Rent Payments in Bitcoin – Is This The Next Big Thing?

Bitcoin is one of the most popular cryptocurrencies in the market. Since the evolution of the bitcoin, every industry in the market has been figuring out ways to put bitcoin in use. With such an advancement, now you can actually use bitcoin to buy the plane tickets and even pay for your dinner. The news sources confirm that the companies are soon going to start taking the rental payments in bitcoin. Bitcoins are already being used for the buying and selling of the properties in the UK. It was just a year back when the developers at Essex became the first UK company to sell two homes in exchange for the bitcoin.

After that, the companies have been busy figuring out the ways to use bitcoin in the real estate industry. As per the latest update, the private rented sector is working with one of the developments in

London for providing the tenants with the opportunity to pay their rents using the cryptocurrency, bitcoin.

The Collectives introduced the new Rent era using Bitcoin

As per the latest update, the Collective’s Old Oak apartment block, located near the Wembley, however, seems to be typical but are actually quite modern. With the luxurious provisions, these apartments form one of the largest co-living developments in the world. The extent of modern extended when they approved the acceptance of the bitcoin for the payment of the apartment rent.

The Collectives join hands with BitPay | Here is why?

According to the news, the apartment deposit can be made using bitcoin now. This was shaped into reality after the team at the Collective integrated with the BitPay. Bitpay converts the incoming bitcoin into pounds sterling. Once the money is transferred, it is held in a government-approved assured tenancy deposits protection scheme. Therefore, when the tenant is ready to move out, the money is again converted into bitcoin and the deposit amount is returned.

This new rent era has begun. The bitcoin is spreading its wings into real estate continuously. So, now after getting its way in the buying and selling of the property, it has now made its way in the tenancy as well.

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