UBER will start to transact with Bitcoin?

[Altcoinsintel]

Why would they adopt Bitcoin as a payment? It could only happen using a layer two network like LN but even that will take a lot of consideration. Fees currently make it impossible for Bitcoin to be used for small purchaces and payments. It won't be possible without a third party or a network like those that are still in development.

[yazher]

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.

I'm sure they won't use the direct payment from your BTC wallet. Maybe they will use some 3rd party exchanges which suit their customers because if they receive it from wallets, it may take some time to confirm their transactions. maybe the driver and the passenger will use the same wallet depends on what country they living in. They can use their local exchanges to get the payment easily.  

[ukw]

Uber CEO Dara Kosrovshahi said the company would accept Bitcoin and other cryptocurrencies as a method of payment if there is a benefit and need for it.

In an interview with CNBC, however, Kosrovshahi also said that Uber is not considering investing in Bitcoin as part of its treasury.

In my opinion, he is not very optimistic about cryptocurrencies and said: “It was a conversation that happened, which was quickly rejected. We will keep our money safe. We are not dealing with speculation. "

[Innerpumper]

that would still be good news for bitcoin. Some time ago PayPal mastercard received payments with bitcoin, it encouraged bitcoin to continue to be bullish.

[lifeforcepools]

Has anyone already tried paying with Bitcoin at Uber? Did you manage to do this?

[geegaw]

If cryptocurrency keep on growing at this pace it's just inevitable for company like Uber to accept cryptocurrency as alternative payment method. After all, they always trying to expand their user base and keep on increasing their profit and there's definitely no harm in adding cryptocurrencies into their payment method selection. It's like how when Internet appear and some company trying to digitalize their service, it's how a company more specifically that's on tech like Uber adapt to the development of our society otherwise they gonna be considered obsolete.

Seriously, I think Uber has a hard time expanding its base and market with crypto or bitcoin when the government has always had a special interest in bitcoin, it is forcing the government to come up with new policies because many people are laundering money and evading personal income taxes from national scrutiny. Besides, bitcoin is still not stable and too popular, the connection between Uber and bitcoin will sometimes appear quite a lot of errors, very dangerous for Uber and users when bitcoin is a huge asset right now.

[Rehan Zakir]

It is a good news for bitcoin holder, that we cannot have to carry  cash for paying to UBER driver. We just need a bitcoin wallet so that we easily send it to the driver. The adoption of Bitcoin is growing day by day.
But making transaction in Bitcoin is very difficult now a days. Because of its high transaction fees. And due to big community connected to the Bitcoin, that why it takes some time for transaction.

[Clement Kaliyar]

Seriously, I think Uber has a hard time expanding its base and market with crypto or bitcoin when the government has always had a special interest in bitcoin, it is forcing the government to come up with new policies because many people are laundering money and evading personal income taxes from national scrutiny.

From what i understand all the exchanges enforce strict KYC and we are expecting a regulation from major countries and if that happens you cannot come up with excuses about money laundering as if bitcoin is the only coin that is used for laundering. If anyone is holding a coin that is valuable he does not need to pay the tax unless he profits from it and that is the case with stock exchange and other investments.

Besides, bitcoin is still not stable and too popular, the connection between Uber and bitcoin will sometimes appear quite a lot of errors, very dangerous for Uber and users when bitcoin is a huge asset right now.

You cannot expect a stable bitcoin market but you cannot tell that it is not popular, the entire world knows about bitcoin even if they never invested in it.

[Bitcoinislife09]

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.

It looks like a lot of companies are getting interested in bitcoin after Tesla invested in bitcoin. This is a great payment option to add in Uber makes it easier to pay.  I think its a good news because companies will continue to adapt in cryptocurrency and mostly in bitcoin and the more the companies invested in bitcoin the higher the market price of bitcoin will go also in the future if more big companies invested in bitcoin we can realistically see bitcoin around 100k$ up to 500k$ maybe after just a few years. We just have a big concern for big companies holding a big volume of bitcoin and even the government.

[2double0]

Bitcoin is good for everything.
If bought, holders can wait for profits and sell it later at their targeted price.
If taken as a form of payment, there is no risk because the company is not buying it out of their pockets but are accepting it and will probably change it for fiat. This will be a different experience than holding and trading btc.
These companies are at advantage because they have a business for which they can charge in btc, but it is good only when what they are charging is higher compared to the fee paid per transaction. Though, if CEO of Uber showed interest in accepting crypto, he must be having some vision in his mind.

[ReiMomo]

~

My thoughts?
It's just like those services like Paypal accepting cryptocurrencies. Surely it will be a slow start before an actual Bitcoin transaction would take place there and I am not sure what motivated the CEO to adopt it just because of its price surge.
Though I wouldn't consider this a major adoption just yet, it is a good stepping stone.

What I guess is a promotion on the UBER itself, isn't it?

It should be like that, there's no actual transaction of bitcoin like what Paypal did. I guess they had a system to shown a bitcoin balance in your account but the fact, it was not yet broadcasted to the network since the problem here is the high fees and the transaction speed. Something like, they had a cold wallet.

However, whatever it is but my insight is good for everyone and for the bitcoin to be more well-known to the public, and also a stepping stone that other companies will do the same to them.

[vintages]

It will be great if they do, Bitcoin needs all the adoption it can get from big companies.
However, I feel there might be a major setback or disadvantage especially for Uber riders. There might be cases when the rider or even the driver might be unlucky to met criminals. Imagine been held on a gun point inside an Uber car and the criminal demanding for ALL your Bitcoin.

[cyriljundos]

for me bitcoin trasaction with UBER is great, bitcoin slowly gaining more popularity and hype. after paypal announces that they are engaging in bitcoin many company also like UBER is trying also to connected to crypto currencies. Tesla has great impact in bitcoin after 1 billion worth of bitcoin had invest in and that effect more company to do business and payment via bitcoin.

[Coinsfera]

I think that once companies like PayPal, Visa, Tesla are involved in this cryptocurrency business, other companies may not want to stay away from it any longer. If there is a demand from people in this direction, UBER can add a few bitcoins to the balance sheet before it is too late.

[KryptoKings]

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.

This certainly going to be big if they start accepting crypto.
Bigger than Tesla accepting Bitcoin because you need to be whale to buy Tesla for btc.
But if UBER start accepting crypto, even common man can pay it.
It will also encourage more individuals to buy crypto and use it.

[SquallLeonhart]

There is nothing bad about it, although like you said that it is bullish, I don’t really think it is because they are not going to be putting any money in the market, rather they are just accepting payment in Bitcoin from those that already owns it. It’s not like Tesla investing their own money in Bitcoin which is up to 1.5 billion dollars, that’s the real bull, such amount will be pushing up the market.

Though this move by UBER isn’t bad since this is going to motivate a lot of people to start owning Bitcoin since it’s being provided as an option when they open the UBER mobile app to make food order or go for a ride. This is still a good news, and good that a lot of companies, not just small ones but the giants, are now considering Bitcoin in one way or the other.