Inventor Creates Commercial Bitcoin Fuel Pump
Published on April 22, 2014 at 20:40 GMT
Despite the advancement of bitcoin at a number of major online retailers and in small businesses worldwide, certain major sectors still have yet to see any serious digital currency adoption.
For example, earlier this year, one gas station in Greeley, Colorado, became what was widely considered to be the first to begin accepting bitcoin, and three months later few, it seems, have followed suit.
This sluggish adoption could change, however, thanks to the efforts of bitcoin enthusiast and thermodynamics researcher Andy Schroder, who on 1st April revealed a prototype for a diesel fuel dispenser that accepts bitcoins.
Named the Bitcoin Fluid Dispenser II, the prototype was constructed from scratch by Schroder. The result is a fully functional gas pump that he says handles bitcoin's specific requirements while following the necessary guidelines for dispensing fuel commercially.
How it works
To begin, Schroder explains that users simply remove the fuel nozzle, and a unique bitcoin address will appear on the device displaying the current price of bitcoin per litre of gasoline.
From there, users scan the QR code, send their desired payment to the pump and collect their receipt.
The machine currently accepts only bitcoin, though Schroder told the Gliph company blog that additional forms of payment may need to be added for his invention to have market appeal.
The release follows Schroder's first attempt at a bitcoin-enabled fluid dispenser, after his original design in August 2013.
Ready for market
While certain improvements may still need to be made for the machine to become widely used, Schroder has indicated via his website that his current model is ready for pilot installation.
He notes that the ideal home for the unit would be at an independent, privately owned fuel station in the greater Cincinnati area that sells diesel fuel or kerosene.
Future features planned for the pumps include Bluetooth and NFC support, Bitcoin Payment Protocol integration and compatibility with more volatile fuels such as automobile and aviation gasoline.
For more details on the technical specifications of the product or to contact Schroder regarding the machine, visit Schroder's website here.
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