Eleven years ago Laszlo Hanyecz bought two large Papa John pizzas for 10,000 bitcoin. Now he can pay his rent.
By facilitating rental payments made in bitcoin, liv.rent is offering a bridge between the world of cryptocurrency and the rental industry, which has been typically slower in the adoption of new technologies.
“People are requesting more choices,” said liv.rent’s Director of Research & Development, Fuad Arafa. “We’re giving choices to the people.”
The new payment method works the same as any other form of payment on the liv.rent platform. The nominal fees involved, including 0.5% liv.rent processing fee, are much lower than your typical credit card fee.
When a tenant receives a payment request, they can go to liv.rent and pay with bitcoin. There are two options: pay directly through Coinbase, or scan a QR code containing the address of a unique payment request and pay with the cryptocurrency wallet of their choice.
When a renter pays in bitcoin, it’s transferred and later deposited as Canadian dollars into the landlord’s bank account. With this new feature, landlords can appeal to a wider pool of potential tenants.