Microsoft Corporation Update: Tech Giant Accepts Bitcoins for Purchases

Joining biggies like Dell, Microsoft started accepting bitcoin payment for its services.

According to BBC, users can now pay for videos, games, music and apps on Xbox and Windows stores using bitcoins but cannot make purchases of devices. The money can also be spent for topping up Microsoft accounts. Bitcoin payment is currently only restricted to US. Though no formal announcement was made, the Redmond giant added a support page guiding users in using bitcoins.

Bitcoin is a cryptocurrency that touched an all-time high of $ 1,100 last December and has since slipped in value. Coins can be mined but the ease of mining is determined by available computational power and complex algorithms.

Users, who wish to pay Microsoft bitcoin, can find the Redeem Bitcoin option under Payment in their Microsoft account. Users can either use bitcoins stored on computers in digital wallets or through QR codes. The transaction is done under 15 minutes, Microsoft informed. Transactions can be done only at select online Microsoft stores and money added using virtual currency cannot be refunded.  

Engadget reported that Microsoft teamed with Bitpay, the popular bitcoin payment service provider. For now, users can only add $ 100 to their accounts with bitcoins.

"By accepting Bitcoin, Microsoft joined a long list of other companies that have started offering bitcoin options. BitPay for instance is used by over 44,000 businesses and organizations, including PayPal, electronics retailer Newegg and space tourism company Virgin Galactic," PC World reported adding that the move has been welcomed but has also caused disappointment among Microsoft services users outside United States.