What’s the Latest on the Relationship with Microsoft and Bitcoin Acceptance
Microsoft showed an interest in bitcoin a while back, but the big question is whether it still has such an interest. The answer is that it seems to be yes.
Around the end of 2017 and the beginning of 2018, the company briefly ceased accepting bitcoin and interestingly enough, it was at the same time the cryptocurrency experienced one of its most prominent highs.
Perhaps one of the most prominent reasons that the company stopped accepting the cryptocurrency was due to its volatility. Another potential reasons that the company stopped accepting bitcoin was the high fees associated with the cryptocurrency.
The move against bitcoin did not last though. A week after stopping to accept bitcoin, the company re-evaluated its position and announced that it will continue accepting bitcoin. To clarify though, a spokesperson for the company stated,
“We’ve restored bitcoin as a payment option in our stores after working with our provider to ensure lower bitcoin amounts would be redeemed by customers.”
The hope is that Microsoft’s use of bitcoin would spark more interest in the cryptocurrency. Currently, Microsoft is participating in the Bakkt Exchange with other companies such as Starbucks and BCG.
Moreover, those who are interested in purchasing bitcoin can do so with Microsoft. According to the company’s website,
“When you redeem Bitcoin to deposit funds into your Microsoft account, you can use it to purchase games, movies, and apps in the Windows and Xbox stores. You cannot use these funds to purchase items in the Microsoft online store.”
The website continues, “Money added to your Microsoft account using Bitcoin can’t be refunded. You can’t use money in your Microsoft account to buy gift cards. Support for adding money to a Microsoft account with Bitcoin is not available in all countries and regions. “