Bitcoin and Ethereum Can Now Be Used to Pay For Home Rentals

At UseTheBitcoin we have been following the cryptocurrency world during the last year. It was incredible how many places started to accept Bitcoin, Ethereum and other cryptocurrencies. Governments and enterprises are starting to get involved in Blockchain technology and they are innovating with it. But it’s still a little bit difficult to find a marketplace for cryptocurrencies.

This is what a San Francisco company known as Bee Token will start to offer. Chou, a former engineering lead in Uber, and a group of Google and Facebook alumni are working on this project that will offer a short-term rental marketplace called Beenest.

Beenest – Short-Term Rental Marketplace

Beenest will not take commission on rentals as Airbnb does. The intention of the company is to keep expenses low by using the community in order to handle arbitration at the time disputes arise. The arbitrators will earn tokens according to the job performed, as in many other platforms with community arbitrators.

In addition to it, as Beenest will be based in Blockchain, the reviews will accurately determine the reputations of the hosts and guests. The main difference with Airbnb is that as Beenest uses blockchain, making reviews and other aspects more accurate and impossible to change.

‘We cater heavily to the cryptocurrency audience to start; It’s not as intuitive to mainstream users. We think the new need is for people to be able to spend bitcoin currency,’ commented Chou.

The intention is to start in the next months with a pilot program in San Francisco. Visitors will pay with tokens instead of credit cards. Beenest will take 2% fee from host for insurance and it will take 3.99% fees when individuals pay or get paid in traditional money. The first listing will be Aribnb hosts who are also cryptocurrency enthusiast and have experience with Airbnb.

According to Chou, individuals will not have an incentive to immediately sell their Bee Tokens because in the long term they can be worth more. Furthermore, ‘One thing we think they’re willing to spend it on is meaningful memories and experiences.’