Topic: Using Crypto at Gas Stations - page 2. (Read 1159 times)

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.

So crazy to think about Bitcoin at petrol stations when I haven't even seen Bitcoin at online merchants in where I come from;)

But I think like others, probably not a wise idea unless you have a fixed petrol price and not floating like most countries do.

Imagine petrol and Bitcoin both pretty volatile on a day to day basis and trying to come to settlement;)

I guess it is already possible now paying Crypto at Gas Stations by using crypto enable visa card but not most of the Gas stations are accepting Credit cards. I knew a decent crypto card like crypto. com but it is quite expensive for me to have one but I guess there are some alternatives which are cheaper. Maybe another method is easier paying crypto via crypto wallet is much better with no third party like Visa.

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.

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.

Gasoline or gas?
Using mobile frequencies near gas stations is hazardous as far as I know? Not sure if there has been some technological advances in this section to prevent accidents related to explosion but till then I would be cautious. Jammers are useful as far as I might be right.

Surely it is not merchant implementation of bitcoin. Now consider the preference of cards over cash. It has taken more than a decade to move that preference to cards. If someone is going to start bitcoin usage here it will also take a lot of time to take in for the public.

The same way stablecoin-issuers back their token with USD reserves, they same way gas companies could back their token with gas/fuel reserves. If the need arises, mainstream companies will make this happen in the future. The easiest route would be to accept existent cryptocurrencies like Bitcoin or Ethereum, instead of creating a new token from scratch. But that is up to the gas companies themselves.

Speaking of gas, Venezuela has launched a cryptocurrency (Petro) that's widely backed by its petroleum reserves. This is a good example of using crypto at gas stations. As of know, the country is accepting Petro at airports and some casinos. But gas stations on the country could start accepting Petros as well. In this case, the cryptocurrency is backed by the government. But it doesn't necessarily have to be that way. A private entity could launch its own cryptocurrency or Blockchain token that could be backed 1:1 to gas reserves. There are so many ways to do this, limited by a company's own imagination.

But I believe this will take a long time before becoming a reality, since people are still used to paying with Fiat at a gas station of their choice. And this is for a very good reason. Fiat is stable in price while crypto is not. This could change though, with proper regulation into the crypto/Blockchain industry by worldwide governments. With demand for a crypto-based gas station, anything is possible. Just my opinion

if the technology in the application of the internet at the gas station already exists then the application in the crypto system will not be much different. the current system advancements make the industry easier for people and also the industry is currently thinking of a good and safe security system.

I already talked about this in another thread. It is possible to receive cashback from gas stations. You simply photograph the check from the gas station, or rather scan the bar code and you get coins. In my opinion this is very cool. It's a pity that you can’t attach links, so I would send free coins to everyone.

Debit and Credit Cards are being used even on a Third-World Country on a gasoline station. They also use fleet cards and I think it is not difficult to implement digital currency to their system since they are already online. If there's a will, there is a way. And I think we can really do that.

interesting idea, but I know this is difficult because every gas station in the world on average still uses paper money payments, which uses payments such as debit cards may only exist in developed countries for example in eu or us maybe, and also e-money also applies and in my country it seems that this rule is very difficult because currently it is incessantly making payments with e-money issued by state companies.

Gas stations in other countries already have self service using a physical money to fill up your gas tank automatically, but it will be more convenient if we use our mobile phones and cryptocurrency as payment method in filling up our gas tanks because we don't need to ask for a money change in paying at the gas station and it will help to increase crypto adaptation.

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. But for gas station, i will stay away from it because it said no phone, no camera, no smoking, etc.

If that's the case, it's good, I don't need to withdraw my money to pay with fiat money. because I invest about 80% of my assets on exchanges and it feels awkward to pay cash. In addition, this is also a way to promote in the habit of using crypto. These may be the best actions to promote the function of crypto. We can both hold prices up and be able to pay for any service.

transaction speed is not a problem because the transaction cannot be canceled if it has been confirmed active, users can continue their journey without having to wait anymore. It's more effective to use altcoin with the same branch address to make it faster. For your question, if the regulations already give permissions in the system, I'm sure they are also positive.

I think that is a small possibility in my country the use of smartphones when refueling is prohibited because smartphones can generate heat and may even cause sparks that can be dangerous if used at a gas station so the possibility to use altcoin or cryptocurrency for gas station payments is very small in my opinion

@Abiky, it is possible. How this could work out is to just simply create a digital version (coin/token) of the name of that gas. To, however, give value to that coin is to simply back it up with the gas, which is a physical asset, after which liquidity can be provided to ensure that the price is stable and that it correlates with the price of the gas in the market. This same coin can be listed on exchanges for traders to trade them.

The usage of cryptocurrencies as payment option to be used on gas stations can be possible if and only if people will widely adapt into using cryptocurrencies but first knowing its existence together with its importance and also how to use it effectively. The though of using a cashless transaction and using cryptocurrency instead to pay off gas bill at gas stations will be great to have because it is a covenient way to be use because you can instantly pay your gas once your tank have already been filled up. But the risk associated in that is the device that will be going to used on doing cryptocurrency transactions is risky due to obvious reasons that using mobile or smart phones is not allowed due to electrical waves emitted by the device which can cause explosion because gas is a flammable material. But if the counter where the customer will pay using crypto will be establish away from gas pumps, that can be possible like a drive thru in which payment is first served before the product.

Good point. There are zillions of tokens for nearly everything we do in real life. Using an existent cryptocurrency like Bitcoin or Ethereum to pay for gas, seems like the ideal choice to make. However, I believe that making a token specifically for this, would allow mainstream companies to track their sales easily within the blockchain. They could also reward their customers with ease, than using ordinary cryptocurrencies we know and love today.

But who knows? In crypto land, anything's possible. Depending on the underlying blockchain network's level of scalability, companies will use them for mainstream payments. Bitcoin's Lightning Network seems like a great option for gas stations because of its instant TX speeds and very low fees. On the other hand, Ethereum's Raiden Network (similar to Lightning Network) proves to be a great solution for quick ERC-20 token transfers. Any mainstream company could decide to use existent solutions in order to drive adoption of blockchain technology within worldwide gas stations. The idea is there, but it's up to these entities to make it a reality. With the extreme popularity Blockchain and crypto have obtained over the years, you can expect to see something like this in the not-so-distant future.

Nonetheless, there might be other important things to focus besides using Blockchain technology for paying at gas stations. I mean, the idea is great but many people today are still comfortable using Fiat for gas stations worldwide. Experiencing a change in how payments are done, will prove to be quite troublesome for everyday people (especially old generations). Hence, this might take a little longer than expected before we'll be able to use our favorite crypto at a local gas station. Just my thoughts

I've seen one gas station in the Philippines that accepts bitcoin but I think the problem using bitcoin is not that convenient or the transaction speed is not that long. Some altcoins can make this happen and it should be instant so that the driver don't need to be wait for the transaction to happen. But the real problem for this is adoption, do the gas companies accepts to use this?

I think the idea is great but we have to consider the safety of the users. The setup could be fire hazzard and result a possible explosion since mobile phone and a gasoline station was involved.

But to solve this problem, I think the crypto payment can be done thru a drivethru paying station that is quite in a safe distance from the gasoline/fuel pump. The user will pay to the paying station then the paying station will provide a QR code slip with code (the code will be manually inputted as backup when the QR code fails to register on the reader).