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    Author Topic: Paying Mortgage with Bitcoin  (Read 2164 times)

    • WastedLTC (OP)
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    December 03, 2013, 03:57:41 PM
     #1
    Is there any service that can accomplish paying your mortgage with bitcoin?   Thinking it would be great if there was a service where you could send your bitcoins and that service would make a check payable to the person or business of your choice.  This would allow people to pay for utility bills, mortgages, and the things that you have to pay every month...    I would have no problem taking paying a 3% fee for this.   

    I was hoping something like this existed already, if not someone could create this very easily and make money.

    1> Create webpage, allow users to checkout using BitPay. (Add 2-3% charge)
    2> The dollars will be deposited into your bank account
    3> Send out check payments based on the input from the user. This can all be completely automated.
    4> Profit!  : Just imagine earning 2-3% off of everyone's payments.. 

    The reason why this would be a great service is due to the tax issues.   Using this route would allow users to skip capital gains taxes!  All the profits I've made off the BTC rise, I can directly put toward my mortgage and pay it down considerably.   If I was to cash out the bitcoins then pay my mortgage, I would have to pay taxes on those first!

    Thanks!  Hope there is a service out there or someone creates it!

  • RaTTuS
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    December 03, 2013, 04:06:08 PM
     #2
    It's called an Exchange....

    you exchange BTC into dollar UKP Euro etc and send them to your account
    In the Beginning there was CPU , then GPU , then FPGA then ASIC, what next I hear to ask ....

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  • WastedLTC (OP)
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    December 03, 2013, 04:06:38 PM
     #3
    I found this service which appears to be perfect except they are closing!  Sad

    https://www.billpayforcoins.com

  • eternaluniverse
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    December 03, 2013, 04:07:32 PM
     #4
    Quote from: WastedLTC on December 03, 2013, 03:57:41 PM
    Is there any service that can accomplish paying your mortgage with bitcoin?   Thinking it would be great if there was a service where you could send your bitcoins and that service would make a check payable to the person or business of your choice.  This would allow people to pay for utility bills, mortgages, and the things that you have to pay every month...    I would have no problem taking paying a 3% fee for this.   

    I was hoping something like this existed already, if not someone could create this very easily and make money.

    1> Create webpage, allow users to checkout using BitPay. (Add 2-3% charge)
    2> The dollars will be deposited into your bank account
    3> Send out check payments based on the input from the user. This can all be completely automated.
    4> Profit!  : Just imagine earning 2-3% off of everyone's payments.. 

    The reason why this would be a great service is due to the tax issues.   Using this route would allow users to skip capital gains taxes!  All the profits I've made off the BTC rise, I can directly put toward my mortgage and pay it down considerably.   If I was to cash out the bitcoins then pay my mortgage, I would have to pay taxes on those first!

    Thanks!  Hope there is a service out there or someone creates it!



    Interesting idea, similar to giftcards. If some one has enough capital to begin with they can begin instantly but the problem is they need to make sure they are losing considerably less than 3% when trying to convert the bitcoins themselves.

  • WastedLTC (OP)
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    December 03, 2013, 04:09:06 PM
     #5
    Quote from: RaTTuS on December 03, 2013, 04:06:08 PM
    It's called an Exchange....

    you exchange BTC into dollar UKP Euro etc and send them to your account

    I explained that in my original post.  If I exchange BTC for Dollars, I would have to pay taxes on that gain.    

    Example, purchased 10 bitcoins for $1000 and now that is worth $10,000.  If I want to pay my mortage today, I would exchange that for $10,000 and send to my bank account then pay mortgage.   That would require me to pay taxes on the $9000.

    If there was a way for the mortgage to be paid through a service which I give BTC to, example = I send the 10BTC to a service, and they send $10,000 to my mortgage company, I would not need to pay taxes on the $9000.

  • WastedLTC (OP)
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    December 03, 2013, 04:10:36 PM
     #6
    Quote from: eternaluniverse on December 03, 2013, 04:07:32 PM
    Interesting idea, similar to giftcards. If some one has enough capital to begin with they can begin instantly but the problem is they need to make sure they are losing considerably less than 3% when trying to convert the bitcoins themselves.

    BitPay removes that risk by instantly converting BTC to Dollars and posting to your bank account.  So you can be sure that if someone gives you $200 worth of BTC, you receive that (plus fees) to then send out the exact amount via a check.

  • Rygon
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    December 03, 2013, 05:24:40 PM
     #7
    Although the tax implications are certainly up for debate since the IRS has yet to release guidance, this sounds to me like a barter transaction where you are trading a commodity (bitcoin) for a service (paying your mortgage). The net gain in USD would still be taxable, IMO.

  • Rygon
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    December 03, 2013, 05:26:48 PM
     #8
    Additionally, a service like this wouldn't last long in the US financial structure because it would raise too many red flags because of AML/KYC concerns.

  • WastedLTC (OP)
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    December 03, 2013, 06:54:17 PM
     #9
    Quote from: Rygon on December 03, 2013, 05:26:48 PM
    Additionally, a service like this wouldn't last long in the US financial structure because it would raise too many red flags because of AML/KYC concerns.

    Thanks for your POV and it sounds like it may be correct.     I reached out to www.billpayforcoins.com and asked why they were closing their doors, maybe they can provide some more info.

  • xidireti382
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    March 23, 2018, 10:17:23 AM
     #10
    it has been repeatedly stated that the state has its own percentage of all transfers. and since they can not control the cryptocurrency, they are trying to ban it

  • bitart
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    March 24, 2018, 08:19:26 PM
     #11
    Quote from: WastedLTC on December 03, 2013, 06:54:17 PM
    Quote from: Rygon on December 03, 2013, 05:26:48 PM
    Additionally, a service like this wouldn't last long in the US financial structure because it would raise too many red flags because of AML/KYC concerns.

    Thanks for your POV and it sounds like it may be correct.     I reached out to www.billpayforcoins.com and asked why they were closing their doors, maybe they can provide some more info.


    These days the AML/KYC regulations are becoming more and more effective. It means that despite of that average bitcoin users are not terrorists, most of the exit points of blockchain (exchanges, or any places where you can exchange your coins to fiat) are becoming more and more regulated. If you want to get fiat for your coins, the one who exchanges it (if it's not localbitcoins with cash, but an entity with bank transfer) have to prove that they know where are your coins are coming from (and it's not against the AML regulations). Most of the exchangers just can't prove this, so they are just closing the doors.
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