Microsoft Now Accepts Bitcoin

By CIOReview | Monday, December 15, 2014

FREMONT, CA: Microsoft is the latest leading enterprise to put its trust into the digital cryptocurrency. By accepting Bitcoin, Microsoft makes a calibrated effort to pursue the idea of this disruptive payment method which itself is witnessing evolution as more people and businesses show greater interest and confidence, that despite its stability and security concerns.

How it works for Microsoft?
Microsoft customers can use BitPay – a Payment Service Provider specialized in processing of virtual currencies – to trade-in bitcoin at the current market value and add it to their Microsoft account. The Microsoft website now has bitcoin as an option to add money to the Microsoft accounts. Those willing to transfer their bitcoins have to select the amount of money to add to the Microsoft account. BitPay calculates the equivalent amount in bitcoin and delivers that information along with a BitPay Bitcoin address and payment instructions. Customers can then use their bitcoin wallet to pay the displayed amount of bitcoin.

It is important note that bitcoin can be used only to purchase content in the Windows Store, or in stores that house Xbox Games, Xbox Music, or Xbox Video. Bitcoin currently cannot be used to purchase Microsoft products and services other than the one mentioned.

“There is a cap on how much you can exchange per day: $1,000 (or its equivalent in your country or region’s currency) to your Microsoft account on any given day, and no more than $5,000 to additional Microsoft accounts that are registered in your name or by you,” as mentioned in Microsoft blog.