That's right, the things you can buy with Bitcoin are expanding!
Did you know that you can purchase gasoline with Bitcoin, at least in some parts of the country?
Texas based oil and gas data company, Oilfield Intel LLC announced a few years ago that they would accept Bitcoin at their retail gas station. This marked the first in the industry to do so.
Then a few months later, the Cosmic Market in Greeley Colorado announced that they would be accepting Bitcoin at their retail gas station and also manually in their convenience store as well.
Those were exciting developments but haven't spurred much adoption up to this point.
The real exciting news comes from an inventor...
Andy Schroder invented a new way of purchasing fuel via Bitcoin.
He designed and built a fuel machine that allows customers to scan a QR code and send Bitcoin instead of using more traditional means of payment to fill up their vehicle.
If this were to catch on, it could change the entire way we as consumers obtain commodities that we use every day.
Schroder hopes to adapt his design to incorporate the new Lightning off-chain payments technology, which would allow for real time micro-payments which could take his payment idea mainstream.
So far, he is having some issues incorporating the technology.
As it operates now, the payment processing system refunds any unused portions of the Bitcoin prepaid amount. A fixed amount is prepaid upfront and the unused portion is distributed back to the customer.
That second part is causing a bit of hangup with using the Lightning technology.
Schroder is currently using Bitcoin Improvement Protocol (BIP 70) which creates a receipt for the customer and also automatically provides a refund address to the seller.
The Lightning invoice protocol doesn't appear to accommodate such refunds.
A possible fix could involve fitting cars with an on-board digital wallet, although that would be more of a longer term fix for the problem and not one that could likely be implemented in the very near term.
Schroder is going back to the drawing board, figuring out how he can make this all work, but if history is any indicator, he will figure out a solution in no time.
Stay informed my friends.
Sources:
https://bitcoinmagazine.com/articles/paying-bitcoin-gas-pump-1398810681/
https://www.coindesk.com/creator-of-worlds-first-bitcoin-fuel-pump-plans-lightning-support/
Image Sources:
https://www.coindesk.com/inventor-creates-commercial-bitcoin-fuel-pump/
https://www.coindesk.com/creator-of-worlds-first-bitcoin-fuel-pump-plans-lightning-support/
Follow me: @jrcornel
Amazing gas station :) good choice
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Hi ,
Thanks for the great content
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That's awesome! I literally just wrote about accepting Bitcoin, Litecoin and Ethereum in my taxicabs! Check it out. https://steemit.com/bitcoin/@thatdude/taxicab-now-accepting-bitcoin-litecoin-and-ethereum-steem-is-next
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That's really great, you can spread the knowledge about cryptos to the passengers
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That is awesome! I can't wait till you add steem. :)
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In the works! I'll let you know when I do. :)
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I APPRECIATE YOUR WORK!
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Amazing....
https://steemit.com/bitcoin/@space-man/one-easy-way-to-mine-is-cloud-based-mining
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Sweet
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Great
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I can see this implementation working better with other currencies that take less time to verify the transaction and have no fees. Interesting to see cryptos expanding with real life use solutions.
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Yes those are my thoughts as well. That is why he is trying to implement the Lightning network. He also said he would be looking at adding other currencies to broaden it's appeal.
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Gas is so 19th century. Let's purchase some hydrogen or some algae fuel man, bring on the future !! (-:
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I think you mean, back to the future! :)
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yeah... that too ! (-:
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🤔😎😂😂
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A lot of people in the comments here are talking about transaction fees.
Just a quick note on that for anyone who might not know - Credit card transactions have fees associated with them that are unknown to the card user. These fees are typically 2-3% plus a flat transaction fee of $.10-$.50, and are billed to the retailer. So while you may be paying $30 at the pump, the gas station is only getting $29 of that, give or take.
Bitcoin will allow you to pay $29 at the pump and then a small transaction fee. So your gas will be cheaper even with the fee.
The much bigger challenge is the transaction time. Credit cards are near instant and it's going to be a major hurdle for mass adoption of bitcoin until the transaction time is much faster.
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Bingo! Thanks for the clarification.
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It's coming, although there are surely some bugs to work out yet. In my opinion, the main key is to, yes, work out the details, but to find a solution that keeps the transaction costs to a minimum. Obviously, high transaction costs would really hurt mainstream adoption.
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Yes, that and the speed of the transaction. If it can be as fast as swiping a card then we have something here...
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Bitcoin has no real value, its just a digital asset, kind of like a digital car. should something happen to the economy, its outright useless.
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This is great news and demonstrates the network effect of bitcoin, over the Alts. You don't hear stories of coin X being accepted anywhere! Sooner or later there will be A cras and the majority of coins will not recover. The key coins will continue to thrive though. coins will continue to thrive though.
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Damn that's awesome!
