The UBER Crypto Future

By Adrian Cruce

Binance’s CEO thinks that cryptocurrency technology is going to be a huge part of day-to-day life for people in the following 10 years. This does include UBER.

The past 2 years in the cryptocurrency industry are often likened to what happened during the mid-nineties, which was before the internet ended up being mainstream. People back then did not have email as they simply had no idea what these were and how they should be used. Nowadays, email is used by literally billions of people from around the world.

Many analysts believe that crypto is just like email back in the day. It is not at all easy to use if you are not tech savvy and people do not actually know what crypto is.

The recent 2020 Binance message talks about the future of cryptocurrency. Many of the things that are mentioned by Chanpeng Zhao (Binance CEO) are true, with 2019 being seen as similar to a house’s foundation. 2019 was acknowledged as being tough, with a lot of work that was not seen.

The mentioned report is mainly focused on the achievements and the plans Binance has for 2020. However, the end part is very interesting as it makes predictions for the cryptocurrency industry:

“By 2030, not only will blockchain and crypto still be around, they will be everywhere. Crypto will be used to pay for self-driving versions of Uber. Crypto will be used to buy things from half a world away and have them delivered to you via drones.”

While the drones mention is more like out of a sci-fi movie (although still possible), the reference to Uber is really interesting. Crypto payments are definitely perfect for renting autonomous vehicles.

When Will Uber Accept Crytpo Payments?

Many think that crypto payments will surely come to Uber in the near future. The company did manage to completely disrupt the way in which people travel around the world. Ride-hailing first appeared in San Francisco, in the year 2010. Eventually, this business moved into food deliveries, freight and recently, self-driving vehicles.

A big problem with Uber right now is that after it went public in May 2019, it ended up losing $29 million market cap. Due to this, reinvention was necessary. A great way to do this is to accept cryptocurrencies.

What many do not know is that Uber is fully-familiar with cryptocurrency. In 2017, it had to pay a ransom with Bitcoin after a huge hack. Right now, the company does not blindly go towards digital currencies but there are definitely drivers that are willing to accept BTC payments.

Uber’s main customer base demographics are made out of younger people. They are much more likely to know what cryptocurrencies are and actually own them. Micro-payments can be used for services that are low cost, which is perfect for what Uber is now offering.

Several Uber drivers wonder when Uber will finally embrace payments with cryptocurrencies. If this happens, it is a certainty that Uber competition will do the exact same thing. This could be the very first step towards a true mainstream adoption.