There’s much talk about cryptocurrency and its potential to revolutionise the world of banking and finance. But are people actually using it for real-world applications?
While many are buying bitcoin and other digital currency with the aim of holding on and hoping the value skyrockets, there are many others that use bitcoin to finance their day-to-day life. You can buy just about anything with bitcoin now, with a growing list of retailers (including The Coin Store) accepting cryptocurrency as payment for their products. Microsoft is on board, as well as companies such as Expedia and Wordpress. There’s growing speculation that Amazon will soon accept bitcoin as well. Earlier this year, the first-ever bitcoin-only real estate deal was completed in the U.S. The buyer simply transferred the bitcoin to the seller, who then converted it into US dollars.
Living Room of Sitoshi
But what about your day-to-day living expenses? Well, thanks to an Australian website called Living Room of Satoshi, it’s become a whole lot easier for people to use bitcoin to pay for all kinds of living costs, including bills, rent and even wages.
Living Room of Satoshi (named after the creator of bitcoin, Satoshi Nakamoto) is a Brisbane-based start-up, founded in 2014. It allows people to use up to 11 different currencies to make BPAY, credit card or direct bank account payments. You can even pay into your own bank account if you want to.
Its chief executive, Daniel Alexiuc, recently told news.com.au their site is now processing about $1 million a week.
If you head to the site’s stat page, you can actually view the payments people have made through Living Room of Satoshi over the past 14 days. The company makes that information public on their website. It even provides a breakdown of the types of bills people are paying with cryptocurrency.
Around half of the payments made through the site are going towards credit cards, while the platform is also popular for paying other bills including phone/internet, gas and electricity, rent and property costs including council rates.
Just over 60% of payments made through the website involve bitcoin, while Ether, Litecoin and Bitcoin Cash are also popular.
Daniel Alexiuc explains that the payments made on Living Room of Sitoshi are made within their interchange. He says that some of their customers are also being paid in bitcoin, which means with the help of their service, they can live without ever having to use Australian currency.
So, while you may be looking to hold onto your currency in the hope of future profits, there are a number of options opening up to use your coins to actually pay for your day-to-day life. For those that truly believe in cryptocurrency as a financial revolution, it’s a step in the right direction.