UBER will start to transact with Bitcoin?

[milani]

Just recently SQUAWK newsmaker interview with the CEO of UBER.
At first, the CEO said, they are likely don't want to buy some Bitcoin using their company's money and told, "We're going to keep our cash safe. - Tweet"

But after that, the CEO said:
"Just like we accept all kinds of local currency we are going to look at cryptocurrency and or #bitcoin in terms of currency to transact. That's good for business, that's good for our riders and our eaters" - Tweet.


So, what are your thoughts guys? For me, it's likely they don't want to do what Tesla did, adding Bitcoin to their balance sheet, but considering accepting Bitcoin as payments for their services. Seems still bullish for me.

In my opinion their aim is to get more clients via such step and that is all. They do not want to become involved into this trend to invest in Bitcoin and the CEO answered directly - they prefer cash, because it will be more safe, he consider Bitcoin risky. But they want to make the potential area of users wider and get those clients that are not covered yet. That is why via wider spectre of company's propositions they are going to attract wider auditory among potential clients. That is all. It is his choice. Everything is simple

[teosanru]

So what uber is doing is exactly the opposite of what Tesla did. While on one side a company like Tesla is hoarding bitcoins like anything and a company like Uber expects people to spend them for their daily rides. Moreover, adding bitcoin would be sheer stupidity because often I would have to pay such hefty transaction fees for a quick transaction that even my taxi fare won't be that high. Yes creating another UBERCOIN does make sense for them but then it would be centralized and more or less like a digital payment wallet and nothing special. They can think of any other crypto with a lesser transaction fee.

[Rruchi man]

From the interview with Uber's CEO Dara Khosrowshahi, his refusal to join the speculative market and purchase some bitcoin with the company's money highlights that he is not a 100% believer in bitcoin. His statement that crypto will be considered as a way to receive payment for services rendered to customers is because they do not want to loose their customers.

[Japinat]

The CEO has taken the risk but it was a good decision by then. he should consider the current situation where most of us now wanting to have a cashless mode of payment which is Bitcoin meant for this. Their services are spreading and accepting Bitcoin for payment has securely given them assurance for additional market gains and uses their services instead.

[Jaycee99]

Just recently SQUAWK newsmaker interview with the CEO of UBER.
At first, the CEO said, they are likely don't want to buy some Bitcoin using their company's money and told, "We're going to keep our cash safe. - Tweet"

But after that, the CEO said:
"Just like we accept all kinds of local currency we are going to look at cryptocurrency and or #bitcoin in terms of currency to transact. That's good for business, that's good for our riders and our eaters" - Tweet.


So, what are your thoughts guys? For me, it's likely they don't want to do what Tesla did, adding Bitcoin to their balance sheet, but considering accepting Bitcoin as payments for their services. Seems still bullish for me.

From what I see, I guess UBER followed TESLA plus I saw  on one of the posts on Twitter quoting TESLA's Tweet saying “Other firms on the S&P 500 would follow your lead & in time it would grow to become a $1 trillion favor,” to be exact (I have searched for that exact phrase)

from this tweet, other companies have accepted or billionaires accepted bitcoin, and that only shows this tweet by Mr. Saylor really guessed that others would really follow up to Elon Musk he accepted bitcoin.

To see he when a big company invest in a small business or invest in something others would follow an investment in them to as if this big company POSSIBLE withdraw their investment others before this company would withdraw as well. PS: I am not an expert in such but this what I have learned from watching television shows.

For me, there are two types of people

1. The curious one studying why..........

Still, following someone or a big company doing this and that is up to them at the end because for me if I didn't know bitcoin it would be really confusing and fascinating why they did it as I needed to study how bitcoin works, this and that. As a person who wants to know why a big company did this big investment

2. A person who just want to earn without knowing anything.

[AmoreJaz]

The CEO has taken the risk but it was a good decision by then. he should consider the current situation where most of us now wanting to have a cashless mode of payment which is Bitcoin meant for this. Their services are spreading and accepting Bitcoin for payment has securely given them assurance for additional market gains and uses their services instead.

a lot of merchants or shops are now looking for alternative payment methods to go cashless. so even these ride-sharing apps are now going cashless to avoid using fiat. so their move is actually smart. if bitcoin payment is available, there will always be consumers that will use it at one point.
and if that customer discovered the convenience of using crypto, he will for sure share it to his friends, family and colleagues. and so adoption begins from their end.

[finn.cole]

I'm not surprised at all that Uber has introduced a new Bitcoin payment method. This's the age of new technologies and someone has to introduce such things at last. How long will we still pay in cash? We need to look to the future and try new features!!!

[verita1]

I like this news. Because when Uber entered the market it was on a mission to innovate and satisfy a great demand from users.

In the same way it is happening now with Bitcoin and cryptocurrencies offer us the solution where banks have been limited.

If Uber needs a reform this is the time. Michael Saylor's call to corporations has taken effect. Elon Musk, Tesla, Visa and others are definitely driving businesses to invest their capital in bitcoin. It is the right way because there is a new awakening in the economy and technology deserves a true transformation.

[pixie85]

They aren't going to make a lot of money from these payments with fees being as high as they are but it doesn't mean they won't be accepting it and making money some other way

Bitcoin is so popular now that a rumor of a company accepting it is going to put that company in the news for free. If they do it they're going to be in the news all over again. It's profit even if nobody really pays in Bitcoin for rides.

