You’re about to complete your last semester at school and you have no idea what you are going to do after that. You’ve applied to dozens of job postings but haven’t gotten any callbacks, and your savings account has dwindled down to almost nothing. Luckily, one of your roommates has the solution – he pays his rent with Bitcoin! There are plenty of advantages to paying rent with Bitcoin and here are some of the main ones. Check these trading tips from cloud based AI trading platforms.
Introduction
Bitcoin is increasing in popularity with landlords who want to accept rent payment without having to go through a third party, like PayPal. Before you try it out on your own, here are a few advantages of using bitcoin instead. Security: Bitcoin is as secure as other digital payment systems. Rather than deal with credit cards that leave customers exposed on multiple fronts, bitcoin provides a secure way for renters and landlords to exchange funds without having their identities compromised by those they’re transacting business with. Flexibility: Since transactions aren’t routed through a third-party processor, it’s easier for both parties involved in making a transaction happen when bitcoin is used.
Instant Transactions
There’s nothing quite as frustrating as paying for something, like rent, and waiting days for it to appear in your account. This process can take days with traditional payment methods, but Bitcoin is instantly settled. Anyone who owns Bitcoin can send it anywhere in the world at any time—there’s no need for a third party like PayPal or Venmo involved with your transactions. If you have some extra Bitcoin lying around, you can use it to pay your rent quickly and without fuss.
Convenience
One of the great advantages to using Bitcoin as a currency is that you can purchase it at nearly any store around town. Want to pay your landlord with Bitcoin? No problem! Just go pick up some at your local convenience store, and you’re good-to-go. If you live in a more remote area, don’t fret—you can still buy cryptocurrency online with a few clicks and have it delivered right to your home. Convenience stores aren’t just limited to bitcoins, though—many other currencies like PayPal cash or gift cards are accepted there as well.
Security
The massive price swings in cryptocurrencies have made headlines around the world. But bitcoin and other digital currencies aren’t just an investment opportunity. They’re also a secure and anonymous way to pay rent. As long as you can access your virtual wallet, you can spend cryptocurrency just like any other currency. A growing number of companies even offer discounts when you pay with cryptocurrency. And because blockchain transfers are processed almost instantly, there’s no waiting period between paying your landlord.
Lower Fees
It’s always better to save money than spend it, and paying rent in Bitcoin is a great way to do that. While credit cards and other payment methods typically charge fees between 2% and 5% per transaction, accepting bitcoin is free. By lowering your costs on rent payments, you can invest more into other aspects of your business or personal life. And remember: There are no minimum transaction amounts! You can send just enough to pay your landlord each month (assuming they accept BTC).
Improved Privacy
Landlords want to know you’ll pay your rent, but they don’t need your bank account info. Landlords can only see how much bitcoin was sent (by scanning a QR code, for example) but will have no idea where it came from or where it’s going next. The result is significantly improved privacy when compared to paying rent with a credit card or debit card. You also may not need to share any information about yourself at all if you pay in cryptocurrency. Whereas landlords are increasingly requiring people use their Social Security numbers.
Conclusion
When you live in an area like San Francisco, paying rent in Bitcoin can save you a substantial amount of money. The property management service will charge you around 1.6 percent for each payment made with a credit card. It means if your rent is $1,200 a month, it would cost you more than $18 just to use plastic. Moreover, credit card payments usually come with an additional fee for making international transactions (typically 0.5 percent). Your landlord may also impose a convenience fee for paying by any method other than cash or check.
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