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Wow.. so much easier
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It make sense
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that's amazing development, with the induction of block chain we are well on the way to remove the middle man possibilities, even yesterday i saw a post where author buy the Mug and a personal logo shirt using SBD so all in all not only bitcoin but other good crypto like steem also growing and now we are able to use them to buy products. thanks for sharing
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Great post and great project. I think that real life solutions will be what eventually drives up the price. Currently, Bitcoin has almost no use and the price is only increasing because investors buy I to it. Once true mainstream adoption is achieved, the price won't increase that fast anymore because people will be slow to adapt, but it will steadily increase and by much less volatile than now.
By not increasing that fast anymore I still mean 100%-200% per year.
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Wow thats cool, good that prices in dollars though haha, bitcoin very pricy this days.
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bitcoin is touching the rare heights!
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I like the concept, but on on-board wallet in the car could get interesting in the used car market.
Think anyone might find forgotten crypto in their car, like finding cash in the pocket of an old coat?
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Future is here, bro.
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For BTC popularity, since BTC already accepted as mode of payment anywhere in the world and gain to much price till no one can afford to buy, that the time people will seek for altcoins. The potential choices for its closer to zero transaction fee and fast tranfer is eitheir steem or flashcoin.
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In Spain payment with bitcoin is slowly setting off although most of people don´t know about this business.
In my opinion, several years will be neccessary to reach the goal at least in Spain.
Good post
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It s so hopefull
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wow that Awesome News thankx for sharing this @jrcornel
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I did not know you can buy gasoline with Bitcoin. That's really great. We have to expand this
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Oh, come on...I've been spending hours trying to make sense of bitcoin wallets and how could I eventually use cryptocurrencies...i have like a million bookmarks, waiting for approval on several local sites...
I find all this so hard right now...
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Very cool! We need more stuff like this so we can spend our crypto in real world easier!
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Hello, Everyone needs fuel... :)
Let's be friend and work together, Regards.
https://steemit.com/bitcoin/@space-man/one-easy-way-to-mine-is-cloud-based-mining
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Awesome post!
The future is coming! I was just saying to my manager the other day about how awesome it would be if we accepted #Bitcoin as a form of payment at our bar! Think about it... today, you could buy a Budlight for $4.50 , or 0.000943 Bitcoin.. In a week, that Budlight purchase could now be worth $6.50... I think once businesses start thinking of taking payments as bitcoin for the use of investments, things are going to BLOW UP...
What do you all think???
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It looks nice and catchy, I love seeing posts about people being able to buy things with bitcoins or any other cryptocoin, can't wait to have something in my country that can be bought with some type of coin. Nice post @jrcornel.
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Its all about ease of use. Once paying with BTC is ad easy if not easier than paying with a credit card.....well, game on!
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https://steemit.com/bitcoin/@ziadelgarhy/egypt-is-considering-allowing-the-circulation-of-the-currency-petcwin-electronic-transactions
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wauu, surprising, good post, congratulations
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Wow! Interesting. That will disrupt!
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Great post! Viva Bitcoin!!!
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Good news
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Do I have to drive to his driveway in some remote town in east jabib?!?!? haha
Kidding
Great post ;)
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I love it. We should start seeing that bitcoin logo popping up all over the place in the near future.
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WHAT THE HECKKK! omg this is amazing! You just made my day. Thanks for sharing! ahhhhh how cool! :)
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a great advancement for the world, I hope the future can all use bitcoin, all markets accept bitcoin as payment. the world is getting more and more rapidly progressing. thanks to the scientists who have changed the world becomes easier.
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This is very interesting. With augmented reality and digital currency, doing business could become very interesting.
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in Italy this fuel pump would be the top :)
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It ´s incredible!!, very good explanation of the subject
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Nice man that's pretty damn cool that you can do that! Not in my country yet, but in the future bitcoin will be our primary currency i just feel it, anyways upvoted ;)
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The next thing is paying Bitcoins or other cryptocurrency when you need to charge your electric car :)
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good information, thanks
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Wow, this is awesome that we can pay gas with Bitcoin, great article ;)
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Why would I spend my bitcoin? It's fungibility is dead with the volitility in price...
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Great. One day we will use btc to pay for all things
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This is great! It won't be long until cryptocurrencies are easier to use.
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When I tell people that Blockchain will change the world they think Im crazy.
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Thats awesome, Booom
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Wonder how far off this idea really is
@rogerblu
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Amazing to fill your tank using Bitcoin! @jrcornel
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Cryptocurrency the ever evolving market! I'm so amazed everyday! I love it!
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That is a nice invention that would reduce depletion of ozone layer.
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it's so strange that's why get so many upvote, I wish we could give a upvote.
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close to the future .Good info!!!
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Nice to see people finally really adopting bitcoin as a currency to buy different stuff in the real world, thanks for sharing!!
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Hi
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Well that is good but my one go whit 40% water 🙈😁
The good think we are going big , tha is good
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This is great. It is getting on its way to the main market stream!!
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Great Post.
upvoted
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Great news!
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What if everything can be paid by bitcoin????? I guess we're heading to the future now.. haha
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