Yes, you read that correctly, UK residents who rent a RE/MAX property will be able to pay rent in three different cryptocurrencies. While this is only a pilot program limited to the UK, it is encouraging news.
Peggy Sue, RE/MAX London's Regional owner and Director stated:
“RE/MAX is the most productive estate agency network in the world, and this is due, in part, to the way we proactively leverage emerging technologies [. . .]. Together with GoCoin, we are realizing the efficiencies of the new payments technology and its ability to add value to our internal business operations.”
RE/MAX is represented in over 90 countries and has over 180 associates and 46 offices in the UK alone. GoCoin offers payouts in both EUR and GBP, so RE/MAX never has to hold cryptocurrencies in order to accept them for payment.
When asked what the possibilities of Bitcoin adoption moving beyond the UK were, RE/MAX told CoinTelegraph that “[their] parent company is currently reviewing this option.” The international RE/MAX parent company claims to sell more real estate than any other company in the world.
The company confirmed that they would be immediately converting their cryptocurrency into fiat, but also said they would be “reviewing the best options for their clients and consumers.”
Paying for essential goods is where bitcoin has not quite lived up to expectations. While larger and more reputable merchants are accepting it on a seemingly monthly basis for consumer goods, people can't live a bitcoin-only life if essential things like rent, bills and food cannot be purchased with it.
Food, to a certain extent, can be paid for with Bitcoin at a few restaurants or with gift cards, but rent and utility bills almost assuredly require turning BTC into fiat. Now, some bitcoin users, who rent from RE/MAX, will have one less big reason to liquidate their cryptocurrencies in order to survive.
Believe it or not, there are people who make the entirety of their income in bitcoin. Speaking on a personal level, I know this because I make the entirety of my income in Bitcoin. Every week, I have to dump some coins in anticipation of expenses and bills. Rent is the largest part of that. Allowing rent payments in bitcoin, even if RE/MAX plans to covert all of it, allows customers to stay in the bitcoin system longer and ultimately sell less. Even though I don't live in the UK and thus, won’t be able to take advantage, the development is extremely promising.
We will have more as information becomes available.
Did you enjoy this article? You may also be interested in reading these ones: