UBER will start to transact with Bitcoin? - page 2.

sunsilk

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Quote from: Oilacris on February 14, 2021, 03:10:33 PM

Quote from: sunsilk on February 14, 2021, 03:00:21 PM

If I'm an Uber customer that do hold bitcoin, I don't think it's a good time to spend it. I understand that we have to spend bitcoin for use cases like this but the timing for me isn't good. I'd rather pay them with cash or any other accepted payment system/processor just to keep my bitcoin.

But basically, news like this is very much good for the adoption and publicity of bitcoin. If they want to accept bitcoin, they can do that as much as they want but it's better if they've done it before.

There's no such thing about being late when it comes to recognition or a integration of bitcoin into their business since they arent the ones who do go after with profits but rather
on just seeing to include something when it comes to payment system.

Just like on what Paypal did, we are already 10 years and try to count on how long did paypal on giving out that consideration? On what you had said about saving up your coins
then this is really just the same into those places like restaurants, stores etc. that do accept bitcoin, I wont really tend to make use of my precious coins.
Yes, it does need to circulate but we cant really just deny that earning opportunity is really there.

I believe as well that it's not late for them but I'm only stating that if they've decided earlier then they have probably have received a lot of bitcoin payments before. And that will make them one of the companies that have received a lot of bitcoin for their known service.

What's the earning opportunity with that? Just as usual when a company accepts bitcoin as payment, they're really the same as the others with those establishments that you have mentioned because bitcoin is a medium of exchange.

Hippocrypto

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Quote from: Ryker1 on February 14, 2021, 04:29:05 PM

Well, I am wondering if how this UBER works the very high fees on bitcoin and it will perhaps take time for the transaction to be confirmed, it will wait perhaps an hour for at least 3 confirmations in a transaction since considered as safe between the parties. Technically, this will become a headache to the users and I hope UBER has an alternative solution for this. Indeed, --this is good news to everyone, it is surely a pump price once there are too many of them who will start using bitcoin as payment and not only by that, it also brings awareness to those who did not know bitcoin.

The price nowadays is already pumping great, and it's really showing more progress as time ticks every second. Good news influenced many individuals, particular with how comfortable this payment method will be applied on our daily living. Profit also is the biggest reason why someone would love to choose bitcoin instead of other type of crypto.

bittraffic

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After Elon pronounced Tesla to accept BTC, many companies today are also thinking of the same way. I would probably hope to see local stores accepting BTC too. It will become a trend sooner and then comes altcoins like ETH as well. Uber will be good addition to the list of companies.

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Actually it was sounds good.Because only the tesla made a investment. If uber accepted bitcoin or any other cryptocurrency. It will create a huge demand in the cryptocureency market. People should aware about the things happened in the market.This thread was a useful one. Let wait till the official announcement ftom the CEO with the final call.

It's yet not final but the chances that it will happen could be 60%. Like any other company, some of them prefer to create their own coin than using BTC or ETH.

Ryker1

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Well, I am wondering if how this UBER works the very high fees on bitcoin and it will perhaps take time for the transaction to be confirmed, it will wait perhaps an hour for at least 3 confirmations in a transaction since considered as safe between the parties. Technically, this will become a headache to the users and I hope UBER has an alternative solution for this. Indeed, --this is good news to everyone, it is surely a pump price once there are too many of them who will start using bitcoin as payment and not only by that, it also brings awareness to those who did not know bitcoin.

ololajulo

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Am still waiting for the use case by most of the acquisition by top institutions like square, twitter, Tesla, UBER etc It is more of a FOMO by this institutions because of the response of competitive companies in the market, whereby creating a massive scarcity. If they hold for long the bear market may not come as soon as we expect.

Asuspawer09

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Quote from: GreatArkansas on February 11, 2021, 09:16:06 AM

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.

After Tesla's announcement, a lot of companies as well are interested in bitcoin and for sure holding for a long term to make a profit for the company.

Again it's good news because if big companies invested in bitcoin, the bitcoin market price would pump but as they hold a big volume of bitcoin it was risky as well to hold your bitcoin as the price increases.

Potentially if the market price was so high maybe like 500k$ one of these companies could dump or sell their bitcoin getting all the profit.

doctor877

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this is going to be good move still but i dont think uber will want to engage its customers with high fees and delayed transaction confirmation. its definitely not good for business. once this problem is solved then many companies will integrated bitcoin payment into their system.

Oilacris

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Quote from: sunsilk on February 14, 2021, 03:00:21 PM

If I'm an Uber customer that do hold bitcoin, I don't think it's a good time to spend it. I understand that we have to spend bitcoin for use cases like this but the timing for me isn't good. I'd rather pay them with cash or any other accepted payment system/processor just to keep my bitcoin.

But basically, news like this is very much good for the adoption and publicity of bitcoin. If they want to accept bitcoin, they can do that as much as they want but it's better if they've done it before.

There's no such thing about being late when it comes to recognition or a integration of bitcoin into their business since they arent the ones who do go after with profits but rather
on just seeing to include something when it comes to payment system.

Just like on what Paypal did, we are already 10 years and try to count on how long did paypal on giving out that consideration? On what you had said about saving up your coins
then this is really just the same into those places like restaurants, stores etc. that do accept bitcoin, I wont really tend to make use of my precious coins.
Yes, it does need to circulate but we cant really just deny that earning opportunity is really there.

sunsilk

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If I'm an Uber customer that do hold bitcoin, I don't think it's a good time to spend it. I understand that we have to spend bitcoin for use cases like this but the timing for me isn't good. I'd rather pay them with cash or any other accepted payment system/processor just to keep my bitcoin.

But basically, news like this is very much good for the adoption and publicity of bitcoin. If they want to accept bitcoin, they can do that as much as they want but it's better if they've done it before.

uneng

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Quote from: KuromaYoichi on February 14, 2021, 01:35:29 PM

While I don't use Uber because it's not available in my country but it is good to see more and more companies starting to accept bitcoin as a payment method. I don't know how Uber will implement it, but maybe they will make you deposit your bitcoin in your Uber account first and they will deduct the balance when you use the service otherwise the customer have to pay the transaction fee everytime they use the service which will be quite expensive compared to the ride fare.

Yes, both options you mentioned are possible. I see Uber is going to study the possibility of accepting bitcoin as payment, what means it's on an early stage of adoption yet and it can take some time until become reality. I believe they are studying meticulously the best way to introduce bitcoin on their services in a convenient way for their customers.
If the issue with high fees won't be solved by there, something like a bitcoin balance in each user's account will be an interesting alternative. Or will they adopt a third party service which converts btc to fiat in real time?

KuromaYoichi

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While I don't use Uber because it's not available in my country but it is good to see more and more companies starting to accept bitcoin as a payment method. I don't know how Uber will implement it, but maybe they will make you deposit your bitcoin in your Uber account first and they will deduct the balance when you use the service otherwise the customer have to pay the transaction fee everytime they use the service which will be quite expensive compared to the ride fare.

pinggoki

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What I am seeing on that context was the UBER company will accept bitcoin or cryptocurrency as a payment method for their consumers or customers when riding behind their service and also including here was the delivery of food and etc. UBER doesn't have any chances of buying bitcoin as stated on the announcement of the ceo but what they just want to do is to add this cryptocurrency and bitcoin as a payment to their services.

MWesterweele

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Quote from: DIA7 on February 13, 2021, 06:49:03 PM

Tge best thing about this news is the free media. I don't believe that using bitcoin for paying transportation for Uber services is too functional. Because fees are now getting higher fir bitcoin and I recommend we use other cryptocurrency that will do the job faster and lower fees. Gir the time being I only see Bitcoin as a mesn to invest and save not to use fir daily things.
So other cryptis surely will give better clients experience other 5hen bitcoin.

