Using Crypto at Gas Stations

[adzino]

In most growing countries we've got more and more online stores and local merchants accepting bitcoin and other cryptocurrencies into the business.

In third world countries the scenario is different with the level of cryptocurrency adoption. Maybe over the falling few years of time can expect tremendous growth of cryptocurrency usage in all means.

Petrol market is volatile, but that isn't as volatile as bitcoin. This way making cryptocurrency for gas is simply possible.

You are making it sound like it is really simple to accept bitcoin in a gas station. Since the price of bitcoin is really volatile, they will need to adjust the price from time to time which might end up becoming a nuisance. Look at the price now, it goes up and down by 2/3 percent every hour.
Using bitcoin for making those payments might cause even more problem. What if the confirmation time is taking long because of high network usage?

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[bgaf]

I think not only in gas stations, but if bitcoin already legalized in a lot of countries, a lot of merchants can accept it and when we visit other countries, we can use bitcoin and it will really help us.

The topic is about gas stations which include the incorporation of blockchain. IMO, even though bitcoin started to get accepted, lots of authority in the government will block this in order to avoid such confusion. Remember, there are hazards of using mobile phones over these areas in which your payment is stored. Most people will disagree in allowing it as harmful effect is brought with it unless you are using paper wallet for transactions but this is not safe cause your paper wallet could be damage ans destroyed due to frequent usage.

[sockpuppet1911]

But what exactly would be a motive for let's say a gas station create a blockchain token? What would it fix and what exactly is their problem with fiat cash? To me they are doing just fine so what's the blockchain for? And why a new one? There are tons of cryptocurrencies already.

[TheUltraElite]

Using mobile phomes near gas stations is not allowed, but i don't think it will cause a fire and a huge explosion in the gas stations because scientists and other shows in the televisions already proved that it is not dangerous to use mobile phones near a gas stations.

I see, lets hope that is true for now. Would need to do some more research on this though to ease the mind. Would be good if you could post some articles regarding this too.

Anyways, using crypto or digital currency as a payment method in gas stations would really be convenient for us because we don't need to wait for our change when making a payment. Long lines at the gas stations might decrease with the help of fast transaction of cryptocurrency.

Well think about the public who are using a gas station. We have the influential ones and we have the low income drivers of taxis so it is similar in terms of users for any other common commodity like grocery. What is mean is that every new entrepreneurship needs to evaluate the population that is going to use the service. Are they tech-savvy? If yes then the use could be big. If no, then there will be problems in marketing the service with proper income.

[shiming]

In our country, you can't use a mobile phone to pay for a car. They are all paid by paper money, and it is estimated that they are for security considerations. If you use encrypted payment, the security of the payment environment is a very important issue, which needs to be considered in advance. Maybe there will be a way to solve this in the future.

[letyouearn]

I suppose some big fuel companies will be first to integrate bitcoin and other cryptocurrencies in their ecosystem. The one who is first to create and apply its own token will dominate. But this token will be stable coin of course.

[kambaralikhan]

Cryptocurrencies are in deep need of mass adoption so using cryptos at gas stations would be a great idea but it shouldn't be just stopped at using on gas stations Cryptocurrencies should be used in every format to fulfill it's purpose of creation which is a medium of payment A CURRENCY..

[deeameea27]

This is a good idea but here is not possible yet, maybe in 5 years will happen but i wish to be possible so i can pay with crypto at gas station.

[Abiky]

I suppose some big fuel companies will be first to integrate bitcoin and other cryptocurrencies in their ecosystem. The one who is first to create and apply its own token will dominate. But this token will be stable coin of course.

Not exactly. Mainstream fuel companies could simply back their token with the price of oil. It doesn't necessarily have to be a stablecoin. People who invest in their token will also have a share in the company. This could be like a Security Token Offering (STO) baked right into the Ethereum blockchain. By using Blockchain technology to keep track of gas sales, distribution, etc, a whole new world of possibilities is opened. But regulation is necessary if we want to see this become a reality sometime in the future.

