Microsoft has Stopped accepting Bitcoin Deposits since it is an Unstable Currency
January 10, 2018 8:20 am
Microsoft drops Bitcoin deposits
The previous bitcoin funding method for clients has been canceled by Technology giant Microsoft (NASDAQ:MSFT). The organization has already sent out an email to all its whose systems were detected and affected by the funding issues. This settles the issue after a lot of consideration on social media and community forums based on partial information.
The Microsoft representatives have also confirmed the issues and explained that from “December 26, Microsoft is no longer accepting Bitcoin in exchange for credit on the customer’s account. The “Redeem bitcoin” link on Account.Microsoft.com has been removed, so customers will no longer see the bitcoin payment option.
Microsoft has not yet revealed the reason behind removing the Bitcoin payment option. Anyhow, after discussing with the several employees and in various forums, we came to know that it was done not because of any regulatory demands or anything else, but due to the operational issues.
Steam also took a similar decision last year
Steam mentioned “high fees and volatility” is the reason for stopping the support for Bitcoin payments.
For companies like Microsoft and Steam, Bitcoin’s volatile price is also an issue because sudden and unforeseeable price drops may incur huge losses.
Meanwhile, Microsoft is recommending customers to use other methods of payment, such as credit or debit cards, PayPal accounts, or a direct bank account.