That could be a good news if UBER will accept bitcoin and yes fees is too high, I hope they can find another coin that offers not too much in terms of fees and has a high transaction speed like XRP and TRON but then since UBER announces that it will be good I hope GRAB ( I don't know if this is internation but this one is only available in here) can accept crypto as payment as well, I would be more happy to use it.

Casdinyard

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This will be huge. UBER is something being used on a daily basis especially to those people who are into this industry. UBER is already a large company and it will help boosting the popularity of cryptos, if this will be true. I would say it is a domino effect that we are seeing right now starting from what PayPal did last year which was followed by other big companies. And I bet more businesses will also do the same thing once the advantages of doing so continues to spread in the future. Again, a huge milestone for this industry, this year.

DIA7

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Tge best thing about this news is the free media. I don't believe that using bitcoin for paying transportation for Uber services is too functional. Because fees are now getting higher fir bitcoin and I recommend we use other cryptocurrency that will do the job faster and lower fees. Gir the time being I only see Bitcoin as a mesn to invest and save not to use fir daily things.
So other cryptis surely will give better clients experience other 5hen bitcoin.

dunfida

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Quote from: GreatArkansas on February 11, 2021, 09:16:06 AM

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.

Any adoption news would be considered as good or on the positive side.It might not really heavily affect bitcoins price movement but what we do aim here is that
the level of recognition that we must able to attain so that bitcoin will really becoming more a mainstream in lots of services on where people do most commonly
been using on daily basis. UBER? We know on how useful this service and having some crypto or bitcoin integration would really be a big convenience for those
people who had already the idea about crypto and would also increase awareness too.

dupee419

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Not only with how slow the transaction time takes place but also on how volatile the price of Bitcoin can be, even if UBER takes Bitcoin transactions, the downside would be the price when it spikes high, then you have to pay for a lower price (in terms of bitcoin) and when the price goes down, you'll have to sacrifice more of your bitcoins than what you usually pay for, not the best way of use with Bitcoin, majority of the people would still go for fiat payments.

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Quote from: posi on February 12, 2021, 11:48:29 AM

Quote from: GreatArkansas on February 12, 2021, 01:48:48 AM

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.

According to the respond of the UBER CEO which I believe his stance on crypto currency his clear that he's not against crypto and he's ready to integrate as payment once the customers ask for it but he will not invest the company fund into crypto just like Tesla did which is fair because he definitely dont know how to invest in cryptocurrency but I don't see any reason for UBER to stop as payment if the issues that arise in future have nothing to do with the government.

The reason isn't about the government but rather the volatility of the price of bitcoin, Imagine riding an uber an paying the service of 10$ with bitcoin but after leaving the vehicle, the price suddenly drop, what will happen to the uber driver as the fee should be 10$.
They should also implement a wallet on their site where the can real time convert the amount of bitcoin being paid to a fiat based wallet just like "coins" wallet does. They have a separate wallet for fiat such as PHP or USD wallet and a separate wallet for BTC.

posi

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Quote from: GreatArkansas on February 12, 2021, 01:48:48 AM

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.

According to the respond of the UBER CEO which I believe his stance on crypto currency his clear that he's not against crypto and he's ready to integrate as payment once the customers ask for it but he will not invest the company fund into crypto just like Tesla did which is fair because he definitely dont know how to invest in cryptocurrency but I don't see any reason for UBER to stop as payment if the issues that arise in future have nothing to do with the government.

MCobian

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As a Bitcoin supporter, I am very happy that UBER accepts Bitcoin as a payment option in their application. But the problem is that Bitcoin transactions
take quite a long time, not compatible with UBER which requires fast transactions. With these constraints, I am sure that UBER will not be using Bitcoin
for long as a payment option. Within a few months UBER will likely stop accepting Bitcoin being one of the payment options on their application.
Unless UBER switches to altcoins which do have a much faster transaction speed.

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