Summary:
Uber CEO Dara Khosrowshahi stated that clients of the ride-hailing service would ultimately be able to pay for their journeys using Bitcoin. He noted that the corporation is waiting for a few modifications before providing the go-ahead. Because of a few roadblocks, Uber is yet to join the bitcoin bandwagon. These include the environmental effect of mining digital currencies, which uses a lot of power, and the high expenses of digital asset exchanges.
Details:
Uber CEO Dara Khosrowshahi has not ruled out accepting cryptocurrencies as payment. Uber has stated that in the future, users would be able to pay for their journeys using bitcoin. If you are a frequent Uber user, you may be able to pay for your journeys with cryptocurrencies in the future. Dara Khosrowshahi, CEO of the ride-hailing service, stated that consumers would eventually be able to pay for their journeys using Bitcoin, but that the business is waiting for a few adjustments before giving it a go.
The Uber CEO went on to say that the firm was “always having talks” about whether or not it should begin taking cryptocurrencies as payment. Mr Khosrowshahi, on the other hand, gave no indication of when this may happen. Though the company’s primary emphasis is Bitcoin, Mr Khosrowshahi stated that other cryptocurrencies, such as Ethereum, might also be considered.
According to Mr Khosrowshahi, Uber has not yet joined the bitcoin bandwagon due to a few constraints. These include the environmental effect of digital currency mining, which uses a lot of power along with high expenses on digital asset exchanges, where transaction fees are quite expensive. He went on to say that the corporation will shift its focus to cryptocurrency if the exchange mechanism became less expensive and digital assets stop leaving an unduly huge carbon footprint. Despite the fact that interest in cryptocurrencies has grown in recent years, many businesses have been sluggish to accept them as a form of payment.
Microsoft began accepting Bitcoin as a form of payment in its online shop in 2014. Tesla has begun taking Dogecoin, a joke cryptocurrency, in exchange for certain of its items at its online store. Even while proponents of digital assets have long maintained that the tokens should be recognised as a form of payment, volatility is one of the key issues when it comes to cryptocurrencies as a method of payment. At the time of writing, the price of Bitcoin, according to CoinMarketCap, was $42,201.61 (about 31.83 lakhs), a significant drop from its all-time high of $69,000 (approximately 52 lakhs) in November 2021.
Credits: www.bloomberg.com