Microsoft to Start Accepting Bitcoin Payments
David Curry | | Dec 11, 2014 09:19 AM EST |
Microsoft will now accept Bitcoin on most of its major platforms, opening the market up for more customers.
Microsoft has surprised many by jumping on the Bitcoin bandwagon, despite many organizations and governments labeling it an unusable currency due to the fluctuation in price.
The price has settled in the past few months. Microsoft is currently in a state of change, creating subscription bundles and potentially releasing Windows 10 for free - meaning the company might be more open to testing new currency for more potential customers.
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Microsoft is reportedly working with Bitpay to make the currency possible. The payment option will be available on Windows, Windows Phone and Xbox-allowing the user to buy any app or game on the three different apps stores.
There are a few restrictions for Bitcoin users, however. The only way to pay for things with Bitcoin is through a Microsoft wallet or digital code, users cannot simply pay for apps and games with a one-time transaction.
It is unclear if Microsoft will add this in a later update-neither Bitpay or Microsoft were available to comment on the new cryptocurrency.
Microsoft is one of the largest companies accepting any form of Bitcoin. Both Google and Apple do not seem interested in supporting the cryptocurrency on mobile or through retail stores.
Some experts say Bitcoin peaked a few months ago, before two large crashes left Bitcoin miners with a huge loss of income. The price for Bitcoin has stayed at around $300-400 for the past few months, after dropping from a high of $1,250.
The cryptocurrency is still wrapped in secrecy. While people actively work on the open source code to make it safer, the original creator is still unknown. Other cryptocurrencies have emerged in the past year, including Dogecoin, Litecoin, Primecoin and Ripple.
However, Bitcoin is the first cryptocurrency to be actively viewed and discussed by large corporations and governments. It may take a few years before any others are given as much consideration.
TagsWindows Phone, Xbox, bitcoin, apps store
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