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Australian Bitcoin Payments Startup Hits $1 Million Milestone

An Australian Blockchain payments company called Living Room of Satoshi has crossed a million-dollar (AUD) milestone in bills and bank transfer payments through its blockchain-based bitcoin payment service.

Living Room of Satoshi, named after Bitcoin’s pseudonymous creator Satoshi Nakamoto has now surpassed $1 million in bills and bank transfer payments pipelined through its service.

The Brisbane-based startup launched in May 2014 and has customers paying for utilities, home and property rent, credit card payments, insurance and even fines. Customers can make payments toward thousands of billers across the country-continent, with bitcoin.

In a press release, company CEO Daniel Alexiuc said:

Our customers have proved that the Blockchain is a viable alternative to the expensive and inefficient de facto banking payment networks.

The company website also charts an infographic that provides plenty of insight to show where Australians use bitcoins and who the top billers are.

Bills LRS

Bank transfer payments are predictably among the most frequent transfers while credit card bill payments, property rent, telecom internet along with other utilities’ bills also figure in the chart.

The bills by average amount shows school fees to be among the biggest bills, followed by credit card payments and registration fees for property and vehicles.

LRS

Alexuic added:

Over $1 million of electricity bills, school fees and even tax payments show that everyday banking can happen on the blockchain and I expect to see much more in 2016.

Images from Living Room of Satoshi and Shutterstock.

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