Thinking about a use case... | Bitcointalksearch.org

zolace

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Activity: 364

Merit: 250

Quote from: BitCoinDream on August 21, 2014, 11:14:29 AM

Quote from: vuduchyld on August 21, 2014, 11:00:57 AM

As I was putting gas in my car this morning, it occurred to me that this would be an awesome use case for BTC.

I've consulted with several c-stores that sell gas. It's not particularly profitable for them. Margins are very thin, and then they have to give away some of that margin for credit card processing fees.

So what would it look like to use BTC for gas purchases?

If I wanted to use BTC for gas, I could use Qora or maybe buy a gas card from CoinFueled or Gyft maybe. But that doesn't give the c-store much in the way of an incentive because they are still paying credit card fees. Could gas pumps have a QR code for a BTC wallet that I could shoot from my phone? Would there be concerns about the validation process? Would it never work because it takes too much time?

Help me think this through, wise people. What would have to take place to make this easy for the store operator?

2 things are required for the store operator to accept Bitcoin...

1. An internet connection. No need to explain why...

2. His vendor's acceptance of Bitcoin. If the vendor does not accept Bitcoin, he has to hit exchanges for encashing those BTC and that would be a business risk for him.

Actually it works like a chain and if u look at the top, there is OPEC.

Not only this but the problem in exchanging bitcoin to fiat it could be time consuming or expensive I had to go thru two middle men this week to get some fiat. I paid 31 dollars to get 330 USD , 31 dollars you know how much stuff I could have bought with my 31 dollars in my country. This is a very bad time for btc right now. We need ways to get fiat out with less expense and im still waiting for xapo card which can solve that problem.

bounst

full member

Activity: 228

Merit: 100

gas by bitcoin,
good idea!

vuduchyld

sr. member

Activity: 364

Merit: 250

Quote from: BitCoinDream on August 21, 2014, 11:14:29 AM

2 things are required for the store operator to accept Bitcoin...

1. An internet connection. No need to explain why...

2. His vendor's acceptance of Bitcoin. If the vendor does not accept Bitcoin, he has to hit exchanges for encashing those BTC and that would be a business risk for him.

Actually it works like a chain and if u look at the top, there is OPEC.

I'm not so sure their vendor would have to accept. With Bitpay, they could take payment directly in fiat. It would be just like with credit cards, maybe even faster to hit their account, and it would definitely cost them less.

Quote from: iluvpie60 on August 21, 2014, 12:39:22 PM

Don't forget any added hassle of having to keep track of all BTC prices, what price you sold it for, etc.... Better off using bitpay or something so they do it all for you.

The law as it is right now, says whenever you convert any cryptocoin into USD you have to treat it as selling a stock and you get a capital gains tax on it. Which means you need to keep track of everything. If the gas station had to sell a few dozen bitcoins per day and at different times they have to keep track of prices and everything and file on it. Now if they just accept the btc itself they don't have to do that.

THAT is a hassle. You're right. Damn. Gubmint screwed the pooch, there. That's going to affect pretty much ALL use cases for BTC.

Quote from: itsAj on August 21, 2014, 11:42:28 AM

This is actually a very good use for bitcoin. You are right that margins are very thin for gas stations when they sell gas, sometimes around a penny per gallon (this is even smaller when you compare the average cost of accepting a credit card (2-3 percent).

I saw a youtube video several months ago how some guy designed a gas pump that accepts bitcoin, it would show a QR code to send BTC to, you would pump gas, then when you are done pumping it would send a TX back to you with your "change"

I was thinking along those lines, as well. It could be a turnkey solution offered to c-store operators...a gas pump with BTC capability built in. Of course, that's a huge project. Not one I'm likely to tangle with, even if it is a good opportunity for somebody.

Quote from: RodeoX on August 21, 2014, 12:46:20 PM

Quote from: BitCoinDream on August 21, 2014, 11:14:29 AM

2 things are required for the store operator to accept Bitcoin...

1. An internet connection. No need to explain why...

2. His vendor's acceptance of Bitcoin. If the vendor does not accept Bitcoin, he has to hit exchanges for encashing those BTC and that would be a business risk for him.

Actually it works like a chain and if u look at the top, there is OPEC.