Gas companies could either allow their customers to purchase gas online using cryptocurrency or physically with a smartphone. If going the physical route, the automated cashier would need to be placed separately from the gas station itself to prevent an accident (as smartphone's radio waves could cause a gas station to explode claiming many lives). The cashier would then grant entry to the gas station if the transaction is successfully confirmed by the Blockchain. This model would benefit not only gas companies but also the crypto economy itself. With real use cases for crypto (like the one explained earlier), the Blockchain industry could grow towards new heights. Just my thoughts

[Mahanton]

I suppose some big fuel companies will be first to integrate bitcoin and other cryptocurrencies in their ecosystem. The one who is first to create and apply its own token will dominate. But this token will be stable coin of course.

Not exactly. Mainstream fuel companies could simply back their token with the price of oil. It doesn't necessarily have to be a stablecoin. People who invest in their token will also have a share in the company. This could be like a Security Token Offering (STO) baked right into the Ethereum blockchain. By using Blockchain technology to keep track of gas sales, distribution, etc, a whole new world of possibilities is opened. But regulation is necessary if we want to see this become a reality sometime in the future.

Gas companies could either allow their customers to purchase gas online using cryptocurrency or physically with a smartphone. If going the physical route, the automated cashier would need to be placed separately from the gas station itself to prevent an accident (as smartphone's radio waves could cause a gas station to explode claiming many lives). The cashier would then grant entry to the gas station if the transaction is successfully confirmed by the Blockchain. This model would benefit not only gas companies but also the crypto economy itself. With real use cases for crypto (like the one explained earlier), the Blockchain industry could grow towards new heights. Just my thoughts

I can really felt the excitement of yours when it comes to this possibility of adoption but for sure it would still take a lot of time before it would be implied nor become a reality.
There would still lots of factors or things that should be arranged first before this thing becomes possible or would be considered by big oil companies.Blockchain tech is indeed
revolutionary in terms of payment solutions/transactions but i do still highly believe that they would still stick to the old and traditional way. Who knows if they are still on
the observation period and might able to consider it later on if they would see some benefits or demand to it.

[desticy]

This will certainly increase the mass adaptation of the cryptocurrency; however, why create a new coin if you can use existing ones.
In addition, it will be necessary to solve the most important problem called volatility, as well as transaction speed.

Ideally, all these problems are solved by a stable coin that can be used a lot functionally, including for paying for gas at a gas station.
I think about this kind of Facebook Facebook wants to bring its Libra project, the question is whether someone will be able to create a similar decentralized independent alternative that will be approved by regulators.

[leowonderful]

A lot of the Bitcoin ATMs in the US and Canada are already located in ATMs, so it's already somewhat possible to pay for gas with Bitcoin. It's still a hassle given you need time to do the transaction and you'd still need to convert that crypto to cash to pay, but it works at the moment. It'd be a pretty neat thing if there could be some sort of direct way to pay for gas with crypto, but I'd probably still continue to pay with a credit or debit card as they're accepted at pretty much every gas station and they're easy to use.

[TheUltraElite]

This will certainly increase the mass adaptation of the cryptocurrency; however, why create a new coin if you can use existing ones.

Mass adoption does not come from one single idea though it can induce a starting change and bring forth more changes.

In addition, it will be necessary to solve the most important problem called volatility, as well as transaction speed.

I am not sure why you are pointing these points out because both of them are essentially redundant. Volatility and the amount that is at risk to volatility would not be big for an average transaction for a gas payment. Lightning network will enhance the transaction speed too.

Ideally, all these problems are solved by a stable coin that can be used a lot functionally, including for paying for gas at a gas station.

A stablecoin is not the solution to every problem in the world. At one time people seemed to think that a new altcoin will solve every problem till they found  out that altcoin projects were shit. Same with stablecoins. What I wrote above also reinforces this point.

I think about this kind of Facebook Facebook wants to bring its Libra project, the question is whether someone will be able to create a similar decentralized independent alternative that will be approved by regulators.

A bit offtopic but Libra is never even coming to the scene. The mainstream operators and investors backed out.

