The company is trading $1-million every week in bill payments using Bitcoin.
An Australian company which allows its customers to make payments via credit card, direct bank, or BPAY using eleven different cryptocurrencies has said that it processes approximately $1 million AUD worth of bill payments each week. The company in question is Living Room of Satoshi.
Bitcoin’s price surge over the weekend has seen Living Room increase in usage as a means of payment. This is despite criticism that the cryptocurrency is used as a speculative instrument. Living Room of Satoshi, a Brisbane-based cryptocurrency payment provider, told local media that it now processes over $1 million AUD worth of bill payments each week.
A staggering 63.3% percent of Living Room of Satoshi’s payments are conducted via Bitcoin. The second most utilized cryptocurrency is Ethereum. It accounts for 19.3% of the company’s business. Litecoin took third place with 7.5% of total payments and Bitcoin Cash followed in fourth with 4.0%.
Dash, Monero, Zcash, Ethereum Classic, Dogecoin, and Steem filled up the last of the list. The majority of the company’s payments are for credit card expenses. Electricity, internet, water and council rates also comprised a significant portion of the company’s transactions.
Chief executive at Living Room of Satoshi’s, Daniel Alexiuc has said that the company can attribute its increasing popularity to the growing coverage of cryptocurrency in the media. He said that a lot of the media attention has focused on Bitcoin’s increasing value.
He added that Bitcoin was very different to other currencies in that there was only a fixed amount of it. Unlike like gold or fiat currency. Alexiuc said that Cryptocurrencies were always going to have that deflationary aspect.
He told local media that Bitcoin and other cryptocurrencies were a better form of currency, simply because it is not issued or controlled by the government. He said that it cannot be shut down and it can be sent cross-borders without anyone’s permission. Alexiuc said that this was what attracted many people to digital currencies.
He also said that when it came down to day-to-day usage, it’s still very early. Adding that the company was still trying to demonstrate the usefulness of digital currency. And that while $1 million sounds like a lot when it is compared to how many bills get paid in Australia every day, it is a drop in the bucket.
Enthusiast, David Larkin, from said that he frequently made use of Living Room of Satoshi to pay his bills. He told media that Bitcoin was revolutionary.