An Australian company that allows customers to pay with credit cards funded by 11 different cryptocurrencies has revealed it currently processes about $1 million in transactions each week. Cryptocurrencies, especially Bitcoin, are being heavily used today.
In fact, the recent rise in the digital currency’s price earlier in the week surprised many experts. More and more businesses now offer payments in digital currencies, a trend that could help these assets gain value.
Using Bitcoin to pay bills
Despite Bitcoin’s recent price surge that has driven broader cryptocurrency adoption, an Australian firm reports growing use of Bitcoin as a payment method. Living Room of Satoshi, a Brisbane-based cryptocurrency payment provider, told Australian media it now processes more than $1 million in bill payments each week.
Here is a video illustrating these developments:
Bitcoin accounts for 63.3% of Living Room of Satoshi’s payments. The second most used digital currency is Ethereum, representing 19.3% of the company’s activity. Litecoin ranks third at 7.5% of total payments, followed by Bitcoin Cash, Dash, Monero and Zcash.
Bitcoin payments are gaining momentum
Daniel Alexiuc, CEO of Satoshi, attributes the company’s growth to the success of this cryptocurrency. He said much of the media attention has focused on Bitcoin’s increasing value, which sets it apart from other digital currencies.
He noted that Bitcoin is a better form of money because it is not controlled by governments. It can be sent overseas without oversight from any single authority, he explained. The enthusiasm around Bitcoin could encourage other businesses to accept this digital currency as a payment option.