$5 Mln Household Bills Paid in Australia Through Bitcoin Payment Gateway

Australia Bitcoin payment gateway Living Room of Satoshi (LRS) has reached $5 mln volume after years of regulatory hurdles.

As Business Insider reports, the startup, which began in May 2014, reached the milestone this month. It allows users to pay common household bills in Bitcoin.

“As the first truly international, decentralised and peer to peer currency, Bitcoin is perfectly suited to bill payments in Australia,” CEO Daniel Alexiuc told the publication.

“It also enables new possibilities, like parents in foreign countries being able to easily support their children studying in Australia by paying some of their bills.”

A multi-million dollar turnover is an interesting development for a country in which the cryptocurrency business scene has faced its fair share of difficulties with the law.

Growing adoption

Australia has been in two minds over cryptocurrency tax in particular, with businesses and traders over the past few years even facing double taxation.

Now, with major banks becoming involved with Blockchain trials and consumer awareness increasing, Alexiuc is optimistic.

“Bitcoin is experiencing rapid growth in 2017 due to its nature as an ‘uncorrelated asset,’” he continued.

“As an investment it does not appear to be affected by movements in other currencies or precious metals, by global sharemarkets (sic), or by any particular industry or government. This makes it highly sought after by hedge fund managers and individuals looking to diversify their wealth.”

Last month, billionaire Atlassian Co-Founder Mike Cannon-Brookes hinted he had been a long-time Bitcoin holder, saying his “bet” with the cryptocurrency was “paying out well.”