The first gas station to accept Bitcoin in my region

[stompix]

How interesting to see that a African country (Nigeria) can take the lead with the acceptance of Bitcoin as a payment option for Petrol & Gas.    (I like the Bling on the Gas station.... it looks like an Arabian Prince's house... )

The lead?  
2014:
https://www.coindesk.com/markets/2014/01/31/you-can-now-pump-gas-for-bitcoin-in-the-rocky-mountains/
Here is one whole chain of gas stations accepting crypto, and another one!

Central Bank of Nigeria banned bitcoin and other cryptocurrencies but this does not stop some businesses from accepting bitcoin. But I can say the ban is affecting and some businesses would rather not accept bitcoin payment because of the ban. But it is not a total ban, it is just an implicit ban. After the ban, I have read news of a school that accepted bitcoin and also a hotel that even wanted to have some of his reserve in bitcoin and accept bitcoin paymen.

Does this ban come with any legal consequences adopted by law?
Because if there is no active punishment for this it means zero, it's just like the whole personal drones issue a few years ago in my country, they were banned but there was no punishment for it so even if the police would come and demand that you stopped they had no way to issue you a ticket or arrest or confiscate the drone, making it a completely useless law till they criminalized it for certain cases.  

So if this is the case, then, there is no actual ban, maybe just advice, and you can always $%# on advices 

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[fortuner]

I will be glad to know what is their process for using Bitcoin as the payment method?
Like how it works from customer to store side, is it convenient from both sides? And I am curious the advantage and disadvantages of using Bitcoin for paying your gas on a setup like this. Overall, I'm glad to see a business like this.

But the question now is whether all the people who fill the gas recognize bitcoin.
Sometimes there are people who lack knowledge because not everyone also analyzes the world of bitcoin and how it forms.
But if it is said what about their losses and profits, of course they have thought of it long ago so that they are able to accommodate payments with Bitcoin.

[Wiwo]

This is a good initiative to accept Bitcoin in a gas station, this must be among the first Bitcoin in gas stations in that region, do you mind sharing the location of this gas ⛽ station one may want to try out their services if they are in that region. But on a general note, I commend you for the initiative to burst Bitcoin adoption in a region where the central bank is against the use of Bitcoin within the financial sectors but Bitcoin, on the other hand, has burst the economy of the youths in this region.

[Henrobakkara]

How interesting to see that a African country (Nigeria) can take the lead with the acceptance of Bitcoin as a payment option for Petrol & Gas.    (I like the Bling on the Gas station.... it looks like an Arabian Prince's house... )

The lead?  
2014:
https://www.coindesk.com/markets/2014/01/31/you-can-now-pump-gas-for-bitcoin-in-the-rocky-mountains/
Here is one whole chain of gas stations accepting crypto, and another one!

Central Bank of Nigeria banned bitcoin and other cryptocurrencies but this does not stop some businesses from accepting bitcoin. But I can say the ban is affecting and some businesses would rather not accept bitcoin payment because of the ban. But it is not a total ban, it is just an implicit ban. After the ban, I have read news of a school that accepted bitcoin and also a hotel that even wanted to have some of his reserve in bitcoin and accept bitcoin paymen.

Does this ban come with any legal consequences adopted by law?
Because if there is no active punishment for this it means zero, it's just like the whole personal drones issue a few years ago in my country, they were banned but there was no punishment for it so even if the police would come and demand that you stopped they had no way to issue you a ticket or arrest or confiscate the drone, making it a completely useless law till they criminalized it for certain cases.  

So if this is the case, then, there is no actual ban, maybe just advice, and you can always $%# on advices  

You are right. I believe in Nigeria they can go after your Bank account if it was suspected to still be receiving transactions from crypto trades and I believe this can happen to the Gas station's Bank account cos not too long ago the CBN still fined some Banks that were not complying with the initial instruction from CBN. The Central Bank of Nigeria (CBN) has penalised six banks for N1.314 billion over alleged non-compliance with a regulation on cryptocurrency accounts. But maybe not directly coming to the gas station and stopping them from accepting Bitcoin.





 

[slavidivanov]

That looks great. Actually, we are working on a similar solution. However, we make transactions only with AVAX because of the network speed and fees. Any recommendation on how to handle this challenges for Bitcoin will be great.

[bakasabo]

So how exactly is payment procedure going to work? Do users have to pay inside the station? Or there will be a terminal outside and this white screen is a part of it? You have said you tried hard to convince board to make such step - tell us what were major difficulties? I dont know much about petrol business in Nigeria. Arent accepted currencies regulated by government? Or anyone can run a petrol station business and set his own preferable currency as a payment?

