Microsoft Halts Accepting Bitcoin As Payment

Emin Gün Sirer, co-director at init3.org, tweeted that Microsoft has just “stopped supporting Legacy Bitcoin” as a payment method for Microsoft products. This is another  bad news for the users of cryptocurrencies this week.

According to the tech news portal Bleeping Computer that broke the news on January 7, 2018, the said move is only temporary.

The Microsoft staffer that disclosed the news cited that the unstable price of Bitcoin is the main reason that the tech giant company reached such decision.

It can be recalled that Microsoft had added support for Bitcoin payment back in 2014. The addition of cryptocurrency was a result of the integration of the Bitcoin processor Bitpay. In a full blog post, Eric Lockard, the corporate vice president of Microsoft’s universal store even called the measure as a long-term strategy.

Part of the said blog reads:

“The use of digital currencies such as bitcoin, while not yet mainstream, is growing beyond the early enthusiasts. We expect this growth to continue and allowing people to use bitcoin to purchase our products and services now allows us to be at the front edge of that trend.”

This is not the first time cryptocurrency has been dropped from the payment method. Last year, Steam also stopped supporting Bitcoin transactions for the same reason. Specifically, Steam mentioned “high fees and volatility” as the reason.

For companies such as Steam and Microsoft, volatility is a major concern as it sharp price drops is tantamount to huge losses. As of this press time, Microsoft has not made any official statement about the move, but it is expected to do so given its massive market and following.