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42 sats \ 4 replies \ @supratic 5 Sep \ parent \ on: Property management built on Bitcoin bitcoin
I probably wrongly formulated the question. Applying logic to this approach, if the tenant receive sats back when PGU, then it should add the difference when PGD. My point was simply that.
I assume no one will be going to the tenant and ask for the difference in sats... indeed, it will be a great opportunity to have them learning the value of bitcoin in the long term.
For this same reason, I wonder if @thecommoner establishes a fix price of sats from the beginning? maybe directly in the contract? or is the contract in fiat and converted in sats at the moment of paying?
Please watch this short video about how we can start the bitcoin circular economy.
https://www.youtube.com/watch?v=GquPdAFQ40U
I pay my rent where I live rn, in BTC, P2P, wallet to wallet, every month.
Yes, the contract was made in in fiat value, but I pay it ate the exchange rate at the payment day, in sats, directly to the owner.
In time, we could make a new contract expressed directly in sats, no matter how much will be the exchange rate. But for the moment the owner is just a newbie, learning and start accumulating from my sats.
Important is that every new bitcoin user will start being paid in BTC not buying from an exchange. Once they get a certain amount, they will start also spending in sats, slowly and so on... This is a long process that start with moving away from the fiat mindset and slowly start thinking ONLY in sats.
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I pay my rent where I live rn, in BTC, P2P, wallet to wallet, every month.
This is impressive, congrats being able to organize in this way.
- Did you know the owner before or how you were able to build such trust with him/her?
- Did you provide the bond in BTC, maybe with a Multisig transaction ?
- How are you paying the bills? I assume you are paying it in BTC as well, you compensate the landowner directly or use an external service?
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Yes, in the beginning they didn't accept BTC, but then talking and became friends, I was bringing the subject on the table and were interested. Now they love it.
I negotiate to pay the electricity included, with sats.
All my groceries are paid also in BTC to a local shop or online.
I still have some other expenses that I cannot pay directly in sats, but I manage with a friend to give him sats and he pays my other bills in fiat. In this way I will help him stacking sats and not using any fiat bank account anymore,
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Absolutely all downside risk is on me - the contract is written in FIAT terms - as that is the how I had valued the property when it was purchased and currently all the expenses are valued...so the resident(s) will pay sats based on exchange rate at the time rent is due....
they can "recognize" the 50% share of value appreciation in those sats at any time for the 6 month period afterwards....so this is the real risk to the model....if FIAT value of sats moons...lets say 10x's they could in essence "lock in" 3 or 4 months of rent free in FIAT terms....and if I have overleveraged myself and the FIAT value of those sats drops again....it is on me (the business)....now I know this, and I am not over-leveraged and I am know this will happen from time to time....and I welcome it :)
My hope is that it would also strengthen my resident(s) willingness to use sats even more in the future and maybe even harden their resolve to my level...and have them begin pushing other businesses and/or starting their own businesses operating on Bitcoin!
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