What would happen if BTC was accepted for gasoline?

[redwhitenblue]

This is actually a great use for BTC micropayments.

If for example a driver wanted to buy exactly $10 in gas then they could send $10 in BTC to a QR code at the gas pump  that would distribute the appropriate amount of gasoline. 

This would benefit the gas station as the fees to receive payment would be much less then the cost to accept credit cards, chargebacks and the potential for robbery of cash receipts.

This would benefit the consumer as they can buy an exact amount of gas without having to go into the store.

[Ron~Popeil]

There is a video out there of a bit coin gas pump. You would pay a certain amount before you pump and get an immediate refund of any unspent coin. This technology is ready to go right now.

[bryant.coleman]

There is a video out there of a bit coin gas pump. You would pay a certain amount before you pump and get an immediate refund of any unspent coin. This technology is ready to go right now.

Yeah... I saw that in CoinDesk.

http://www.coindesk.com/inventor-creates-commercial-bitcoin-fuel-pump/

The video is here:

http://www.youtube.com/watch?v=7p1dyJ0Zy50

[negafen]

Trend is more and more merchant will accept btc.


Wider acceptance doesn't mean price increase.

[blackhathasher]

i didnt read over this whole thread so i am sorry if this has been covered;

there are a handful of gas pump manufacturers that make the computerized vending part of the pump.

those companies need to build BTC acceptance into the kiosk part and then your krogers, walmarts, BPs, mapco etc can choose to use them.

it is a huge hurdle to get past but when the dam cracks....

someone should petition these manufacturers...

[nickenburg]

Sorry for not specifying.

What I am asking is what would happen to Bitcoin's price, as well as its popularity and acceptance among merchants.
So;
1. What would happen to Bitcoin's price?
2. What would happen to Bitcoin's acceptance among merchants?
3. What would happen to Bitcoin's popularity?

These can all be answered in your opinion.

This is a really interesting question, because probably every human being stops at the gas station atleast once in their lifes.
So for a gas station to accept bitcoin would be a great step for bitcoin I would say.

1. Price will rise for sure!
2. I think more and more will accept bitcoin as a payment just to not lose customers.
3. Go trough the roof, especially when there is some kind of discount on your gasoline if you pay with bitcoin!

I even believe after reading this question, that we should get some gas stations to accept bitcoin as payment and see what happens.

[STT]

There is a video out there of a bit coin gas pump. You would pay a certain amount before you pump and get an immediate refund of any unspent coin. This technology is ready to go right now.

This is not my personal opinion but you know when you first say people should take out their mobile phones and place it near the fuel fumes, its going to kill us all.      
Pretty sure its been disproved that mobile phones cause fires, explosions even but that is the common perception afaik ?

[Ron~Popeil]

This might be the point where we find stiff resistance from government. Buying oil products with BTC will make them really uncomfortable.

[zimmah]

Once the OPEC countries start becoming bullish on bitcoin, they will eventually not even accept bitcoin, they will DEMAND it.

That's where the price would go through the roof. As SlipperySlopes model predicted, by 2016 or so the price would increase by $100 000 every few months, OPEC countries demanding bitcoin for oil could be one of the triggers for this event to happen, and 2016 does not seem like an unrealistic date to me.

[DolanDuck]

There is a video out there of a bit coin gas pump. You would pay a certain amount before you pump and get an immediate refund of any unspent coin. This technology is ready to go right now.

This is not my personal opinion but you know when you first say people should take out their mobile phones and place it near the fuel fumes, its going to kill us all.      
Pretty sure its been disproved that mobile phones cause fires, explosions even but that is the common perception afaik ?

You don't have to put your phone over the fuel fumes, the gas pump and the btc receiver shouldn't be close, I think it would be very safe.

[Ron~Popeil]

Once the OPEC countries start becoming bullish on bitcoin, they will eventually not even accept bitcoin, they will DEMAND it.

That's where the price would go through the roof. As SlipperySlopes model predicted, by 2016 or so the price would increase by $100 000 every few months, OPEC countries demanding bitcoin for oil could be one of the triggers for this event to happen, and 2016 does not seem like an unrealistic date to me.

That is why I find it particularly exciting the Dubai is becoming so bit coin friendly. Even my tiny pile of bit coin could be worth a small fortune then.

[Trading]

Stating the obvious, any new large retailer accepting bitcoin will always be good news, even if he dumps the bitcoins after receiving them.

Any spent bitcoin had to be bought and new retailers mean new bitcoiners, so more people knowing and buying bitcoin.


But, probably, it would be even more important if a large general retailer started accepting it. Many people don't have a car, but all have to buy groceries.

[okthen]

The good think with that would be that most gas companies are fairly international.
Unlike Overstock or Dish, which have little impact outside the US.

[Harley997]

What would happen if a major gasoline distributer allowed for clients to purchase gasoline for Bitcoin?

Discuss.

This would increase consumer adaption greatly!

Motorists could easily purchase an exact amount of gasoline without needing to go inside (or they could buy gasoline in an exact amount when the store is closed).

This would lower costs for business owners (not needing to employ as many clerks, or for as many hours as less people would need to go inside to pay), along with the lowered transaction costs.

It would benefit consumers as it would be much more convenient.

[jeffersonairplane]

Well in that case Bitcoin would be known world wide. However the increase and decrease of BTC would cause huge problems.

[freebitcoins4u]

guessing outcomes is hard, still i think it will do only good for everything.

[ajareselde]

Bitcoin in terms of price should look to more speculative trading based areas.
Sure, it wouldnt hurt if acceptance was higher, but those green candles rise much faster and much higher when there are speculations, than they do when acceptance spreads.
For the sake of all of us, with everything above, there needs to be less bad news (mt.gox, insta-wallet raid..and so on)

cheers

[okthen]

Bitcoin in terms of price should look to more speculative trading based areas.
Sure, it wouldnt hurt if acceptance was higher, but those green candles rise much faster and much higher when there are speculations, than they do when acceptance spreads.
For the sake of all of us, with everything above, there needs to be less bad news (mt.gox, insta-wallet raid..and so on)

cheers

And also, more good news
Otherwise all could stagnate quickly.

[Harley997]

Bitcoin in terms of price should look to more speculative trading based areas.
Sure, it wouldnt hurt if acceptance was higher, but those green candles rise much faster and much higher when there are speculations, than they do when acceptance spreads.
For the sake of all of us, with everything above, there needs to be less bad news (mt.gox, insta-wallet raid..and so on)

cheers

bitcoin will be hurt over the long term if it is involved in more speculative trading ventures. More speculation would probably lead to increased short term trading and TX activity, however this would set it back in terms of acceptance of the general public.

Over the long term the more bitcoin is accepted by merchants and the public the higher the price will be.

[okthen]

Bitcoin in terms of price should look to more speculative trading based areas.
Sure, it wouldnt hurt if acceptance was higher, but those green candles rise much faster and much higher when there are speculations, than they do when acceptance spreads.
For the sake of all of us, with everything above, there needs to be less bad news (mt.gox, insta-wallet raid..and so on)

cheers

bitcoin will be hurt over the long term if it is involved in more speculative trading ventures. More speculation would probably lead to increased short term trading and TX activity, however this would set it back in terms of acceptance of the general public.

Over the long term the more bitcoin is accepted by merchants and the public the higher the price will be.

Speculation will not hurt bitcoin because it will naturally decrease over time.
Right now, any interest in bitcoin is better than nothing.