Bitreserve will soon allow its customers to make purchases with oil. Bitoil, as it’s called, is being added to the organization’s platform as a commodity that users can invest in and spend with.
Bitreserve recently stated in a 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.”
The news comes shortly after Bitreserve’s announcement that it would bring gold to the bitcoin network via bitgold, where customers could hold gold in their user accounts and exchange it for bitcoin to be used for the purchase of goods and services.
The company is also mentioning a potential method for individuals to avoid rising gas prices, should they ever decide to climb again in the near future. Bitreserve mentions a scenario in which those with an oil card may purchase gasoline when it is cheaper, and save it onto their cards to be used at a later time should prices become higher than usual.
The extended details regarding Bitoil’s operations and functions have not been released as of yet, although Bitreserve Founder and CEO Halsey Minor will hold a discussion pertaining to Bitoil at the upcoming Bitcoin Conference in Dubai on December 13th. The new feature will be available for customer use in 2015.