One of the biggest names when it comes to the world of technology, Microsoft has been a company which has shown faith in the world of cryptocurrencies for quite some time now. However, Microsoft recently caused a major uproar in the markets when they stopped accepting Bitcoin payments a couple of days ago. However, they have now reversed that decision and are accepting Bitcoin payments once again.
Microsoft has been accepting Bitcoin payments since 2014 and was one of the first major names to show faith in cryptocurrencies. However, over the years there have been times where they have stopped accepting this form of payments – this has happened for a brief period of time in 2015 as well as 2016.
Microsoft allows the users to purchase content such as games, movies, and apps on the Windows and Xbox stores using Bitcoin payments. Moreover, the money that you deposit in your Microsoft account via Bitcoins is not refundable. Microsoft’s momentary halt in accepting Bitcoin payments was due to the rising costs in transactions.
With more and more people investing into Bitcoins these days – it has caused major network congestion, as well as resulted in a price hike. Interestingly, Microsoft isn’t even the first company to do so. In the past, gaming giant Valve had announced that they are no longer accepting Bitcoin payments on Steam.
This rise in the transaction fees and increase in the time it requires to clear a transaction have led to many organizations re-thinking their stance on accepting cryptocurrency payments. However, Microsoft has now reversed their decision and are back to accepting Bitcoin payments.
Another major reason for companies not accepting Bitcoin payments is the fact that cryptocurrencies are volatile. While the price shoots up to $19000 one week, the next week it hits $13000. Such drops and rises are very unpredictable and not the best option for those trying to run a stable business operation.