[Chuky92]

You made a very good point if only there are people who can take it up. We keep clamouring for mass adoption but when one looks at this space, different things comes to mind, many projects are just a replica of what is existing, some don't even know what they want, some are just for pump and dump, all these and many more are part of the reasons why blockchain is still in its infancy. Now with your idea, it can be feasible and will contribute a whole lot because gas stations can't be left out. Lastly I believe mass adoption will take place but will only take time because most platforms are now seeing the importance of blockchain.

[flagpara]

It's 2020, yet crypto and Blockchain technology are still in their infancy. The introduction of smart contracts (via the Ethereum blockchain) to the mainstream world, has opened up a plethora of possibilities that were never imagined. Many companies have launched their own tokens via ICOs, IEOs, and even STOs. On the hand, stablecoins have been the hottest trend within the crypto space as they provide the convenience of Fiat with the security of the Blockchain.

Now, imagine if a mainstream company creates a Blockchain token that could be used at Gas Stations worldwide? This would definitely increase adoption of crypto and Blockchain tech within the mainstream world like never before. After all, paying for gas is a necessity these days for transportation. This, coupled up with self-serve, could be quite revolutionary. I'd imagine people driving to a gas station and paying with crypto from their phone in their own car to get their gas tank filled automatically. This hasn't been implemented yet, but it would be cool to see it happen someday.

What are your thoughts?

Every year our government huge tax earn from oil and gas stations, so our government never let this go from control. I know for easy payment and for online shopping this blockchain technology could be quite revolutionary. Every new use case of cryptocurrency is another big step for success as you think gas station.

[Abiky]

A lot of the Bitcoin ATMs in the US and Canada are already located in ATMs, so it's already somewhat possible to pay for gas with Bitcoin. It's still a hassle given you need time to do the transaction and you'd still need to convert that crypto to cash to pay, but it works at the moment. It'd be a pretty neat thing if there could be some sort of direct way to pay for gas with crypto, but I'd probably still continue to pay with a credit or debit card as they're accepted at pretty much every gas station and they're easy to use.

This could work, but people won't be using crypto directly for paying at their local gas station. If we want to increase adoption of crypto and Blockchain technology in general, we need to encourage businesses, companies, and individuals alike to use crypto instead of Fiat. Maybe this will be achieved via a stablecoin instead of an ordinary cryptocurrency like Bitcoin or Ethereum? After all, crypto is known to be volatile in price at times. A company accepting crypto directly for gas may not be the most profitable solution because of the wild fluctuations in price across the crypto market. It would make sense to adopt a stablecoin like Tether or DAI for gas payments as their value is pegged to $1 USD.

Or maybe gas companies could decide to back their own token against the price of a barrel of oil? Whichever way they decide to move forward, I'm sure that it'll benefit the Blockchain industry like never before. It's still too early to talk about this, since governments have been unable to properly regulate the crypto/Blockchain industry. But once they're able to do this successfully, you could expect to see mainstream gas companies accepting crypto for payments and more.

Nonetheless, using crypto at a gas station seems to be more like an idea/dream than anything else. As long as people use Fiat (either in the way of credit cards or physical cash), companies won't see the need to accept crypto payments in the first place. I hope I'm wrong and we'd get to see at least one company doing this sometime in the future. If this happens, expect demand for crypto to increase like never before. Everything will depend on how many people are using crypto and Blockchain technology, for companies to start adopting crypto payments at gas stations worldwide. Just my opinion

[Arcas]

Gas station become most large transaction every time and wonderful ideas when gas station accepting bitcoin or altcoin as payment transaction, why not we start with new era all payment using bitcoin and altcoin.

[Youghoor]

Isn't it dangerous if the transaction signal queue can trigger the gas to overflow and become a fire? unless previously ordered with the application system in advance. if they don't use stable coins, many will be confused by the ever changing rates. On the other hand, it might be effective if applied at electric vehicle stations.

Though it's a good and would probably help make transactions swifter have we ever considered the number of people we would be laying off work if we are to implement this. Sometimes i think we really need to take a break with all the technological innovations because it's laying so many people off manual work. I think technology is one of the few things that is not being regulated in this world. See all the huge and massive weapons that are being created everyday.