Topic: UBER will start to transact with Bitcoin? - page 3. (Read 750 times)

I don't think this would be possible for a fast ride because bitcoin transactions are taking longer time to confirm nowadays., what if a customer has an urgent appointment move, and the transaction is unconfirmed and not everyone knows about RBF broadcasting. I think it would be possible if Uber company set up two method of payments, crypto and Fiat, this would be the easiest ways to tackle this incidence.
If for crypto, then the address barcode will be placed at the front side of the car for easy and faster transaction.

Is this a test? They don't promise to make this feature permanent ?

Some of the companies on different countries starts to appreciate and adopt bitcoin as a digital currency, nevertheless, it can truly help users and the company to be more productive using bitcoins' feature. With these advertisements came from big names all over the world and traffics from Crypto Enthusiast, bitcoin's progress will be more quickly as we've expecting.

The problem with Uber accepting bitcoin is that they will need to wait for one confirmation before the payment is confirmed. Or if the driver doesn't want to go that route, they can open a LN channel but even that is painful to do. There are a lot of possible implementations that Uber can do in order for them to start accepting crypto. Right now, the main hurdle is the confirmation times. Once that's cleared, we will begin to see more and more services starting to accept bitcoin and crypto.

This is the advantage of biggest comunity. Our comunity is getting bigger from time to time, it seems that we are very big market in their eyes. This is a positive sentiment for bitcoin market, actually there are some business like uber in my country but they create their own digital currency. I personally prefer like to use that digital money rather than cash because it's more practical and save time and healthy of course as I didn't touch the money physically. I think when Uber let people use bitcoin to pay their service then we not only get the increasing price of bitcoin but also more mass adoption.

Now, the adoption comes from the transportation company, and that is good news for crypto because that can attract their customer to know and learn about crypto. If their customer can learn about crypto, the mass adoption will have more chances to grow, and we will see that the crypto will grow faster than what we can expect. Maybe that will not happen quickly, but the progress is good, so we will see that the crypto can have a better situation. If the government can also accept the crypto, the crypto position will be stronger than before.

It's a good help to the growing value of the bitcoin, the more companies will support the bitcoin the price rise. Like in the last few days ago Elon musk invest 1.5 billion dollars worth of bitcoin that can cause for the price to up.

They need to consider the bitcoin now or maybe being supported because it will have a big effects to their companies too if they do that because the user of the bitcoin probably will going to try their service too. Both will get benefits they earn money and the user and investors of the bitcoin will get profit too. In the next coming weeks more business will try to accept bitcoin because it is very trending worldwide.

It's pretty long way from "we are going tp look into cryptocurrencies" to " we are going to accept cryptocurrencies". Naturally, no CEO (at least the one with some brain) will automatically say that he will never accept crypto so I see those more like going on with the current hype than seriously considering this. And even of they do, once they see the fees and transactions time they will probably give up on this idea. At lasted for now.

We can expect more similar rumours and speculations involving popular companies, like the one with Apple the other day.

You make good points especially about the timing but I don't think they will do it right away. If they hire a half-decent consultant who knows about bitcoin txs, the things you say are the most obvious ones.

And like you say lighting layer is an option and I think it will soon be easy enough to onboard. The UX is improving.

As for using other coins... no thank you. I mean none of the other ones are as popular and if people are willing to use these other ones which are so centralized then why switch from fiat in the first place.

If uber starts accepting bitcoin as payment that would be great but since still alot of people need to know about bitcoin and cryptocurrency, it will take sometime before it could be properly implemented

Due to the congestion and spike in transactions on the Bitcoin and Ethereum networks, the timing is pretty bad. If I order an Uber for a 20-minutes ride from point A to point B, will they require that my transaction confirms in that 20-minutes time frame. If that is the case, I would have to use a pretty high transaction fee. So I am looking at unnecessary high costs. I am paying Uber for the transportation services + I am tipping the driver + on top of that, I am forced to pay $5-10 in fees for a quick transaction confirmation.

If they don't know about double-spending and accept zero-confirmation transactions, it's an entirely different thing. In that case they could suffer from abuse and double-spend transactions, which would force them to give up on the idea of accepting crypto or they'll introduce mandatory KYC. if they kept records of of their users who paid with crypto, they could find those who performed double-spend attacks and go after them.

Than we have problem #2. Do I really want to give out my personal details to a taxy company to get a ride?

I see this only working with the lightning network or via crypto assets with extremely low network fees. Tron or Tether via the Tron network for example. That's when problem #3 appears. Lightning network isn't that popular yet, it doesn't have many users, and has still not been molded into a final service. And, coins like tron or tether are not nearly as popular as bitcoin or ether.       

I think that would be a good idea because imagine if it works out other big companies will follow and do the same thing, by that way crypto adaptation will drastically increase. However, there will also be some problems in using it like it few transactions might become slower due to congestion in the network plus fee could also be a factor as it unlike using fiat all you need to pay is the exact amount. Anyway, using Bitcoin as another mode of payment will bring some benefits as well because if you travel across other countries you don't even need to bother to convert your money to their local currency as Bitcoin can use globally.

I agree with you on this. It seems to me that UBER is still not convinced yet that BTC is where they should put their money in, and from their financial point of view you can understand why that it. Unlike, Tesla, UBER has suffered financially due to the pandemic, this must of cut deep into their pockets and now they're being cautious not to miss out on crypto, hence why there's talk about them accepting BTC for transactions.

Overall, this gives a positive outlook to the crypto industry that more and more giants are thinking about the crypto industry. Before there was not much of these talks but. now these are intensifying which is great!

This is what mass adoption looks like. It's not that companies need to have Bitcoin on the balance sheet but more the utilization of it. Agreed that bitcoin on its base layer might not work due to scalability but that is totally fine.

In the case of UBER, I think a good move will be to have custodial wallets in their app and have lightning channels opened with both drivers and clients. They should also provide the driver with an option to receive bitcoins or fiat (instant swap).

As for the whole experience, I don't think it will be affected. Furthermore, the majority of people UBER for at least 10 mins which gives enough time for confirmation (not even needed for lightning).

I do not accept people saying that bitcoin is either store of value or a medium of exchange. Why can't it be both and thus a superior form of money? Every technology has multiple layers for scalability and it's just a matter of improving the UX.

an progress made by UBER to be able to accept payments with bitcoin, I also seem to agree with you that of course bitcoiners will benefit greatly from the progress that has been made with uber.
every convenience that is given by anyone to be able to use bitcoin is certainly very beneficial for the givers and those of us who use bitcoin.

there may be a problem if the transaction is delayed (if the traffic is heavy) whether this can be hung and will be resolved at a later time, but if there is pending what is the next solution. it is clear that the recipient will be disadvantaged by the pending transaction and is there a solution to be made.

Highly unlikely, especially considering transaction fees. It is not feasible to make $5-10 payments without being burnt because of high fees. There is a solution for it though. Maybe they can either join hands with some exchange or have their own wallet through which bitcoin would be deducted without any further tx fees.

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.

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.

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!

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...