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Microsoft

Microsoft denies Bitcoin payment method for its products  

Microsoft denies Bitcoin payment method for its products  

Microsoft seems to have stopped accepting Bitcoin cryptocurrency as payment method for its products, Bleeping Computer reported.

However, the sources suggest that it is a temporary halt. The tech giant had started support for Bitcoin payment in December 2014. It’s not the first time that Microsoft has halted Bitcoin support. It had stopped accepting Bitcoin in March 2016 as well.

On Monday, various Microsoft customers didn’t find the payment option for Bitcoin, indicating that the company has stopped the Bitcoin payment support.

Microsoft didn’t make any official comment over the matter, but as per Bleeping Computers, “Microsoft does not allow users to buy products with Bitcoin directly but asks users to add a predetermined amount of dollars to their account balance, for which they can pay with Bitcoin.”

The reason behind the halt might be the rapid fluctuation in Bitcoin prices, which had touched nearly $20,000 last month for a couple of days. It then sank to just $11,000, and caused a loss of around $200 million to the cryptocurrency market. As per Coindesk, the current price of Bitcoin is $15,000.

Although, the Bitcoin price sees ups and downs regularly, the fluctuations in last three months have been unpredictable.

Reddit users had a chat with Microsoft support staff, and found that the move is just temporary. The reason mentioned behind the halt was that the Bitcoin is an unstable currency.  

Microsoft is not the only company to stop Bitcoin transaction. Digital distribution platform provider Steam also denied Bitcoin transactions in the beginning of December 2017. Steam reasoned ‘high fees and volatility’ behind the closure.

Also read: Pareteum adds Blockchain technology support to its Global Cloud Platform for cryptocurrency transactions

All these hassles make Bitcoin’s acceptance difficult in the market, and hence, people are getting cautious to use it for transactions.

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