Two Brigham Young University-Idaho off-campus housing developments recently announced they will allow residents to pay for rent with Bitcoin. EdgeCreek Property Management, which provides BYU-Idaho approved housing, is accepting Bitcoin in both the Nauvoo House for Men and the Mountain Pines Apartments for Women. This is a huge step forward for cryptocurrency, especially Bitcoin. Although someone can pay bills with Bitcoin using services like BillPayForCoins, the recent news at BYU-Idaho will bring the ease of use and practicality of accepting Bitcoin to the forefront.
There are a few other housing developments throughout the nation that accept Bitcoin or other crypto-currencies. For instance, Village on the Parkway in Orem, UT also accepts Bitcoin as payment for living costs. The Nauvoo House and Mountain Pines Apartments, however, are the first university approved housing developments to accept Bitcoin. These developments include room and all utilities for one price per semester with an option of bundling multiple semesters for a reduced cost. Every resident could obtain Bitcoin, set up a wallet, and send payment to the property manager in very little time. On the other side, the property manager sets up a wallet or merchant account with a payment processor such as BitPay, sends an invoice to the resident, and then receives payment. These methods provide both parties with a simple and secure transaction.
What does this mean for the future?
This development is an extremely positive step for the Bitcoin community. There is excitement in a wider acceptance, but it will depend on how many residents adopt the payment method. Many young professionals (age 19-25) have adopted cryptocurrency and support continues to increase. Many of these individuals are students at universities around the world who adopt new technologies very early. Whether that is housing, electricity, or a cheeseburger from your favorite downtown burger joint, Bitcoin could help college communities by providing a secure method of payment for any good or service. Imagine paying for your books, housing, and tuition at the college of your choice without having to reach in your “physical” wallet.
The recent news at BYU-Idaho is a huge leap forward for the Bitcoin community. By being the first university approved housing to accept Bitcoin, the Nauvoo House and Mountain Pines Apartments are forging a path for others to follow. There is no telling how quickly it will be adopted by residents but it is a sign of great progress. These are exciting times for cryptocurrency and time will show us how Bitcoin will be affected by this mainstream adoption.
Adam is a writer and musician on a mission. With a strong background in marketing and sales, Adam covers topics aimed directly at spreading knowledge of and supporting the growth of Bitcoin and cryptocurrencies. Adam resides in one of the best tech hubs in the US - Atlanta. @adamhhofman