Uber has recently got a new CEO, who accepted Bitcoin payments at his last company, has led some to wonder whether he will begin to accept Bitcoin payments at Uber.
If this was to happen, it could mean huge things for Bitcoin. Having a high profile company, such as Uber accepting the cryptocurrency, it would create more awareness about Bitcoin, which in turn could increase the demand, which would mean that the prices are more likely to rise.
Increased awareness is not the only benefit though. Other benefits include the processing speed. Credit card payments can take up to three business days to process. Bitcoins could be deposited into the account almost instantly through virtual currency payments, which would be a lot quicker and beneficial to the company.
The second benefit of accepting Bitcoins at a large company, such as Uber is the security. Should a company be attacked by hackers, millions of credit card numbers could be obtained, which then poses a huge security risk, and could result in the company losing millions. By using Bitcoin as payment, no personal details would be stored. This is because the blockchain technology will confirm the transaction on a public ledger, whilst keeping all personal information private.
Like we previously mentioned, Dara Khosrowshahi began accepting Bitcoin payments when he was CEO of Expedia Inc. This was an incredibly bold move at the time, but it soon paid off, with the Vice President confirming that Bitcoin payments on the travel site had met and in fact exceeded expectations back in 2014.
This will not happen overnight though. Uber, as a company has faced a lot of scandals, which led the company to lose $2.8billion in 2016, and it is on track to face another massive loss this year. To make this successful, it is important to first make the company profitable over the next two to four years; however, some reports suggest that thy could start to accept Bitcoin payments as soon as 2018.
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