January 29, 2019

Bitcoin [BTC] and other cryptocurrencies can now be credited to Uber app |

Vendit recently announced that it now supports Uber, the world’s largest cab-hailing service. This will allow cryptocurrencies to be credited to the user’s Uberwallet, which can be used to pay for cab rides.

Vendit is the first cryptocurrency firm to successfully link Uber to a wallet credited by any virtual currency, although this has been an effort many companies had been working on. The Vendit payment system makes use of a special merchant processor system that can be adopted into a Point of Sale merchant system, allowing itself to be seamlessly integrated with apps such as Uber. Currently, Vendit also supports other popular apps and services such as IHOP and Domino’s Pizza, the popular pizza chain.

Announcing the development on its website, Vendit stated,

“It is with great pleasure for Vendit to announce that Uber has been added to Vendit’s payment system allowing people to be able to add credits to their Uber App by purchasing with cryptocurrencies. We believe this will set the benchmark in the use case scenario for cryptocurrencies and hope others believe it as well. We look forward to continuing the goal of mass adoption and adding more merchants in the near future.”

This isn’t the first time Uber has been associated with the world of cryptocurrency. In 2016, Uber had announced that it would be accepting Bitcoin, the world’s largest cryptocurrency, as payment for cab services in light of the Argentinian government’s restrictions on credit card transactions. However, after a lot of protests by local cab services in the Argentinian capital, Uber’s services in the country itself were restricted.

According to Founder and CEO of Vendit Mike Hu however, Uber isn’t going to be the endgame. Hu has reiterated that Vendit has planned out future milestones that would help hasten the wider adoption of virtual currency as well as ensured that in time, more and more popular apps would be supported by the online cryptocurrency payments system.

The post Bitcoin [BTC] and other cryptocurrencies can now be credited to Uber app appeared first on AMBCrypto.

Published at Tue, 29 Jan 2019 23:09:10 +0000

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High Priority Issue for the Legal Marijuana Industry

One of the lesser documented reasons for the rise of bitcoin’s price is the role it plays in the legal marijuana industry in the United States. The problem is that US local and federal law are at loggerheads over the legality of the money raised from the selling of legal cannabis products.

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SinglePoint + First bitcoin Capital = Fast Solution?

There is now tremendous momentum and demand for bitcoin acceptance as an alternative form of payment. In a news release this past Tuesday, SinglePoint CEO Greg Lambrecht stated:

This Joint Venture with First bitcoin Capital is perfect timing. bitcoin payments are catching on and cannabis dispensaries need a solution fast.

SinglePoint brings their expertise in distribution while First Bitcoin Capital provides their knowledge and experience with bitcoin and blockchain technology. The partners plan to distribute their offering as a downloadable application for point-of-sale machines. Hopefully, the companies will provide a relatively swift solution to Bitcoins transaction speeds.

The offering would compete with other pot payment innovations such as cashless ATMs and dedicated prepaid cards.

Bitcoinist has followed the use of bitcoin in the cannabis industry since it became legal to buy cannabis in Washington, how bitcoin is just ‘too slow‘ for transactions and an examination of how bitcoin mixes with cannabis industry.

Will bitcoin provide a better solution for the purchase of Cannabis products in the US? Let us know in the comments below.

Images courtesy of Shuterstock

The post Bitcoin Solves Legal Marijuana’s Federal Banking Problem appeared first on Bitcoinist.com.

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