Dubrovnik-based costume designer Zjena Glamočanin has been nominated in the "Best Costume Designer" category at the Irish Film and Television Academy (IFTA) Awards for her work on the film Kneecap (2024), directed by Rich Peppiatt. The IFTA Film & Drama Awards are often referred to as the "Irish Oscars."

Interestingly, the film features German-Irish actor and Hollywood star Michael Fassbender. Kneecap is also Ireland's official entry for the "Best International Feature Film" category at the 97th Academy Awards. Whether it will make the final list of nominees remains to be seen, but in the meantime, we’re keeping our fingers crossed for our talented Dubrovnik native!

Managing finances in a co-living setup can get messy. From splitting rent to dividing utility bills, keeping things fair and transparent often feels like a juggling act. But what if there was a digital solution that could simplify all this? Enter cryptocurrency.

With digital currency trends like Bitcoin price gaining popularity, many people are starting to use it for everyday transactions, and it might just be the perfect tool for co-living arrangements.

Let’s dive into how cryptocurrency is revolutionizing shared finances in co-living spaces and why it could be the ultimate game-changer.

Why Finances in Co-Living Can Be Tricky

Living with roommates has its perks—lower rent, shared responsibilities, and built-in company. But when it comes to managing money, things can get complicated. Here are some common challenges:

• Uneven contributions: Some roommates may forget to pay on time, or one person might always be chasing others for their share.
• Lack of transparency: Who paid the electricity bill last month? Was everyone charged fairly for groceries? Without clear records, disputes can arise.
• Payment methods: Not everyone uses the same bank, app, or payment system, leading to delays or transaction fees.

This is where cryptocurrency, with its secure, transparent, and efficient system, comes into play.

What Makes Cryptocurrency Ideal for Co-Living?

Cryptocurrency is more than just an investment option. It’s a decentralized, digital form of money that allows instant transactions anywhere in the world. Here’s why it’s perfect for co-living setups:

1. Transparency

Cryptocurrencies like Ethereum and Bitcoin operate on blockchain technology, which keeps a permanent record of every transaction. It means all roommates can see when and how much was paid, eliminating disputes about contributions.

2. Instant Payments

Forget about waiting days for bank transfers to clear. With crypto, payments are processed instantly, which is super handy when you’re splitting the rent or reimbursing a roommate for shared expenses.

3. No Borders, No Banks

If you live with international roommates, cryptocurrency simplifies things. There’s no need to deal with exchange rates or bank fees. Crypto works the same no matter where you’re from.

4. Customizable Solutions

Some cryptocurrencies allow you to set up smart contracts, automated, self-executing agreements. You might use a smart contract to divide the rent evenly among all housemates on a certain day, ensuring everyone pays their fair portion without reminders.

How to Use Cryptocurrency in Co-Living

Ready to give crypto a try? Here’s how to integrate it into your co-living arrangement:

1. Pick a Reliable Cryptocurrency

Bitcoin is the most popular, but there are many other options like Ethereum, Litecoin, or stablecoins like USDT (which are tied to the value of the U.S. dollar). Choose one that everyone in your house is comfortable with.

2. Set Up Wallets

Each roommate will need a cryptocurrency wallet to store and send funds. There are plenty of user-friendly options that make it easy for beginners to get started.

3. Decide on Shared Expenses

List all the expenses you’ll manage with cryptocurrency—rent, utilities, groceries, or even the occasional takeout night. Agree on how much each person needs to contribute and set a schedule.

4. Create a Shared Account or Smart Contract

For added convenience, you can create a shared crypto wallet or set up a smart contract to automate payments. It makes payments transparent and minimizes missing payments.

5. Communicate and Educate

Not everyone might be familiar with cryptocurrency, so it’s important to have open discussions and explain how it works. Everyone may feel more confident with the aid of the many online lessons and instructions available.

The Benefits of Using Cryptocurrency for Co-Living

If you’re still on the fence, here are some key benefits that might convince you to give it a try:

• No More Awkward Conversations: With automated payments or clear transaction records, you can avoid those uncomfortable money talks with your roommates.
• Improved Trust: Transparency fosters trust. Everyone knows what’s happening with shared finances, which strengthens relationships in a co-living environment.
• Reduced Fees: Cryptocurrency often has lower transaction fees compared to traditional payment methods, saving everyone a little extra money.
• A Step into the Future: Using crypto for everyday expenses is a great way to familiarize yourself with the digital economy, which is becoming increasingly important.

Potential Challenges to Consider

Of course, like any financial system, cryptocurrency has its downsides:

• Volatility: The value of cryptocurrencies like Bitcoin can fluctuate, which might be risky if you’re not using stablecoins.
• Learning Curve: It takes time to understand how to buy, store, and use cryptocurrency safely.
• Security Risks: While crypto transactions are secure, you’ll need to protect your wallet from hacks or scams.

By taking a bit of time to educate yourself and your roommates, these challenges can be managed effectively.

Conclusion

Whether you’re a crypto enthusiast or a complete beginner, incorporating cryptocurrency into your co-living arrangement is worth considering. It’s not just a financial tool. It’s a way to bring simplicity, fairness, and trust into your shared living experience.

So, why not give it a shot? After all, co-living is about building a community, and cryptocurrency might just be the digital glue that holds it all together.