Could Uber be the first big company to accept Ethereum?

After a laborious nine-week search Uber’s management board has voted to appoint crypto-friendly Dara Khosrowshahi as their new chief executive – a potential win for Bitcoin Ethereum.

Under Dara’s 12 year run, Expedia was one of the first major organisations to accept Bitcoin as a form of payment (back in 2014) and subsequently legitimising it. So much so that both Microsoft and Dell followed suit shortly after. Dara is also a personal investor in Bitcoin startup 21 inc and has been an influential promoter of blockchain technology and its uses in real world projects.

With Bitcoin dominating the early days it made sense for Expedia to start accepting the cryptocurrency, however three years down the line it would seem Ethereum would be a better all round solution.

Bitcoin has also encountered a number of issues of late, many of which have stemmed from its slow confirmation times and increased transaction fee’s. With neither of these issues being appropriately addressed it is impossible to use this currency in any time critical use cases. Ethereum however with its lightening fast conformations (which are soon to get even faster) and low transaction fees would be a well equipped contender. It only takes around 15 seconds for a transaction to be confirmed on the Ethereum network making it easy to pay as you pop out of the cab, as opposed to Bitcoin which would require you to… well we’re not quite sure how that would work.

Rumours around Uber accepting cryptocurrencies have long circulated but until now they been nothing more than internet chatter, with Dara’s appointment however it may well become a reality. These are exciting times for the cryptosphere.

Will you be paying for your next uber with Ether?

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Ethereum bounces back

Despite reaching all time highs of around $400 in mid June, Ethereum has been slowly declining. It hits its lowest price of $130 last Sunday. The coin has seen a lot of volatility and panic although this now looks to be abating.

Its steady incline over the last 48 hour period looks promising as it hits $190 at the time of writing. This trend is expected to continue with the price breaching $200 by the end of the week.

ethereum price chart

There is no one reason for Ethereum’s recent decline but the biggest culprit seems to be the Bitcoin split. This has caused panic and uncertainty for many traders across all altcoins resulting in a sea of red.

Also the millions of ETH being raised and dumped for fiat through the recent ICO frenzy has also fueled investor uncertainty and driven down the price.

Even now the recent Tezo Initial Coin Offering (ICO) is worrying many traders with the fear that the project will dump the $200 million equivalent raised on the market in the very near future.

The market cap has dropped from $36 billion to $14 billion. That’s a $22 billion loss with a two-month period.

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