Microsoft has added Bitcoin as a payment option in Xbox and Windows stores. Meaning that you are able to purchase games, and much more using one of the most popular digital currencies on the market.
Microsoft has made no official announcement regarding it, but they posted detailed instructions on the customer support website about how to use Bitcoins.
There is a restriction to this process, you are only allowed to have $5,000 worth of currency on your account. While this seems to be an extremely large amount keep in mind that one Bitcoin is worth about $351.34. This comes after a move when Microsoft partnered with BitPay which specializes in online transactions through Bitcoin.
Microsoft is not the first tech company to do this, but it is the largest. Other companies such as Dell and Newegg took the lead earlier this year by allowing customers to purchase through Bitcoin, and it helped boost the awareness which ultimately may have lead Microsoft to start supporting it as well.
Now there is skepticism on what Microsoft is going to do are they going to keep Bitcoins and enter the market? Probably not says Dr. Vili who is an Oxford Economic Sociologist and the main reason for this is because there is no true point. Bitcoins do not have enough trade power for a company like Microsoft to hold on and spend them so chances are is that Microsoft is going to trade in the coins for USD.
“This means that Microsoft itself will not be accumulating and thus spending bitcoins, which somewhat limits the significance of this announcement. Microsoft is not entering the Bitcoin economy as such,”
There is a growing interest with Bitcoin not only because it is new, but because of how it functions. Bill Gates has had a spark in interest regarding virtual currencies and even stated that Bitcoins were an exciting financial solution.
Earlier today the Bitcoin value surged to what it is now and it is expected to increase even more as awareness increases regarding the news.