Bitreserve Wants You To Hold and Spend Oil (PetroCoin)
Last week we brought you news about Bitreserve and its addition of Gold to its supported currencies/commodities. Today, they are announcing an arguably more exciting addition. Starting in 2015, Oil will be added as a commodity customers can easily and quickly invest in and even spend with, using the Bitreserve system and the Bitcoin network.
The potential implications of this are difficult to overstate (Petrocoin). With the addition of oil to the Bitreserve market, they are opening up one of the most volatile, valuable and commonly used commodities in the world to a new and massive, group of entry level investors. Investing in and obtaining oil is extremely difficult for end users.
As Bitreserve mentions in its blog post, oil prices vary drastically throughout the year, causing income issues for shipping companies, airlines and other companies that depend primarily on transportation. With the Bitreserve system and its bitoil commodity, customers will be able to buy their oil when prices are low and then sell it when it is high and use it that to purchase oil when they need it.