Microsoft Confirms that it Stopped Accepting Bitcoin as a Form of Payment
One of the biggest tech companies in the world, Microsoft, has revealed that it has stopped accepting bitcoin. The news is surely not great for the cryptocurrency, but the customer support team of the company confirmed that bitcoin will not be accepted any longer as a form of payment.
Initially, several rumors claimed that this decision was taken by the company, but there was no official comment from Microsoft. However, the news definitely seems to be true. An important thing to mention is that this is said to be a temporary halt, meaning that Microsoft may also change its mind in the future.
Why did Microsoft drop Bitcoin payments?
Of course, the main question at the moment is why the tech giant decided to drop Bitcoin payments. Well, the answer seems to be linked to the high volatility of the digital currency. It has been said that the tech giant felt very uncomfortable with the fact that the value of Bitcoin keeps on fluctuating so much, while transactions fees keep on increasing.
Steam announced last month that it stopped accepting Bitcoin
Microsoft is definitely not the only company to make such a decision. Steam also announced last month the fact that it will no longer accept Bitcoin to be used by its customers. Steam also gave a similar justification to its decision, the company blaming the drop of cryptocurrency payments on Bitcoin's lack of stability.
It is safe to say that the fact that bitcoin has been quite unstable is one of the main reasons why the cryptocurrency has not been widely adopted as a form of payment. Several companies have claimed that they risk losing a lot of money because of the fact that the value of Bitcoin always fluctuates a lot. In the case of a big drop, the costs could be huge.
Microsoft first started accepting Bitcoin payments in 2014. This is the second time when the tech giant temporarily stops accepting Bitcoin.