UBER will start to transact with Bitcoin? - page 4.

Ludmilla_rose1995

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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.

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.

adzino

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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.

Lorence.xD

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Quote from: Darker45 on February 11, 2021, 10:52:31 PM

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.

Darker45

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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.

Alucard1

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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.

Shasha80

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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.

0t3p0t

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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.

pixie85

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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 Wink

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.

verita1

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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.

finn.cole

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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!!!

AmoreJaz

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Quote from: Japinat on February 11, 2021, 05:31:36 PM

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.

Jaycee99

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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.

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.

Japinat

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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.

Rruchi man

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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.

teosanru

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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.

milani

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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.

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

Nikole Fischer

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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

7788bitcoin

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Quote from: Josefjix on February 11, 2021, 09:49:26 AM

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.

Renampun

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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.

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.

OscarDavidson

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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.

Topic: UBER will start to transact with Bitcoin? - page 4. (Read 750 times)