The idea behind bitcoins was conceived almost a decade ago, but it’s now going mainstream. More and more shops are treating it like cash and credit cards, and Australia is among the leading users of bitcoins.
According to Living Room of Satoshi, a startup company in Brisbane, about $150,000 have been paid in bitcoins by Australians to settle their BPAY-enabled electricity bills, phone bills, credit card bills, school fees, and tax payments. BPAY is Australia’s universal bill payment system that supports the financial transactions of most major businesses in the country, as well as state and federal governments.
Now, it is estimated that there are around a thousand Australian businesses that support the use of bitcoins, as reported by the Tax Office. The said office also clarified that they acknowledge bitcoins merely as property, not as money, when it comes to tax matters.
The changes to accept bitcoin as a currency are now more apparent, as hundreds of businesses take bitcoin payments and ATMs converting cash to bitcoin and vice-versa in several capital cities around the world.
Bitcoin allows for an easy transaction between individuals and businesses as it works as a virtual online currency. However, it remains uncontrolled and is not considered as a part of the mainstream financial establishment for now. Bitcoins and Litecoins are often saved in digital wallets.
For easier transactions, even online accounts and smartphone apps can handle bitcoins now to pay for goods and services.
If you use bitcoins, it is like engaging in barter, whether you’re conducting it with a brick-and-mortar or online shop. That’s why it is still covered by the same tax rules, according to ATO.
The rules were defined in 2009, when the cryptocurrency started becoming more prominent in the lives of the Australians.
As people started to acknowledge the fact that bitcoin is here to stay, then came newer applications that added to the array of digital currency available today.
This only proved just how popular bitcoin has become in Australia and how the customers are itching to use their bitcoins actively, according to CTO and co-founder Daniel Alexiuc. This is how bitcoins were introduced into the concept of bills payment.
Bitcoin is slowly adopted among a growing number of merchants across Australian cities. But introducing bitcoin to the bigger public might encounter a problem when it comes to attempting to use it to pay for Internet service, student loans, public transportation or phone service, to think that these are among the biggest requests of bitcoin users.
But in May of 2014, the wishes of Australian bitcoin users were answered in the form of the Living of Satoshi. Now, they are giving great feedbacks about bitcoin usage in the country and how they may have developed a new payment structure for their system.
The company was birthed after Satosho Nakamoto, the unknown and mysterious creator of Bitcoin. It relies on an algorithm that automatically compares rates from different bitcoin exchanges globally before deriving FIAT out of bitcoins. It is even available for free and will remain as such for years, according to Living Room of Satoshi.
Even developing countries are in on the trend of using bitcoins, too. Despite its volatility, it has a lot of benefits as a currency for money and payment transfer. This is most useful in areas where conventional payment transfers are not supported. Bitcoin also speeds up instant payment using peer-to-peer technology, with every single transaction finalized in as fast as 10 minutes, regardless of the distance. Each transaction is also documented in a public ledger for transparency and reliability purposes.
Bitcoin has revolutionized payments for goods and services. More and more businesses, big and small, are making changes to accommodate its usage. It may even create a significant impact on the global monetary system in the years to come.
Soon enough, Bitcoin might become the main currency in sending and receiving money, be it through PayPal or beyond it.