Living Room of Satoshi, an Australian company that allows its customers to make payments via credit card, direct bank, or BPAY using eleven different cryptocurrencies, has revealed that the company is now processing approximately $1 million AUD (roughly $ 756,000 USD) worth of bill payments each week.
Using Bitcoin to Conduct Bill Payments
Despite bitcoin’s recent price surge triggering widespread use of the cryptocurrency as a speculative instrument, one Australian company is reporting increased usage of bitcoin as a means of payment. Living Room of Satoshi, a Brisbane-based cryptocurrency payment provider, has told Australian media that it now processes over $1 million AUD worth of bill payments each week.
63.3% percent of Living Room of Satoshi’s payments are conducted via bitcoin. The second most utilized cryptocurrency is Ethereum – accounting for 19.3% of the company’s business. Litecoin is third, representing 7.5% of total payments, followed by Bitcoin Cash (4.0%), Dash (3.3%), Monero (0.8%), Zcash (0.7%), Ethereum CLassic (0.6%), Dogecoin (0.4%), and Steem (0.1%). The majority of the company’s payments are for credit card expenses, with electricity/gas, phone/internet, water, council rates, tax, shopping, and insurance expenditures also comprising a significant portion of the company’s transactions.
Bitcoin Payments Comprise More Than Half of Living Room of Satoshi’s Transactions
Living Room of Satoshi’s chief executive, Daniel Alexiuc, attributes his company’s increasing popularity to growing coverage of cryptocurrency in the mainstream media. “A lot of the media attention has focused on bitcoin’s increasing value because it just had to happen,” he said. “It’s different to other currencies in that there’s a fixed amount of it, not like gold or fiat currency … so it’s always going to have that deflationary aspect, rather than the inflationary aspect.” […]