars at a quoted exchange bid price.
Bitcoin, other cryptocurrencies and digital exchanges have been rapidly gaining awareness and value as of late.
The largest U.S. options exchange, Cboe, recently announced it will launch bitcoin futures Sunday December 10, ahead of Chicago Mercantile Exchange (CME), who plan to begin offering futures trading from December 18.
Despite a 20% fall last week, bitcoin’s value has reached another record milestone, exceeding $11,700 on Sunday December 3 and continuing to make gains this week, according to coindesk’s Bitcoin Price Index.
Long-term future pricing options could be seen as a vote of confidence for the virtual currency, potentially paving the way for less market volatility and further increased investment over time.
The total value of global bitcoin market capitalization has grown from less than $1 billion five years ago to over $183 billion in 2017, including a daily turnover of around $10 billion, according to coinmarketcap.
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