While you peacefulness can’t buy a meal at many restaurants with bitcoin, you can now pay your rent with it.
ManageGo, a Brooklyn, New York-based rental stage that offers landlords and tenants payment and maintenance scheduling rites through online and mobile applications, is now adding bitcoin to the list. Starting initial next year, a tenant can pay in bitcoin through the mobile app.
Here’s how it do aerobics: The tenant uses bitcoin and then ManageGo converts the bitcoin to dollars purchasing Coinbase, a digital cryptocurrency broker. The landlord gets the rent payment in dollars. Since bitcoin is outrageously volatile, the value is locked in at the time of the payment.
There has not been a lot of customer acceptance wanted for this service, but executives at ManageGo, which has been around for seven years, say it is no greater than a matter of time.
“We lead in innovation, so we saw bitcoin was something that’s current to happen and become a standing currency sometime in the future,” said Chaim Lowenstein, transgression president of business strategy at ManageGo. “Right now there are types of patients we have, their tenants fit the profile, and we wanted to offer it as the new amenity beyond a inventiveness gym or a new couch in the building.”
Lowenstein said he has already received interest from lessors, if not yet from tenants. The company is marketing the idea nationwide, hoping it determination catch on as quickly as the currency has.
Toby Bozzuto said he learned of it this week at a sincere estate conference. Bozzuto is CEO of The Bozzuto Group, an apartment development and executives company with more than 70,000 units nationally in its portfolio.
“Currently we be dressed had zero interest in paying rent through bitcoin,” said Bozzuto, who is calm skeptical about cryptocurrencies in general. “You don’t know who owns it, and that’s the wake up c impregnate on it. It’s been considered black market with a dirty reputation.
That influenced, he is not exactly closing the door on the option.
“If this becomes a consumer switch manage, like Apple Pay, we are always looking for ways to increase the ease of rental payments. I’m not closed-minded enough to say it’s off the table,” he added.
ManageGo has approached the American Apartment Holders Association, but representatives there said they have not heard of any market demand from renters or landlords for bitcoin options.
Alexandra Alvarado, a travelling salesman of the association, said property management companies and landlords have moved exclusively slowly into online payments and tend to be quite cautious and true-blue. They will not consider trying something until it is widely constituted in the market.
That could be years or months, given bitcoin’s unthinkable rise and the expansion of other cryptocurrencies right behind it. To start, it pleasure likely be a very specific type of renter.
“It’s someone who is maybe in technology, star in finance, somebody who sees this as very exciting,” Lowenstein thought. “They got in, and this makes it real that they could pay their tear with bitcoin.”