An Australian fintech is allowing any person to receive their wages or salary in Bitcoin (CRYPTO: BTC).
A privately held startup named Living Room of Satoshi has this week launched its Wages service.
To use the feature, the user simply has to instruct their employer to pay their wages into a Living Room of Satoshi account — as opposed to a bank account.
The cryptocurrency facilitator will then convert a percentage of the wages into Bitcoin and deposit the rest into the user’s bank account.
This is the easiest way to build up a cryptocurrency balance, according to Living Room of Satoshi chief executive Daniel Alexiuc.
“Bitcoin has seen its price rise astronomically in the last 6 months, which has triggered an unprecedented buy-in from institutional investors,” he said.
“We wanted to provide an option for regular folks in Australia to also join this burgeoning ecosystem — and the simplest and most pain-free way is to have a small percentage of your wage converted and sent to you when you get paid.”
The Bitcoin price has risen from about $36,000 at the start of the year to now more than $70,000.
What is Living Room of Satoshi?
Living Room of Satoshi is named after the pseudonym for the anonymous founder of Bitcoin, Satoshi Nakamoto.
The 7-year-old service allows Australians to pay any bill, bank account or credit card using cryptocurrencies. The app also allows Bitcoin purchases.
“We like to imagine that when Satoshi has a bill to pay, he kicks back at the end of the day and pays it in his living room. Hence ‘Living Room of Satoshi’!” states the company website.
The fintech holds its own Australian Financial Services licence.
Living Room of Satoshi is not the only company to allow Australians to receive their wages in cryptocurrency. Fintech getpaidinbitcoin.com.au specifically exists for that purpose.
While Living Room of Satoshi charges a 4.9% conversion fee excluding GST, getpaidinbitcoin.com.au slugs $1 per transaction.
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Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Bitcoin. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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