Earlier this month we reported on Bitreserve’s addition of bitgold, a link between gold bullion and the Bitcoin network which users can hold in their accounts and use to buy goods and services. Now, just days later, the company has announced it has its sights set on one of the most commonly used commodities on earth with its forthcoming Bitoil innovation.
As Bitreserve states in its blog post,
For the first time in history, oil will become a form of payment and compete against all major global fiat currencies. Using Bitreserve’s Oil Card, anyone can hold their value as oil — the fuel for the modern world economy — and transfer that value instantly and for free.
Bitoil will function just like bitgold currently does; allowing for instant conversion between U.S. dollars (USD), euros (EUR), pounds (GBP), yuan (CNY), and yen (JPY). As well as gold (XAU) and bitcoin (BTC). And it can be easily spent anywhere bitcoin is accepted.
With the release of Bitreserve’s Bitoil commodity, the company anticipates a scenario where one-day users can circumvent gas prices by using Bitoil. To accomplish that users would simply buy oil when it is cheap, and then save it on their Oil Card until it’s needed when gas prices rise. In addition to this, Bitreserve foretells of a future where businesses, such as airlines, trucking and shipping fleets (which depend heavily on oil to operate) will have been revolutionized by the Oil Card.
At this time, Bitreserve has not publicly stated what companies it has partnered with to buy and hold oil. However, Bitreserve Founder & CEO, Halsey Minor, will be discussing bitcoin and addressing the potential and features of Bitoil at the Dubai Bitcoin Conference on December 13th.
We will keep you informed as we learn more.
What’s your first reaction to Bitoil? Share your thoughts with us in the comments!
Images from Sam Howzit/Flickr and Shutterstock.
Last modified: June 10, 2020 3:23 PM UTC