You could even do it without the internet connection, sorta.
The vendor could have a QR code pasted to the pump. The buyer scans it with his phone and pays. The seller then checks the balance of the address to verify payment. In this scenario the seller does not have access to the coins for spending, just verification. It does require a phone connection to the internet though.
You could also make a phone friendly website that allows payment in route. By the time you get there, payment is confirmed. Just show the seller a code from the website to verify your identity as the payer.

Man...payment in route would be amazing. I'd be all over that.

Thanks for the comments, folks!

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

Quote from: BitCoinDream on August 21, 2014, 11:14:29 AM

2 things are required for the store operator to accept Bitcoin...

1. An internet connection. No need to explain why...

2. His vendor's acceptance of Bitcoin. If the vendor does not accept Bitcoin, he has to hit exchanges for encashing those BTC and that would be a business risk for him.

Actually it works like a chain and if u look at the top, there is OPEC.

You could even do it without the internet connection, sorta.
The vendor could have a QR code pasted to the pump. The buyer scans it with his phone and pays. The seller then checks the balance of the address to verify payment. In this scenario the seller does not have access to the coins for spending, just verification. It does require a phone connection to the internet though.
You could also make a phone friendly website that allows payment in route. By the time you get there, payment is confirmed. Just show the seller a code from the website to verify your identity as the payer.

iluvpie60

hero member

Activity: 700

Merit: 500

Don't forget any added hassle of having to keep track of all BTC prices, what price you sold it for, etc.... Better off using bitpay or something so they do it all for you.

The law as it is right now, says whenever you convert any cryptocoin into USD you have to treat it as selling a stock and you get a capital gains tax on it. Which means you need to keep track of everything. If the gas station had to sell a few dozen bitcoins per day and at different times they have to keep track of prices and everything and file on it. Now if they just accept the btc itself they don't have to do that.

itsAj

hero member

Activity: 588

Merit: 500

This is actually a very good use for bitcoin. You are right that margins are very thin for gas stations when they sell gas, sometimes around a penny per gallon (this is even smaller when you compare the average cost of accepting a credit card (2-3 percent).

I saw a youtube video several months ago how some guy designed a gas pump that accepts bitcoin, it would show a QR code to send BTC to, you would pump gas, then when you are done pumping it would send a TX back to you with your "change"

BitCoinDream

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Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: vuduchyld on August 21, 2014, 11:00:57 AM

As I was putting gas in my car this morning, it occurred to me that this would be an awesome use case for BTC.

I've consulted with several c-stores that sell gas. It's not particularly profitable for them. Margins are very thin, and then they have to give away some of that margin for credit card processing fees.

So what would it look like to use BTC for gas purchases?

If I wanted to use BTC for gas, I could use Qora or maybe buy a gas card from CoinFueled or Gyft maybe. But that doesn't give the c-store much in the way of an incentive because they are still paying credit card fees. Could gas pumps have a QR code for a BTC wallet that I could shoot from my phone? Would there be concerns about the validation process? Would it never work because it takes too much time?

Help me think this through, wise people. What would have to take place to make this easy for the store operator?

2 things are required for the store operator to accept Bitcoin...

1. An internet connection. No need to explain why...

2. His vendor's acceptance of Bitcoin. If the vendor does not accept Bitcoin, he has to hit exchanges for encashing those BTC and that would be a business risk for him.

Actually it works like a chain and if u look at the top, there is OPEC.

vuduchyld

sr. member

Activity: 364

Merit: 250

As I was putting gas in my car this morning, it occurred to me that this would be an awesome use case for BTC.

I've consulted with several c-stores that sell gas. It's not particularly profitable for them. Margins are very thin, and then they have to give away some of that margin for credit card processing fees.

So what would it look like to use BTC for gas purchases?

If I wanted to use BTC for gas, I could use Qora or maybe buy a gas card from CoinFueled or Gyft maybe. But that doesn't give the c-store much in the way of an incentive because they are still paying credit card fees. Could gas pumps have a QR code for a BTC wallet that I could shoot from my phone? Would there be concerns about the validation process? Would it never work because it takes too much time?

Help me think this through, wise people. What would have to take place to make this easy for the store operator?

Topic: Thinking about a use case... (Read 1049 times)