Bitcoin can be used to pay daily bills in Australia, and the transaction volume has exceeded 5 million US dollars

After years of regulatory hurdles, Australian bitcoin payment gateway Living Room of Satoshi (LRS) has hit 500万美元in transaction volume.

The startup, which was founded in May 2014 and helps users pay common household bills using bitcoin, hit a pivotal point this month, Business Insider reported.

Daniel Alexiuc, CEO of LRS, said:

As the first truly decentralized P2P currency that transcends national borders, Bitcoin is well suited for bill payments in Australia.

It can also create new opportunities, for example, allowing parents abroad to support their children by paying the bills for their studies in Australia.

Cryptocurrency businesses in Australia have also faced legal challenges, so LRS’s multimillion-dollar deal is an interesting development.

Increased popularity

The Australian government has been volatile in its stance on cryptocurrencies, especially regarding taxation, with businesses and traders even having to pay double tax in the past few years.

Today, with major banks conducting blockchain research and consumer awareness increasing, Alexiuc is confident that Bitcoin will thrive.

As a 'non-correlated asset', Bitcoin has developed rapidly in 2017.

Bitcoin is an investment whose price is not affected by other currencies or precious metals, and whose value cannot be shaken by global securities markets or any specific industry or government. Therefore, Bitcoin has become a tool for hedge fund managers and investors to enrich their portfolios.

Last month, Atlassian co-founder and billionaire Mike Cannon-Brookes hinted that he is a long-term Bitcoin holder and said his investment in the digital currency is going well.