I paid my internet bill last night using some bitcoin profits via livingroomofsatoshi.com
It's a pretty slick service, and extremely convenient for Australian cryptocurrency traders to be able to convert bitcoin into aussie dollars in a bank account - or directly BPAY their bills.
It's my go-to recommendation for aussies that are new to the crypto currency world , its been a quick easy and reliable service for a few years now.
On a whim, I decided to ask if they would consider adding steem to their service.
IF they did this, an aussie steemian could effectively withdraw earnings to their bank account without needing to ever deal with bitcoin!
Positive sounding response :
So I gave a short pitch about Steem growth, and in particular the recent surge in Australian traffic pointed out by @gavvet , and offered
If you're seriously considering this, would you mind if I posted this convo on Steemit so you can see the response and I'll forward any funds earned to you to help cover development/implementation .
So what do you think ?
Would our Australian users like a way to convert their Steem directly into Aussie bank deposits and BPAY payments ?
If you know any other australian steem users that would appreciate this service - tag them in the comments so they can find this post!
Please leave a comment if you're an aussie that would use this service, I will be sending this post and its earnings to livingroomofsatoshi for their consideration.
Australian here. This would be an excellent idea for Living room of Satoshi. I might go and message them too.
No need - we're watching this thread :)
We're watching your response. ;-)
Quis custodiet ipsos custodes?
I would definitely use this service for using steem to directly pay to aussie bank account/bpay)- sounds awesome!
I would definitely use this service, this would make things so much easier
Disclaimer: I am just a bot trying to be helpful.
Services like these are an essential part of crypto for personal users!
I've been looking into the ATO taxation treatment of cryptocurrencies. I'm sure a lot of people are sitting on large capital gains at the moment on their crypto holdings after the recent rally. If you sell on an exchange, and your originally bought bitcoin as an investment, you will be liable for taxation on those gains.
Now, I know a lot of people would just say, don't declare it. However, if you want a clear conscious with regards to your state overlords, according to ATO guidance, so long as you acquired bitcoin (or STEEM or whatever other crypto) for less than $10,000 and use it to purchase goods or services for personal use, you will not be liable for income tax on the gains. See:
So, you should be able to spend your bitcoin (or STEEM in the future) on LROS and not have to worry about having the ATO on your back.
I am not a lawyer or tax accountant. Get your own professional advice before relying on this strategy.
Great post, I don't think it's as simple as not declaring the profits... Every exchange I know asks you to register your details and electronic funds transfers into your account are probably tracked by the ATO. Hard to defend in an audit
Thanks man, good to know...and No if the overlords audit me I wont come looking for you because of this advice..
I honestly think this is going to become a massive part of how we handle money here, no need using our cash when we can use what we earn here to pay our bills and keep the cash for life.
I really hope we can convince Living room of Satoshi to accept steem directly, it's just so much more convenient than having to pass our bitcoins through multiple exchanges to end up there anyway.
Bitcoin itself has become slow and this holds up how long it takes to actually get access to our funds, to send them through to living room of satoshi.
If we could transfer our steem directly in then it would be faster and even more convenient, be so nice to be able to essentially get paid from a post transfer as is to living room of satoshi and then have cash available in your bank or have paid a bill with no more hassles.
If steem is added, I see no reason why we wouldn't use this for the majority of our crypto transfers.
What a fantastic service, and based in Brissy too. I'm not yet anywhere near a point to withdraw Steem, but when I am a service like this would make the whole process so much easier.
I am on the Sunshine Coast, great to see some more local Steemians
Brissy. Stop you're making me homesick
Excellent, another potential user :)
Love this idea!
This is awesome! I just googled and found a place in Canada that does this from Bitcoin to various bills like Hydro and to credit cards.
So I could pay credit cards with Bitcoin, and then shop with those card, and then pay them with Bitcoin.
Thanks for the idea to search this out!
This is a great idea and just the kind of market integration that steemit users would embrace and adopt. Outstanding innitiative!
That'd be awesome I've only just discovered them but haven't used their service yet. How was the process?
