UBER will start to transact with Bitcoin?

[GreatArkansas]

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.

[Lucius]

The option of paying with Bitcoin is always welcome, but with such services there is always one small drawback when it comes to classic BTC transactions - waiting for the first confirmation. Unlike online shopping where the waiting time can still be extended - imagine waiting more than 30 minutes or 3 hours for the driver to confirm your transaction - and somehow it doesn’t seem to me that a service like this would work on trust - because some would certainly use it for a double-spend transactions. Of course there is a solution in the form of Lightning Network, which solves not only the speed of the transaction, but also the problem of high fees.

As for Uber, I’ve never used it because it’s only available in some parts of my country - but what I know for sure is that they are constantly in some sort of conflict with other taxi services because they accuse them of being unfair competition.

[habo8]

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.

If uber start using bitcoin as a payment option so bitcoin will start taking attention more because every person in every corner of world use uber. If it happens, it will massive move toward innovation.

[Josefjix]

Considering how slowl the bitcoin confirmations could get sometimes, I'm imagining a perfect scenario either to pay before boarding their vehicle, at the transit or immediately after dropping off the taxi. Incorporating bitcoin and crypto payment is a great idea,  though from the two tweets the CEO isn't very certain whether it is happening soon or not.

[Wenbing]

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.

To me every company have different aversion to risk and different investment philosophies too. While Tesla may be very eager and ready in investment in volatile asset like btc, others may not have that gut to do that. You know Elon Musk is always associated with big things.

If Uber should accept btc as a means of payment it does have great impact. The impact is that a publicly traded company is accepting btc as a means of payment, others that are yet public like the SMEs will follow in smarm. It is a sure great news for the btc community.

[habo8]

If UBER should enshrine bitcoin into they payment system that will be great considering the fact that with the bitcoin lightening network payment will be very fast and easy to both the Uber drivers and the rider's and will promote bitcoin in a limelight which will further increase it demand and price.

If Uber takes Bitcoin into consideration as a payment option, so they will also have to consider other cryptocurrency because their a lot of project that are more fast and innovative than bitcoin and also charge less gas fee.

[Wenbing]

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.

If uber start using bitcoin as a payment option so bitcoin will start taking attention more because every person in every corner of world use uber. If it happens, it will massive move toward innovation.

That is through, this is because Uber is more like a utility company as we have our water board and electricity companies, we use them always. If this plan work, i also see that other aggregating digital companies such as Amazon, Facebook and Google will follow suit. You follow what the consumers deem good for them.

[dkbit98]

This can be bullish after Tesla, Mastercard and Visa news, but problem with Bitcoin now being accepted by UBER and other similar business is high transaction fees, and without some usable second layer solution I can just imagine pissed people complaining why UBER charged them so much more or why waiting so much for confirmation.
Lightning Network is not even near expected adoption and it is still complicated for average UBER customer, so they should be ready for premium fees.

[meanwords]

The option of paying with Bitcoin is always welcome, but with such services there is always one small drawback when it comes to classic BTC transactions - waiting for the first confirmation.

If UBER really does this, I don't think it's 100% going to be pure Bitcoin transaction because that's really expensive to do and the negative part is the speed of the transaction. I can imagine that they are going to implement or partner themselves with a third-party mediator to convert Bitcoin to USD immediately. They might even implement a wallet inside UBER app to store Bitcoin just in case you want to use it. Though it's just my speculation.

[serjent05]

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.

I think UBER wanted to play itself.  They believe that they cannot ignore the trend of Bitcoin and if they do they are missing good sales in their platform but they do not want to invest money because they know how volatile BTC is.  So instead of directly investing in Bitcoin, they decided to just accept it on their platform and let their customer use it while raking fees from the transactions.  Neverheless, this  is still a very good promotion that can hype investors into joining the Bitcoin wagon.

[XCANA]

<snip>
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.

Yeah absolutely becasue this will help opening more rooms for more investors or companies to flow their income into Bitcoin. Am sure with the help of lightning networks the transaction of Bitcoin will be more faster than what we have seen before now, hope the company welcome this development into their system.

