Digital currencies such as Bitcoin have continued to gain acceptance, and now you can pay rent with cryptocurrency. Bitcoin is becoming more popular as a medium of exchange and is one of the cryptocurrencies you can use to pay rent.
There are several online platforms that connect landlords and tenants. These platforms allow the landlord to list their vacant properties and tenants can use these online platforms to locate vacant houses and pay rent. Some apps also allow tenants to interact with each other on the platform, get to know their neighbors, and take part in community events.
Here, we will be looking at how to pay rent with cryptocurrency and some of the apps you can use to pay rent with crypto.
How Does Pay Rent with Crypto Work?
Landlords can collect rental payments in Bitcoin in two ways. The first way is to collect payment using a property management platform that uses technology to process bitcoin payments. The second way you can pay rent in crypto is by transferring peer-to-peer with the tenant.
For a landlord to collect payments through property management software, the tenant and the landlord must have an account with the platform. The landlord needs to send the tenant a payment request, and then the tenant can choose a payment method. The tenant can then transfer Bitcoin or any other crypto directly to a brokerage like Coinbase or scan a QR code.
Property management platforms do not hold rent in digital currency. Instead, they convert them into U.S. dollars and the payment is made to the landlord in fiat currency.
Even without property management platforms, tenants can rent an apartment with Bitcoin. All they need to do is to transfer their holdings into the landlord’s digital wallet. However, such payments don’t leave any receipt. As such, it is important to create documentation to provide evidence of payment.
Apps that Can Help You Pay Rent in Crypto
There are several apps that can help you pay rent with cryptocurrency, such as Bitcoin. Some of them include:
Livly is a property management app that you can use to pay rent with crypto. Many landlords have an account on this platform. Tenants can pay rent, get package alerts, request maintenance, and explore events using the Livly app.
The platform uses AI to increase efficiency and engagement. The property empowers multifamily, student housing, and condominium communities.
Livly serves property staff, property owners, property developers, property managers, student housing, and condos. Also, it connects residents with their neighbors.
ManageGo is an app that lets tenants pay rent in cryptocurrencies such as Bitcoin, litecoin, and ether. However, the app does not hold the cryptocurrencies. Instead, it converts them to U.S. dollars. It is based in New York. The app connects property owners with tenants.
The app uses Coinbase’s Application Programming Interface (API) to get real exchange rates for both tenants and landlords.
BitPay is an app that lets you pay rent using cryptocurrencies. You can register and get approved immediately. You can load your account with money or connect it to your Coinbase account. Once you’ve done that, you can start paying your bills with crypto.
BitPay app comes with BitPay Card that you can use to pay bills. However, you can use the BitPay card to turn your cryptocurrency into cash. As such, you can use it to pay your mortgage. Many banks don’t accept cryptocurrencies. But you can use BitPay to convert cryptocurrencies into fiat currencies, which you can then use to pay mortgages.
Liv.rent is a rental management platform in Canada. It is popular in cities such as Vancouver, Toronto, and Montreal. Landlords can make rental communication on the platform and access rental documents. Also, they can organize inspection reports, applications, and contracts.
Landlords can screen tenants’ credit checks and unemployment history. Tenants can sign digital contracts and pay rent online.
Advantages of Paying Rent in Cryptocurrencies
The following are some of the benefits you will reap from paying rent in cryptocurrencies:
- You don’t need to pay write checks to pay rent. You can just scan a QR code and pay rent in Bitcoin.
- It is safe and secure. By paying rent in crypto, your private details remain safe and secure. Also, your purchases are safe and secure.
- Less expensive. Paying rent in crypto is by far cheaper compared to writing checks or making online purchases.
How to Pay Rent with Crypto?
If you are a crypto enthusiast, then you may be interested in finding ways of paying your bills with crypto. Paying rent with crypto could be in your top priority of paying your bills in crypto. Apps like Livly, ManageGo, BitPay, and Liv.rent can help you pay your rent in crypto. These apps don’t hold cryptocurrencies. Instead, they convert them into fiat currency and then hold them in the same form.
Can I pay my rent with crypto?
Yes, it is possible to pay your rent with crypto. Various property management platforms and apps have emerged that facilitate rent payments through crypto.