Microsoft now allows customers to pay for digital goods via Bitcoin

[Shawn Knight]

Bitcoin has yet to return to the $1,000+ exchange rate it enjoyed a little over a year ago but that doesn’t mean 2014 was a bust for the virtual currency. Value aside, it’s been a banner year for Bitcoin as a number of major companies have come out in support of the cryptocurrency.

Today we can add Microsoft to the growing list of Bitcoin supporters.

The Redmond-based company has added Bitcoin as a payment option for a variety of the digital goods it sells. Utilizing payment processor BitPay, Microsoft customers can now trade in Bitcoin at the current market value and add the resulting money to their Microsoft account.

Funds can be used to purchase content in the Windows Store or in stores that house Xbox Games, Xbox Music or Xbox Video.

Eric Lockard, corporate vice president of Universal Store at Microsoft, said the use of digital currencies such as Bitcoin, while not yet mainstream, is growing beyond the early enthusiasts. Lockard added that they expect continued growth and allowing people to pay with Bitcoin puts Microsoft at the front edge of that trend.

Microsoft points out that there’s currently a limit on how much you can exchange – $1,000 per day and no more than $5,000 to additional Microsoft accounts registered in your name. What’s more, Bitcoin funds can’t be used to purchase physical Microsoft goods – just the digital content listed above.

Either way, it’s another big day for Bitcoin that boosts its legitimacy even more.

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https://www.techspot.com/news/59138-microsoft-now-allows-customers-pay-digital-goods-bitcoin.html

 

[cliffordcooley]

Bitcoin is a bust to me. I'll never trust them to be a legitimate currency. The concept of bitcoin is similar to that of gambling, which is why gambling is considered illegal in some states.

 

[Guest]

All currency as we know it today is similar to gambling. American currency used to read: "AMOUNT" IN GOLD COIN Payable To The Bearer On Demand." Bitcoin is just as valid of a currency as the American dollar. While it will fluctuate drastically initially, like any new currency. Want real currency? Stock up on gold and drums of oil.

 

[cliffordcooley]

Bitcoin is just as valid of a currency as the American dollar

Valid yes, reliable no! The reliability factor is what makes Bitcoin a gamble. I'm not gambling on the value of my paycheck, which is why I will not use Bitcoin.

 

[kuroiei]

I'm sorry, but "huge for cryptocurrenct" because of XBox? The title of this post on Facebook is greatly exaggerated at best.

 

[cmbjive]

Once a box retail store of the Walmart or Target mold accepts BitCoin I'll take it a bit more seriously. Until then, there really is no reason to move from the dollar.

 

[davislane1]

Bitcoin is just as valid of a currency as the American dollar

Valid yes, reliable no! The reliability factor is what makes Bitcoin a gamble. I'm not gambling on the value of my paycheck, which is why I will not use Bitcoin.

The only thing preventing Bitcoint from being "reliable" is its adoption rate. The more people jump on the BC bandwagon, the more stable its exchange rate will become, all else being equal.

It's interesting people cite USD being a more reliable currency. Relatively more stable, yes. As an investment vehicle, however, the numbers speak for themselves: http://www.infoplease.com/ipa/A0001519.html

Stated otherwise, as a function of time a traditional paycheck is a losing bet for long-term financial security. It is no coincidence most retirement plans are weighted more towards managed investments (long-run speculation) than outright savings.