Is Uber Planning to Accept Cryptocurrency Payments?

• When contemplating digital assets as a means of payment, some have raised concerns about the volatility of cryptocurrencies. Bitcoin was trading at $42,628 on Friday afternoon, a significant drop from its all-time high of $69,000 in November.

• Major corporations have been sluggish to accept cryptocurrencies as payment methods, despite the fact that interest in the practice has surged in recent years. In 2014, Microsoft started accepting bitcoin as a means of payment in its online store.

• Uber has resisted going on the bitcoin bandwagon due to a few major roadblocks, according to the CEO. He brought out the environmental impact of cryptocurrency mining, which consumes a lot of electricity, as well as the high costs of digital asset exchanges.

According to the CEO of Uber, users will be able to use cryptocurrency to pay for their rides in the future however the firm is waiting for a few tweaks before giving the green light.

Uber Has Resisted Going On The Bitcoin Bandwagon Due To A Few Major Roadblocks

Dara Khosrowshahi, Uber’s CEO, said the business is having conversations all the time about whether or not it should start accepting cryptocurrency as a means of payment. Is it possible that Uber will take cryptocurrency in the future? At some point, Khosrowshahi said to Bloomberg. Uber has resisted going on the bitcoin bandwagon due to a few major roadblocks, according to the CEO. He brought out the environmental impact of cryptocurrency mining, which consumes a lot of electricity, as well as the high costs of digital asset exchanges.

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Given the challenges, Khosrowshahi believes it is not the right time for Uber to participate. I believe you will see us lean into crypto a little bit more as the exchange mechanism gets less expensive and more ecologically friendly, he continued. When contemplating digital assets as a means of payment, some have raised concerns about the volatility of cryptocurrencies. Bitcoin was trading at $42,628 on Friday afternoon, a significant drop from its all-time high of $69,000 in November.

ALSO READ: Malaysia records the highest case of illegal Bitcoin mining

Major Corporations Have Been Sluggish To Accept Cryptocurrencies As Payment Methods

Major corporations have been sluggish to accept cryptocurrencies as payment methods, despite the fact that interest in the practice has surged in recent years. In 2014, Microsoft started accepting bitcoin as a means of payment in its online store.

Tesla began accepting Dogecoin, a crypto joke asset, for some products in its online store in January. The company’s founder, Elon Musk, has long promoted bitcoin, Dogecoin, and other cryptocurrencies. Musk has also encouraged other businesses to follow in his footsteps. Last month, the billionaire stated he would eat a Happy Meal on TV if McDonald’s started accepting credit cards. Dogecoin