[0t3p0t]

That is a convenient way of transactions but still needs to lessen the fees or maybe use segwit address in sending and receiving of payments. Confirmation of transaction is also one of the minor issues here. Though giving it a try for UBER to accept Bitcoin payment makes things better for Bitcoiners.

[Shasha80]

UBER is a large company and has many users, so if Bitcoin catches their attention and plans to accept Bitcoin as a payment option. It means that
Bitcoin is starting to be trusted by UBER as a currency, so it doesn't matter that UBER doesn't buy Bitcoin like TESLA did, accepting Bitcoin as
payment alone is good enough for Bitcoin. And this news will make Bitcoin even more bullish.

[Alucard1]

I don't think that it would be a good idea because paying using bitcoin would take some time before the transaction has completed, it also has transaction fees so I don't think that someone will prefer that thing than using fiat currency wherein you don't need to pay transaction fees and you don't need to wait before the transaction has completed. Paying bitcoin is good for reservation and not for paying in a quick transaction.

[Darker45]

Just as Bitcoin is not yet a coffee money, it is also not yet a fare money, at least for now pending polished development and adoption of the Lightning Network and other possible solutions to problems pertaining to confirmation time and transaction fee.  

However, be that as it may, Uber could still offer that to its clients and see how it pans out. If it makes a significant difference to the number of its users or its revenue, then it's good for business. If it doesn't, then perhaps the right time has not yet come. Or perhaps more innovation could still be integrated with its services so as to still accommodate cryptocurrency payments.

[Lorence.xD]

Just as Bitcoin is not yet a coffee money, it is also not yet a fare money, at least for now pending polished development and adoption of the Lightning Network and other possible solutions to problems pertaining to confirmation time and transaction fee. 

However, be that as it may, Uber could still offer that to its clients and see how it pans out. If it makes a significant difference to the number of its users or its revenue, then it's good for business. If it doesn't, then perhaps the right time has not yet come. Or perhaps more innovation could still be integrated with its services so as to still accommodate cryptocurrency payments.

It is not yet at that stage but putting it there to be a choice for passengers to pay and for drivers to get paid, I think that we should we happy about it and I think we do agree on the part of putting it there so passengers can have a choice, I would go as to predict that more people will be curious about bitcoin when this integration happens. I know that it is still volatile but we have to give chance, there is a big difference with coffee money and fare money, not to mention that riding Uber is not as frequent as buying coffee.

[adzino]

That's great, but how is it going to work? Unless they are willing to accept zero confirmation transaction (and take a huge risk of double spending), this is going to be a tough one. Imagine how long you will have to wait for a confirmation when the network is underloaded! But, I guess maybe they will come up with some better ideas.
Probably they will allow people to preload uber credits into their account using bitcoin or maybe hold users coin in their app? Let see what happens and how they handle the complexities and issues.

[Ludmilla_rose1995]

Just recently SQUAWK newsmaker interview with the CEO of UBER.
At first, the CEO said, they are likely don't want to buy some Bitcoin using their company's money and told, "We're going to keep our cash safe. - Tweet"

But after that, the CEO said:
"Just like we accept all kinds of local currency we are going to look at cryptocurrency and or #bitcoin in terms of currency to transact. That's good for business, that's good for our riders and our eaters" - Tweet.


So, what are your thoughts guys? For me, it's likely they don't want to do what Tesla did, adding Bitcoin to their balance sheet, but considering accepting Bitcoin as payments for their services. Seems still bullish for me.

Adding bitcoin as payment for their service is also good. this means bitcoin is increasingly accepted and increasingly adopted by the public as a function. not only as a store of wealth. I hope other companies will follow Uber's steps too.

[davis196]

I think that it's time for Uber to lower the amount of refunding scams exploiting their services,by adopting non-refundable cryptocurrency payments.
I found some Uber refund methods on other forums and even some people are reselling Uber rides at affordable prices.
Don't get me wrong.I will NEVER use Uber,since I don't even use taxis,but it was really strange to see that people are exploiting their service and getting Uber rides for free.
The Uber CEO seems quite "fiat friendly".
"We're going to keep our cash safe" is a weird statement.
Your cash is never safe enough...

[3meek]

I'm not surprised at all that Uber has introduced a new Bitcoin payment method. This's the age of new technologies and someone has to introduce such things at last. How long will we still pay in cash? We need to look to the future and try new features!!!

Now imagine that in the age of new technology, the commission on a cab ride could be more expensive than the ride! Or if you cancel the trip you will also lose some amount, with the fact that the refund will take a long time!
In my opinion without some network upgrades bitcoin cannot be a convenient means of payment!

[GreatArkansas]

Additional, what do you think lads if UBER will start to accept Bitcoin or other cryptocurrencies for their payments and after a period of time, they will back out or stop accepting Bitcoin as the mode of payment because of some issues, like stability or price volatility.
One of the examples of this before was Steam, they started to accept Bitcoin using Bitpay, but I think after weeks or months, they stopped accepting Bitcoin.

[maydna]

Relate to his tweet to give more support to bitcoin as a big company as UBER wants to try to accept bitcoin as one of the payment methods besides the other payment methods. If that is a success, more transportation companies will follow their step to add bitcoin as the payment methods, which can trigger the other business to accept bitcoin. If their employee (riders) can accept payment in bitcoin, that can help them have a new investment besides just accepting bitcoin and converting it into their fiat.

For bitcoin, that can help the price increase as people will see more companies start investing or using bitcoin and integrating with their systems. So hopefully, in the near months, we will see the bullish will still at the market.