bitcoin

Bitcoin accepted as valid currency by Australian lawyers

The legal fraternity has made it first foray into the use of Bitcoin as payments for services rendered.

LegalVision, an Australian legal service provider, is the first to allow its customers to pay for legal services with Bitcoin.

Bitcoin is a decentralized digital currency and allows users to transfer money on the Internet without using a bank. It also allows users to transact with each other directly.

LegalVision installed Bitcoin support on January 21.

LegalVision chief executive Lachlan McKnight said he was interested in using the crypto-currency because it fitted with the online firm’s emphasis on efficiency and innovation.

“LegalVision is a progressive and innovative business, we appeal to a new generation of business owners who see the cost benefits of getting all their legal work done online,” he said. “Bitcoin is just the natural evolution of that thinking and the currency could be the future of online payment systems."

McKnight said his firm used the latest technology to make its services as cheap and easy to use as possible.

“We provide online legal advice and documents—so it makes perfect sense for us to start using digital currency,” McKnight said.

Acceptance increases

Bitcoin has come to international prominence in the past six months.

It has been welcomed by some major banks and met with caution by some government agencies.

China’s central bank has banned lenders from using the virtual money, while Finland’s banking authorities have said that Bitcoin is not real currency.

However, many parts of the private sector have embraced the currency.

A spokesperson for Citigroup bank said Bitcoin could improve society generally by making transactions easier.

eBay UK will start allowing users to buy and sell in Bitcoin on February 10, and in January Canada had its first Bitcoin ATMs installed, which allow people to exchange change for digital currency. On January 16, the National Basketball Association franchise Sacramento Kings became the first professional sports team internationally to accept payments via Bitcoin.

McKnight said LegalVision had been consistently ahead of the curve with its approach to technology.

“Our customers know the convenience and cost-efficiency of making the most of new technologies,” he said.

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