Bitcoin may be coming to a gas station near you thanks to Andy Schroder’s Bitcoin Fluid Dispenser II.For commodities like oil and gas, this innovation could help streamline the end of the supply chain and in turn, increase the usability of cryptocurrencies.So far, there are a few companies at the forefront of Bitcoin technology in the oil and gas industry.Recently, Texas based oil and gas data company Oilfield Intel LLC announced in March that it would accept Bitcoin, becoming the first provider in the industry to do so.The Cosmic Market in Greeley, Colorado announced in December that it would be accepting bitcoin at its retail gas station and convenience store manually at their cashier.However, the most exciting developments in the industry concerning Bitcoin are the inventions like Andy Schroder’s that change the interaction when we as consumers obtain commodities that we use everyday, like gasoline.Bitcoin provides an alternative to the status quo in this industry, which if it could be used in the entire supply chain without the need for currency exchanges, could help reduce some of the challenges and tension involved with global fuel trade by removing the reliance on the “petro dollar.”Andy Schroder is heavily involved in many projects that explore solar energy and power cycles, in addition to heat transfer research.

He has used his engineering experience and passion for Bitcoin to create The Bitcoin Fluid Dispenser II, which allows customers to pay for gas from a self operating machine using Bitcoin.legit bitcoin pokerThe device itself looks identical to a modern fuel pump only with slight modifications, most notably, a large screen that allows users to view the cost of the fuel, scan a Bitcoin payment address, and keep track of how much has been pumped.bitcoin wallet windows phone 8Much like pre-paying in cash at your neighborhood gas station, users pre-pay at the pump with their Bitcoin wallet and receive change automatically for any unused credit when they are done pumping.litecoin one year chartSimply scan the QR code on the pump and send mBTC (millibits) from your mobile device.bitcoin value in sek

Once the pump receives the payment you can begin fueling.You can already buy gas with gift cards purchased with Bitcoin, but buying gift cards or prepaid debit cards with Bitcoin means retailers are still relying on a credit card system, instead of using Bitcoin to do what it is made to do: eliminate fraud, provide faster payments, eliminate the need to store cash from the point of sale, and decrease per transaction cost.litecoin to riseSchroder’s innovation allows both retailers and consumers to take advantage of all the benefits of bitcoin, while still maintaining the conveniences of a credit card based sale.Schroder believes in the importance of trading consumable commodities with Bitcoin, and thinks that it may help reduce volatility and increase adoption.litecoin microsoft“Some economists share the belief that a continually inflating currency is needed to encourage trade and maintain an active economy, because in an inflationary monetary system if you don’t use your store of value, you lose it, which promotes spending,” Schroder stated.bitcoin etf trust

“However, within the cryptocurrency Austrian economics communities, many have grown frustrated with continually inflating monetary systems because it is considered a form of theft from the people by the central bankers.” Instead, Schroder believes that if commodities that are needed to sustain our everyday lives and businesses can be purchased directly with bitcoin, that the market can thrive with a deflationary currency like Bitcoin.Making a fuel purchase directly with Bitcoin means that you never have to leave the pump, pre-pay with cash, or share important credit card and personal information.bitcoin handy bezahlenBitcoin could enable the global trade of consumable commodities like oil and gas without having to rely on currency exchanges or an inflationary monetary system.bitcoin to sterling conversionHopefully the oil and gas industry will embrace bitcoin and can close this loop.

If they do, maybe other industries will follow suit, further propelling bitcoin into mainstream use and making it something much more than just a speculative asset.A gas station in the US now lets customers fill up with bitcoin, making it likely to be the first business that allows the purchase of fossil fuel using cryptocurrency.The station has completed eight transactions since it began accepting bitcoin at the start of January, according to the store's owner, Shahzad Sarwar.“I started taking bitcoin, above all, to support the bitcoin community,” he said.The gas station, in Greeley, Colorado, is called Cosmic Market and also has a convenience store attached.Here you will find proof of Sarwar's fervent support for the digital currency writ large on the wall.Take the power back.Let the banks eat cake!”a poster proudly proclaims.The number of Cosmic Market customers that have the ability to pay in bitcoin is tiny right now, but they are certainly happy that such a service exists.When Sarwar announced his unique ability to take bitcoin payments for fuel, one redditor commented on the thread: “I have bought gas from here using bitcoin.

I feel lucky living so close to one of the first gas stations in the country to accept bitcoin.” It’s not just ideology that led Sarwar to start bitcoin transactions, though.Bitcoin payments could also potentially save him a significant amount on credit card transaction fees, he said.Sarwar has a day job as a software engineer; the Cosmic Market is just a sideline and ending up as a gas station owner was never part of his life plan.“I bought the store out of pure stupidity,” he said.“But I have learned a lot since.The gas station business is very competitive and it is very hard to make money,” he said.As the first gas station owner to accept digital currency, it’s perhaps not surprising that Sarwar thinks differently in other ways too.The strategy he has employed to increase profits at the Cosmic Market is to expand the retail floor space from 320 to 2,500 sq ft, and to stock what he calls ‘unique items', such as insect candy and colourful smoking paraphernalia.How about four wafers coated in white chocolate and studded with milk chocolate-covered ants?