A New York based rental platform named ManageGo is now adding bitcoin as a payment option for tenants and land lords. ManageGo offers landlords and tenants payment and maintenance scheduling services through online and mobile applications, now adding bitcoin to the list. Starting early next year, a tenant can pay in bitcoin through the mobile app.
Demand from Landlords
Keeping in view that Bitcoin prices has increased massively this year, gaining around 1000% in 2017 alone, demand for this crypto currency is increasing by the day, making it more and more popular amongst common people. Property market of New York is massive, rent worth billions of dollars being collected annually from New York city alone making it a big potential market for bitcoin. In a recent survey conducted by ManageGo amongst its users, there is a huge demand from Landlords of the respective properties about the acceptance of rent in Bitcoin because they are expecting value of Bitcoin to grow by the time, so on one side they are taking their monthly rent and on other hand they are treating this acceptance as potential investment for future, according to a recent survey conducted in United States, most of the investors are looking forward to hold Bitcoins for a period of 3 years , and on average they are expecting to mature their investment at an average price of $200000 per Bitcoin, so it seems like New York’s property landlords are on the same track by investment perspective.
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share