Microsoft Embraces Bitcoin Payments
Microsoft Corp’s latest announcement is huge news for the Bitcoin Industry. Not only is Microsoft one of the largest companies in the world it is also one that takes digital technologies and security very seriously. As the world moves more digital each passing day, hacks and security compromises continue to threaten this advancement. Â When money is brought into the picture these concerns become more crucial. Solution: Bitcoin. This technology is only five years old but in the last year or so it has been picking up steam with many larger corporations such as Microsoft, Dell Computers and Paypal jumping on board.
The latest of the larger worldwide companies to jump on board is Microsoft.Â Â Announcing this week that it has teamed up with Atlanta-based digital-currency payment processor BitPay to allow customers to use bitcoin when using their online Microsoft accounts for certain products Â “This is about providing choice to all of our customers as to which method they want to use in purchasing things from us,” Eric Lockard, corporate vice president of Microsoft’s Universal Store, said in an interview on the NASDAQ website.
While he cautioned against “reading too much” into a move that another Microsoft spokesman described as “dipping our toe in the water,” Mr. Lockard said the firm expects to see continued growth in bitcoin-based purchases.
“While not yet mainstream,” the use of digital currencies is “growing beyond the early enthusiasts,” he said.
For now, the bitcoin option is limited to purchases of “content in the Windows Store, or in stores that house Xbox Games, Xbox Music or Xbox Video,” the company said in a blog post, which means many other Microsoft products aren’t available to bitcoin users.
Whereas users can buy digital content such as music, videos and apps with bitcoin, it can’t be used to buy software products such as Windows operating systems or Microsoft Office products, or hardware such as Xbox consoles
While not yet mainstream,” the use of digital currencies is “growing beyond the early enthusiasts
Speaking with Coindesk:Â Â BitPayÂ chief commercial officer Sonny Singh has this to say:
“Microsoft has a long-term vision for bitcoin, BitPay and the blockchain. Starting with digital goods in the US is the logical first step, however, they want to expand to Europe and globally and add support for other products as part of that rollout.”
Although this is “Phase One” for Microsoft’s Bitcoin rollout it’s encouraging to see a tech giant such as Microsoft to have the confidence and vision for such a ground breaking technology in money. Win win for Bitcoin.