Very quick and easy, just pop the bank/bill details and amount in, a popup gives you the address to send to and you get an instant notification when the funds are received. No account required, and can see their activity live https://www.livingroomofsatoshi.com/bills
Wow !! just realised you can deposit to bank accounts as well. That's save the step of going through a regular exchange
A direct STEEM-AUD exchange is exactly what I need. Converting to BTC and again to AUD, is too much of a hassle. The same goes when buying STEEM.
Nice work @ausbitbank.
That is awesome! Thanks for this
I'd also like to use the steem augmented service. Thank you for pursuing the idea @ausbitbank.
@roomofsatoshi when will a development decision be likely? I'm actually a Brisbane based software engineer. Perhaps I could be of some assistance in this process for the good of the community.
We're talking about it now. Should happen pretty quickly if we get consensus, hopefully in the next few days :)
Would love to be involved, even if for a beta trial. Let me know if you'd like any external support and thanks for the buy-in.
Non Australian here. Steemit is about community and this post that you've written is excatly the kind of green content that Steemit generates on its platform. Furthermore this type of creativity to help out individulas to crypto currency is the type of positve marketing that benefits both Living Room of Satoshi and Steemit.
I hope that Living Room of Satoshi adopts Steem and that this is the first step in a wounderful and prosperous partnership. Thanks @ausbitbank you're doing the community, your country and Steemit proud.
If you heard a high pitched squeal from an unidentified source, it was most definitely not me, because I do not squee. Ever. Really >_>
I have never heard of this service but if they make a way to convert steem to something a bank account can understand I will be there like greased lightning, possibly with a bell on if I can find another bell because I lost mine.
That would be realy cool. I would use that.
The whole world is changing in front of our eyes, right now!
This would be awesome and make it so much easier for me. I hope this happens for all our sake.
and you're so gREAT always donating the earnings of your posts to generate balls rolling BRAVO man
Looks cool and great name LOL!
ADAM YOU ARE THE BEST AMBASSADOR FOR EVERYTHING oh my lordy yess what is this satoshi wizardry im missing, yessss please this would be a wonderful service to simplify the processes
These kind of services would be amaizing. The more places who adopt this system the better.
I would like that.
Would be very useful. Never heard of this website will have to check it out. Thanks
That is awesome! Thanks for this.My friend @snooway has been on steemit for a few months now, and she has yet to be able to convert her earnings to AUD by herself because it's too complicated/trouvlesome. I'm sure she would love this service. Btw, what are the exchange rates and fees like for their service?
I think there will be a lot of people that just don't want to deal with the complications of bitcoin, that would love this service..
The exchange rate is pretty good, and they make their fees from the currency spread. Rates are published here https://www.livingroomofsatoshi.com/api/v1/current_rates
Yeah agree. Thanks, I will have a look now.
That's a great find @ausbitbank. So slowly and steadily more businesses in Australia are getting into cryptocurrency. I'm going to give it a try for my next water bill. Thanks for sharing. Re-steeming it now.
Excellent please do test it out with a bitcoin trade next time - would you be interested in using for STEEM to AUD conversions as well if they were to add it ?
I will for sure mate. Will let you know how it goes. Thanks.
i love your blogs cause you got news about cryptocurrencies
and i really wanna read it fast as they come out
i do my own research everyday too , you can see my blogs about cryptocurrencies too :)
havea great day my friend
Great information
No fees, for real?
Seems legit..
How cool is that, I hope we have that kind of service too in our country.
Great info ! Thank you so much .
Good posts from you @ausbitbank
I like it..
Not an Aussie but a big fan of the down under
Ya, thats awesome. I hope we catch up in the US soon. I want to pay my bills with btc! I want to get paid in btc.. BAAH.. Following now
If you're an Australian - you can pay your bills with bitcoin. The post started with me paying my internet bill with bitcoin ;)
If you're an aussie - would you like to be able to use STEEM to pay your bills too ?
another great post :)
resteem and upvote for your post....
Paging @ladycrypto , @ozzy-vega , @mattclarke @ozmaga would you use this service?
As an american, I'd like to see bitcoin, steem and any other crypto adopted at Livingroomofsatoshi. Hopefully it would lead to more services of its kind in the US and around the planet.
Great post, followed and upvoted.
Big fan of the living room of Satoshi team. Can anyone explain how these guys make money for their service however? They talk about the "spread" which I don't really understand...