Uber's crypto payment is now expected to become a reality after the American mobility provider's CEO announced, again, that they will soon accept digital coins as payment.
LONDON, ENGLAND - SEPTEMBER 22: In this Photo Illustration, a phone displays the Uber ride-hailing app on September 22, 2017 in London, England. The Transport Regulator has announced that it will not re-new the company's licence to operate in London as it's current service is "not fit and proper".
As of the moment, many companies are trying to enter the rising blockchain industry as more and more people invest in Bitcoin, Ethereum, and other giant crypto brands.
However, Uber seems to be rejecting these digital coins. Dara Khosrowshahi explained the reasons why so that consumers will not be left hanging.
Uber Crypto Payment To Arrive, But Not Now
According to Bloomberg's latest report, CEO Khosrowshashi explained that this is not the right time for Uber to start accepting cryptocurrencies as payments.
SAN FRANCISCO, CALIFORNIA - MAY 18: A worker cleans a sign in front of the Uber headquarters on May 18, 2020 in San Francisco, California. Uber announced plans to cut 3,000 jobs and shutter or consolidate 40 offices around the world due to severely declining business as the coronavirus (COVID-19) pandemic continues.
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He said that they are not releasing payment options for digital coins because crypto mining still has some adverse effects on the environment and energy grids.
Aside from this, he added that using cryptocurrencies as payment also has high transaction fees, which can affect the revenue of Uber.
"As the exchange mechanism becomes less expensive and becomes more environmentally friendly, I think you will see us leaning into crypto a little bit more," said Dara.
Based on his statement, the arrival of Uber's crypto payment feature is still unpredictable. It might take months or years, depending on the company's final decision.
Other Risks of Cryptocurrencies
Energy grid issues and high transaction fees are not the only issues the blockchain industry faces. Cybersecurity risks are also at large as more and more hackers target the rising digital coins.
Trend Micro reported that malware is among the security threats used against digital coins. Experts explained that crypto-mining malware could lead to information theft, hijacking, and exploitation of other system viruses.
This is why cybersecurity researchers always remind crypto miners to update their devices and conduct other security measures.
In other news, the FBI seized more than $3.6 billion worth of crypto from the recent massive Bitfinex hack. Meanwhile, rapper Gunna is accused of crypto rug pull.
For more news updates about Uber's upcoming crypto payment feature, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
