Sydney: The time-saving, cost-cutting, ultra-secure promise of bitcoin and its cryptocurrency peers is some way off given low rates of adoption, but a new service is aiming to take Australians a step closer.

Cryptocurrencies encompass two contradictory principles: for them to work, they require transparency, history, ledgers and electronic fingerprints, and yet they appeal to people who seek anonymity. Credit:

IvyPay, a partnership between Australian cryptocurrency brokerage HiveEx.com and Aussie-owned blockchain-based tech company Ivy, will let crypto owners use their assets to pay bills or transfer funds directly into their bank account.

The service aims to overcome a major mainstream objection to cryptocurrency.

That is, it could be useful at some unspecified future date but currently serves no real purpose due to existing infrastructure.