Living Room of Satoshi is an Australian financial technology company that lets you pay Australian bills using Bitcoin with no fees. Here’s our review.
What Is Living Room Of Satoshi?
Living Room of Satoshi is a unique financial platform catered towards Australians. Using the LivingRoomOfSatoshi.com official website, you can pay any Australian bill with cryptocurrencies.
Why would you pay bills with cryptocurrencies instead of the Australian dollar? Living Room of Satoshi promises no fees on all cryptocurrency transactions.
Users also get rewarded for paying their bills: you receive 1 point for every $1 spent on all bills and payments. Points are put towards a variety of goodies at the online store – including everything from hardware wallets to gold cocktail shakers.
Today, you can pay using bitcoin and popular altcoins, including Ethereum, Dash, Monero, Litecoin, Ethereum Classic, and PIVX.
Living Room of Satoshi isn’t just for bills, however. The platform can also be used to fund a bank account – say, if you want to transfer money to a friend or family member, or move money between your own accounts.
Overall, “LRoS” is competing with BPAY as an easy way for Aussies to transfer money around the country.
How To Use Living Room Of Satoshi
To get started with Living Room of Satoshi, all you need to do is enter a BPAY biller code, a reference number, and the amount of dollars you wish to send (i.e. the amount of your bill). Living Room of Satoshi will convert that dollar amount into bitcoin (or the cryptocurrency of your choice).
You can actually view the real bills people have paid with Living Room of Satoshi. The company makes that information public on their website. In the past few days, users have paid Westpac Bank with bitcoin, for example, and paid Bank of Queensland with Ethereum. You can see the dollar amounts people paid and the cryptocurrency they used.
Commonwealth Cards, Australia Post, ME Bank, Bank of Melbourne, ANZ Bank, Civic Compliance Victoria, Commonwealth Bank, and Summerland Credit Union are some of the other financial organizations that have received payments through Living Room of Satoshi in recent days.
You can even view a breakdown of the types of bills people pay with Living Room of Satoshi, or view a breakdown of which days people use the service more frequently than others. Many people use the service to pay their tuition, for example, or credit card bills.
The Living Room Of Satoshi Rewards Program
One of the key features of Living Room of Satoshi is the rewards program, where you can turn your points into presents. You receive one point for every $1 spent on all bills and payments. Then, you can instantly redeem your points for gifts and gadgets. Some of the available gifts through the Living Room of Satoshi online store include:
- Sony Extra Bass Headphones (12,000 Points)
- Ledger Nano S (17,000 Points)
- Gunmetal Silver Cufflinks (7,000 Points)
- Gold Cocktail Shaker (8,400 Points)
- Fitbit Flex (20,000 Points)
- Apple TV (53,800 Points)
- Xbox One S (99,800 Points)
You can even exchange your points for cash. $10 AUD is worth 2,000 points, for example. $50 cash is worth 10,000 points, and $100 cash is worth 20,000 points. If you choose the cash rewards option, your money is deposited directly into your bank account.
Living Room Of Satoshi Stats
Living Room of Satoshi has a stats page where they go into surprising detail about the types of bills paid using the service. Here are some of the key stats from the site:
- Over 50% of payments made using the platform are for credit card bills
- Other popular bill categories include phone/internet, electricity/gas, taxes, shopping, rent/property, and council/rates
- The busiest days for Living Room of Satoshi are Monday and Tuesday
- The largest bills paid using the service include school fees, loans, taxes, superannuation, and credit card bills, in descending order of size
- 85% of payments made through the website involve bitcoin; popular altcoins include ether (8.2% of all transactions), dash (3.6%) and Litecoin (2.8%)
About Living Room Of Satoshi
Living Room of Satoshi is an Australian startup company based in Queensland. In 2015, the company won the “Best New Startup in Australia” award. The company was built to compete with Australia’s most popular money transfer service, BPAY, which is owned by the Big 4 Australian banks.
The company is led by CEO Daniel Alexiuc.
The unique name of the company, by the way, comes from the mysterious creator of bitcoin, Satoshi Nakamoto.
Living Room of Satoshi launched in May 2014. They’ve experienced a surge in growth in 2017 as cryptocurrencies have skyrocketed in popularity.
Living Room Of Satoshi Conclusion
Living Room of Satoshi is a well-known brand in Australia, where more and more Australians are using the service to pay their bills or transfer money between bank accounts.
“LRoS”, as it’s sometimes called, competes with BPAY, the e-transfer service created by Australia’s Big Four banks. It’s a cheaper, more efficient, and user-friendly way to send money around the country.
Right now, Living Room of Satoshi is only available in Australia. The company continues to add new altcoins regularly. Visit livingroomofsatoshi.com to get started.