On the other hand - bitcoin acceptance looks quite unpresentable frankly speaking. There are just several attached A4 printer papers at the gas station. This can even be a joke, or a scam?

[Rockstarguy]

I love the fact that you are promoting bitcoin with your business. Gas station is a lucrative  business that will nice if bitcoin is involved in it, another important aspect of accepting bitcoin as payment in your gas station is that it is a good form of payment when selling a larger portion of payment and I think it is kind of more safer than accepting fiat.  This is the kind of business Idea I so much appreciate.

[qwertyup23]

Man, this is truly amazing! Not only does that gas station provide convenience on your end, but it may attract users to get curious on what cryptocurrencies are!

You truly have a vision for innovation- providing more means and methods of payment instead of sticking to conventional cash. What you are doing is you are brining and advocating the use of BTCs in order for people to remove that stigma and negative mindset about it.

Just a quick question, are the payments instant? As far as I know, there are transaction fees that must be covered and the process of confirmation takes time. How do you remedy that situation where people would instantly leave as soon as they left the establishment?

[stompix]

You are right. I believe in Nigeria they can go after your Bank account if it was suspected to still be receiving transactions from crypto trades and I believe this can happen to the Gas station's Bank account cos not too long ago the CBN still fined some Banks that were not complying with the initial instruction from CBN. The Central Bank of Nigeria (CBN) has penalised six banks for N1.314 billion over alleged non-compliance with a regulation on cryptocurrency accounts. But maybe not directly coming to the gas station and stopping them from accepting Bitcoin.

That is for exchanges, where obviously you have people depositing fiat in order to get coins, here there is no clear relation between the bank account of the gas station and the payment inc crypto, the owner might simply choose to use some of the payments as an investment so technically if he has a good lawyer he can prove that there was no exchange happening, he basically did a barter exchange. Since the law is not clear, it can be avoided, just as much as it can be abused.
But one of the articles from your link, damn the content is just hilarious:

https://www.cbn.gov.ng/Out/2021/CCD/CBN%20Press%20Release%20Crypto%2007022021.pdf

At this juncture, the CBN would like to assert that our actions are not in any way, shape or form inimical to the development of FinTech or a technology-driven payment system. To the
contrary, the Nigerian payment system has evolved significantly over the last decade, leapfrogging many of its counterparts in emerging, frontier and advanced economies
propelled by reforms driven by the CBN. This is evident from the variety of participants, products, channels, cutting-edge technology in the payments system. It is also validated by
the astronomical growth of volume/value of transactions and the fact that Nigeria is an investment destination of choice for international financial technology companies because of
CBN’s policies that have created an enabling investment environment in the payments system.

I don't know what they are smoking, but when just one article away you're reading:

38.1 million of the country’s 106 million (18 years and above) adults or 36 percent of Nigerian adults remain completely financially excluded. This is a shortfall by 16 percent points from the desired target of a 20 percent exclusion rate.

it's clear they are smoking some heavy stuff.

As far as I know, there are transaction fees that must be covered and the process of confirmation takes time. How do you remedy that situation where people would instantly leave as soon as they left the establishment?

LE, added a no
Use a filter so no RBF payments, no unspent parents for the tx, put a camera, and of course use LN.

[cheezcarls]

Awesome! I love seeing this kind of news when it comes to the adoption of Bitcoin. Congratulations by the way!

But I have a question though. Are you using the Lightning Network? Coz’ one setback if BTC was made as a payment option is the high transaction fee and the duration of its confirmation.

I am not sure about the government though if they are allowing BTC as a medium of exchange in your country. There are certain countries like Russia in which they are not allowing BTC as a means of payment but allowed in crypto trading.

[kryptqnick]

Congrats to op for being so initiative and adopting BTC as a manager of a gas station, this is really cool! Perhaps you can now update the thread from time to time and share how many people actually use BTC to pay or ask about it (or other cryptos)?
Also, am I correct, like some others before me, to assume it's in Nigeria (because of the naira mentioned on the photo)? In that case, how are things going there? I remember there were some shady and not very crypto-friendly decisions made by the government, no? Can the station get in trouble for accepting BTC? Or is it something not legal but not prosecuted either? It would be nice to hear directly from Wakate here, to get the view from the inside of the country and the business side.

[so98nn]

That’s amazing man. I’m just so glad different regions around the world are trying to accept bitcoin in some way possible. Here in my country peeps are scared to transact freely, taxes is another challenge and what not. Just love the fact that it’s now being accepted at gas station too. So fuel goes bitcoin!!

I just hope this trend passes on to next station and next station to neighbour countries and so on. Good luck to all of us and your local peeps enjoy paying in btc.

