Uber working towards accepting Cryptocurrency payment from passengers

Ride-hailing app Uber has said it will one day accept Bitcoin and other forms of cryptocurrency as a payment method from its passengers.

The announcement was made by Dara Khosrowshahi, Uber's Chief Executive, during an interview with Bloomberg.

Khosrowshahi cited the cost of exchanges, which can carry high transaction fees, and the environmental impact of digital mining on the energy grid as reasons for why Uber has not yet incorporated the technology.

Bitcoin, the most commonly known form of Cryptocurrency, exists digitally or virtually and uses cryptography to secure transactions.

Founded in 2009, Bitcoin was the first cryptocurrency and is still the most commonly traded. The currency was developed by Satoshi Nakamoto.