One of the often-heard comments is how cryptocurrency holders have very few options to spend their assets on real-world bills. While that may be the case in some regions, Australia is a very different country. Crypto holders can pay any bill with cryptocurrency without jumping through various hoops to do so.
Pay Any Bill With Cryptocurrency
Nothing prevents Australian – or worldwide – crypto holders from paying bills with cryptocurrency. The downside is that that process usually requires converting crypto to fiat currency. Direct payment in Bitcoin or Ethereum is often impossible, and intermediary services may not always exist. That creates a hurdle to adoption, although there is always light at the end of this dark tunnel.
If we look at Australia as an example, things certainly head in the right direction. More specifically, the country is home to the Living Room of Satoshi. a service provider that brings more utility to crypto assets. But, more importantly, the company lets users pay any bill with cryptocurrency, regardless of rent, utilities, or otherwise. It is a simple and secure way of paying Australian bills with ease and without converting cryptocurrency to fiat.
More importantly, the service makes it rather straightforward to complete this process. Users enter the biller and ref code from the bill, select the cryptocurrency they prefer to use, and complete the transaction. In addition, every order has a confirmation number to keep tabs on the payment’s progress. The conventional approach has helped pay tens of thousands of Australian bills with cryptocurrency to date.
Interestingly, most people rely on LRoS to pay their credit card bills. Using cryptocurrency to pay off a bill tied to traditional finance creates an exciting concept. Other popular options include electricity and gas, phone and internet, water, rent, taxes, and so forth. The service lets users pay any bill with cryptocurrency the same way, regardless of the amount. Speaking of amounts, some transactions are for up to AUD 10,000, which is quite steep.
Transparent Fees And Exchange Rates
A service like LRoS will stand or fall based on its fee structure and exchange rate. Cryptocurrencies are volatile in nature, yet the amounts on bills to be paid are not. Therefore, using a viable and real-time exchange rate is crucial. The company has a public list of the current exchange rates to ensure users do not encounter any surprises.
Additionally, the fee structure can make or break an intermediary service like this one. Surprisingly, LRoS does not charge separate fees when you pay any bill with cryptocurrency. There is one amount – the calculated exchange rate – which includes any service costs that may apply. The LRoS team makes money from currency spread rather than charging users extra.
Using the service will require an account and verifying oneś identity, though. Australia’s AML and CTFAA guidelines are strict, especially for digital exchanges. However, it is a straightforward verification process that one can complete easily.
Supported Currencies And Popular Regions
A service like LRoS will benefit from supporting more than just Bitcoin as a payment method. However, it may not be worthwhile to explore all alternative options either, as not all currencies are worthwhile or viable to be used in such a setting.
Today, there are numerous payment options to explore, with Bitcoin and Ethereum representing over 49% of all transactions. The Lightning Network for Bitcoin represents another 8.2%, which is rather interesting. Other supported currencies include:
- Binance Coin
- ERC20 USDT
- Bitcoin Cash
LRoS may integrate more assets to let users pay any bill with cryptocurrency. That will primarily depend on user demand and whether it makes economic sense to implement more gateways. However, the current selection of assets seems more than sufficient to service customers across Australia with ease.
So far, LRoS has made the biggest impact in New South Wales, followed by Victoria, Queensland, Western Australia, and South Australia. The service also finds users in Singapore, Tasmania, Tokyo, Phuket, Mexico City, and others. Anyone can pay any bill with cryptocurrency on behalf of someone living in Australia, creating unprecedented potential.
Rewards And Crypto Buying Options
The LRoS platform lets users acquire cryptocurrency to pay their bills through the Wallet of Satoshi app. It is an exciting option to get more people involved in crypto. However, before one can pay any bill with cryptocurrency, one must understand the potential of decentralized money and how it can affect one’s future financial life.
There is also a reward scheme to consider for those who regularly rely on LRoS to pay any bill with cryptocurrency. Users will earn 5 points for every AUD 1 spent on transactions. It is possible to exchange those points for gifts, gadgets, or cash, all of which can be helpful. Using the service more often will gain a higher rank and more points per AUD 1 spent. The highest rank rewards 18 points per dollar, which is rather impressive.
It is good to see services like Living Room of Satoshi come to market. They make it possible to pay any bill with cryptocurrency, even if that is limited to Australian bills. Similar services are needed worldwide, though, but they can be hard to come by due to regulatory requirements.
Until Bitcoin becomes legal tender worldwide, intermediary solutions like these will be one of the better options to spend crypto assets on bills and other real-world payments.