[Wakate]

Man, this is truly amazing! Not only does that gas station provide convenience on your end, but it may attract users to get curious on what cryptocurrencies are!

The urge to bring the idea of Bitcoin to the table had been in my mind for long. I quickly decided to make use of the opportunity as the new manager to convince the board with substantial explanations and the fortune the company could make by holding Bitcoin. Bitcoin is an asset and also a currency that could skyrocket anytime with greater momentum.

You truly have a vision for innovation- providing more means and methods of payment instead of sticking to conventional cash. What you are doing is you are brining and advocating the use of BTCs in order for people to remove that stigma and negative mindset about it.

It took me time and adequate preparation to achieve this and I'm so happy my vision was never in vain. I also got some advises here from forum members on how to achieve this.

[Wiwo]

Man, this is truly amazing! Not only does that gas station provide convenience on your end, but it may attract users to get curious on what cryptocurrencies are!

The urge to bring the idea of Bitcoin to the table had been in my mind for long. I quickly decided to make use of the opportunity as the new manager to convince the board with substantial explanations and the fortune the company could make by holding Bitcoin. Bitcoin is an asset and also a currency that could skyrocket anytime with greater momentum.

You truly have a vision for innovation- providing more means and methods of payment instead of sticking to conventional cash. What you are doing is you are brining and advocating the use of BTCs in order for people to remove that stigma and negative mindset about it.

It took me time and adequate preparation to achieve this and I'm so happy my vision was never in vain. I also got some advises here from forum members on how to achieve this.

This is basically one of the most amazing things I read this period reading about you using the opportunity as a manager to affect the adoption of Bitcoin as a payment option in the gas station, this look similar to what I recently initiated in my community educating people on the need for Bitcoin adoption and how to own and use Bitcoin, good luck to you mate to keep in mind that there is always a room for improvement keep the vibes on bro.

[crwth]

I'm happy for you and the people in your country to have that option. It just shows that a lot more people would be willing to receive payments in Bitcoin instead of fiat. I do hope that other countries would follow suit, and that would be the best thing that everyone will have involved in crypto or not.

It's fantastic that you have managed to make your company, being a manager, that it then accepts an alternative payment. It's nice that there are people like you.

Imagine the things that we have gone through, from the start to now. You wouldn't imagine how much Bitcoin has changed and how much it has given to everyone. Those challenges are nothing. It's going to be worth it in the long run.

[fiulpro]

I can confirm how people from Nigeria are hyped about bitcoins and other cryptocurrencies, I have a lot of friends from there and they are always willing to exchange their coins and trade leaving the platforms aside, I do think that despite what the government might portray the people might very easily turn that around, in a country with immense probelms and corruption bitcoins and other cryptocurrencies might be just what they need but again the volatility is not for everyone and might cause a general problem for most. I do think that you should definitely go and transact in Bitcoins there it might help them boost their morale and also their business for the first time.

[bitzizzix]

Slowly bitcoin is being widely used as an alternative payment and the OP's news is very good news, and I've heard in Nigeria, crypto is growing in popularity and making it a major financial asset that is the subject of intense interest and speculation in Nigeria.
The failing economy and naira have made holding crypto a necessity as a hedge against inflation, this has led Nigeria, with its 200+ million population, to achieve the position of being the largest Bitcoin market in Africa and this is very good news.

[Leviathan.007]

I'm so happy for you to see you can use the gas stations and pay the gas price with bitcoins, I hope to see even more countries doing the same thing for their people if they show interest in this payment method. However, I have some questions regarding this experiance for example when you visited the gas station how did people react to the bitcoin payments did they show any interest like you did or they were completely unfamiliar with this technology, actually in the pictures I was trying to find some other people to see if the gas station where they accept bitcoin is under demand by other people or not.

[serjent05]

It's nice to see local establishments accepting Bitcoin.  This gasoline station may provide a good advertisement for BTC because it gives a lot of exposure.  Aside from that, it can also trigger curiosity in passersby.   

There is a gas station named Blockchain Fuel found in Pangasinan, Philippines and it was stated that it also accept Bitcoin[1]



[1] https://bitpinas.com/feature/blockchain-fuel-spotted/#:~:text=While%20browsing%20our%20social%20feeds,Lingayen%2C%20Pangasinan%20that%20accepts%20bitcoin.

[Zilon]

Initiating bitcoin payment is the first step to campaigning about bitcoin and a good boast to improving bitcoin adoption. We hope to see more adoption, next is to study closely the response to the bitcoin payment option using a good data analysis tool this could stand as a powerful research to preferring better ways of sensitizing more audience on bitcoin as an alternative payment option and how to go about owning bitcoin in the first place.