Crypto-currencies may be the in vogue payment method at the moment with several letting agents and property firms accepting digital currencies such as Bitcoin to pay deposits or rent, but just how widely is it used?

It turns out that it may be more of a novelty at the moment.

One agent, RE/MAX, which trialled letting tenants pay rent in Bitcoin during 2015, has revealed that just one renter took advantage of this.

The agent has now put the idea on hold as it considers the regulatory environment.

A spokesman for RE/MAX said: “We have taken Bitcoin as payment in the past. However, we are currently looking at the possible implications the latest Anti-Money Laundry legislation may have on how the currency is regulated in the industry.”

Meanwhile, student property developer and provider Kexgill has entered the new digital currency market of Initial Coin Offerings (ICO).

These act like stock market fundraisings where investors fund the development of a business in return for a new crypto-coin.

In the case of Kexgill, investors can use digital currencies such as Bitcoin to purchase Kexcoin tokens. The money raised will help find and build student properites and the rent generated will then be used to repay investors. Its ICO runs until October 14.

The idea is that by the time the properties are developed the Kexcoin would have increased in value so investors can make a profit. Eventually tenants will be able to pay their rent in Kexcoins.

This is an increasingly popular way for people to invest in crypto-currencies and for businesses to make use of the blockchain technology behind it.

But it is worth noting that the Financial Conduct Authority has warned that ICOs are mainly operating in an unregulated space, describing them as “high risk, speculative investments”.

As with any investment an ICO doesn’t guarantee a return and can end up with losses.

Backers will need to do their due diligence and thoroughly check the white papers that often accompany these fundraisings.