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Cryptocurrencies Rise in Popularity Among Uber Drivers

Let’s open with a relatable classic:

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True

Now, imagine your driver actually being a crypto day trader. Would the joke still hold up?

You might discover more ‘blockchain literate’ drivers than ever before. With the fast-growing digital economy, the decentralization of Uber alternatives and crypto-asset payments for rides could soon become the norm.

Fintech specialists and tech experts are not the only ones who invest and show their passion for cryptocurrency. Blockchain technology now interests all kinds of workers and experts and it quickly rose in popularity among Uber drivers. 

Drivers began accepting Bitcoin tips at least 6 years ago. Today seeing a QR code on the back of the front seat and finding a business card with the driver’s crypto wallet address is no longer uncommon. 

Uber CEO Dara Khosrowshahi claimed that the company might start accepting digital coins for rides: 

“Just like we accept all kinds of local currency, we are going to look at cryptocurrency and or Bitcoin in terms of currency to transact. That's good for business, that's good for our riders and our eaters.”

During an interview with DailyCoin, a driver, who wants to stay anonymous, juggles his public policy studies with full-time Uber work. He outsources the time required to make investments and research to friends that are dedicated to the space full time and ‘crypto social circles’ to stay atop of new information.

For a driver who’s been working with Uber for 6 years, economic liberty makes the crypto industry worthy:

“I view the real quest as financial freedom and leverage the opportunities most suited for my happiness in alignment with that goal.

I began investing because I recognized the confluence of technology, monetary, and political policy that could create global instability. In addition, there was a technology far superior to anything ever invented that would allow individuals to become sovereign in a way, akin to the ultra-wealthy, where the barrier of entry was extremely low.”

What if Uber Ran on Blockchain?

Drife is a decentralized ride-hailing system that allows cryptocurrency payments and propagates transparent ride-hailing and decentralized mobility. The platform could quickly become an alternative to Uber. However, there are some downsides of the decentralized system too, including a lack of control, coordination and costly operations. 

“I'm not entirely sure how Uber would transition to being decentralized but if they can manage that, there would be several areas of cost savings for not only the company but commissions paid out by drivers as well,” 

the young Uber driver said. 

An expert from Crypto Global Management also holds a positive point of view regarding decentralization. In an exclusive interview, he told DailyCoin:

“I think decentralization is the way to go. Reducing the reliability on a centralized entity. From a cybersecurity perspective it can be also advantageous, plus additional benefits to the customer and service provider cutting the middleman out.”

On The Flipside

  • More drivers invest in cryptocurrency and succeed with earning extra money on the side.
  • The decentralization of Uber might result in lower ride prices, better working conditions for drivers, and increased wages.

Why You Should Care?

More people from different professional backgrounds develop an interest in cryptocurrency due to its ubiquity. Soon ride-hailing platforms might also accept crypto payments.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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