Aside the delay in Bitcoin transactions when it price soar higher, it is a good means of payment method as per new technology that these big companies imbibe into their payment methods.

[pawanjain]

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.

That would be the last thing they would want to do. Tesla has costly cars and hence they can accept bitcoin payments since the transaction fees wouldn't that big a deal when buying so costly cars.
On the other hand, if Uber accepts bitcoin, that won't be good for them since the transaction fees will be more than the charges of the rides and the food.
It won't be a cost effective deal unless they are planning to launch their own cryptocurrency or planning to accept some other cryptocurrency with lesser transaction fees.

[sheenshane]

It's good news on the Bitcoin side again, probably the reason Bitcoin price now pumped again because of this news right after Visa and Mastercard announced that they opened a new form of payment with cryptocurrencies.

Technically, I don't understand yet what is the best solution for them about the high fees of Bitcoin and it will take time to be confirmed.  In this case, it might be abused who knows how to send a small fee that might drop on the Bitcoin network, probably there is a form of currency that you can purchase using Bitcoin and then use as a payment in UBER, IMO, I have been speculating because ain't know the best solution for this.

Knowing the fact that when someone using Bitcoin will become popular like Elon Musk and his Tesla company, but he is depending on his self.

"And if there's a benefit there, if there's a need there, we'll do it, we are just not going to do it as part of a promotion,"

Source:

[3meek]

Maybe it's just hype and chatter... I don't think paying by bitcoin for cab services is a good idea! It's not economically beneficial to anyone... And what to do, for example, if a trip is cancelled? And in some countries, the cost of the trip equals the transaction fee!

[stompix]

The option of paying with Bitcoin is always welcome, but with such services there is always one small drawback when it comes to classic BTC transactions - waiting for the first confirmation.

If we talk about paying right away your fare with BTC the time is one thing the second one is the fee, imagine paying 10$ just as a fee for a ride, nobody is going to use it and even UBER won't be happy about it as they do have to collect all those transactions again paying a fee, smaller as it will be batching hundreds of payments but still another fee.

More likely, even more, than using LN is implementing a wallet that you can fund with BTC and from which payments will be automatically deduced, if you don't have enough balance as BTC price has just crashed your credit card will be charged or some sort of credits system where you can buy x worth of $ for your account with BTC, just as gift cards. Direct payment is simply a no at this stage.

[Tstar]

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.

Bitcoin and Ether - big nope. Imagine paying a $20 ride with Bitcoin or Ether and paying $60 in taxes

Maybe UBER can accept coins like TRON where the transaction fee is close to none, or even better, a TRC-20/Waves/Solana stable coin?

[OscarDavidson]

I think this idea is not so bad as it seems. Moreover, it's pretty possible to implement. All we need is to expect the proper cryptocurrency regulation system which will allow global companies and banks to enable Bitcoin payments. Imagine you have a credit card with some Bitcoins in your bank account and you can use it to pay for the taxi either buy some food in the supermarket.

[Renampun]

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.

I think this is good, but Uber has to provide only via LN so that transactions can be processed quickly and cheaply...
We know that the fees for ordinary transactions are very high because the value of Bitcoin continues to increase and LN is able to reduce the fees charged. it will be great in the future.

[7788bitcoin]

Considering how slowl the bitcoin confirmations could get sometimes, I'm imagining a perfect scenario either to pay before boarding their vehicle, at the transit or immediately after dropping off the taxi. Incorporating bitcoin and crypto payment is a great idea,  though from the two tweets the CEO isn't very certain whether it is happening soon or not.

If you are taking a ride your personal details are with the company and you cannot fool them and if they are accepting bitcoin payments it would be great if you do mandatory KYC so that you do not double spend the transaction and you do not need an instant confirmation and considering the high volatility in price they can charge a higher valuation or the other option is to input a higher fees and make an instant confirmation.

[Nikole Fischer]

I think it's a cool feature. It's time for companies to introduce the implamente of paying with bitcoin. The first was pornhub, now is uber. The world doesn't stand still and it's nice to know