Microsoft has resumed receiving the bitcoins as a payment again after a brief halt. The halt has been over the instability in terms of high price volatility and transaction fees in the Bitcoin market. A popular online gaming company, Steam had also stopped accepting bitcoin payment in December last year.
Microsoft is again receiving the Bitcoin payments
It has been reported by Bleeping Computer that Microsoft had suspended the bitcoin transactions, last week. The company has cited the unstable state of the bitcoin, a reason for the halt. Moreover, according to the Tech giant, this unstable state has been because of the current high fees and volatility. This announcement, made through chats with customer service had certainly disappointed the bitcoin enthusiasts.
However, Microsoft has once again started receiving bitcoin payments from the customers on its online store.
It has been confirmed by an unnamed spokeswoman from Microsoft that the payment feature is back online and bitcoin can be now used as an active payment instrument.
On Wednesday, she stated:
“We’ve revived bitcoin as a payment option in our store after meeting with our provider to ensure that lower bitcoin amounts can be redeemable by customers.”
The Gaming Platform, Steam had also stopped accepting Bitcoins
In early December, Steam, a popular online gaming platform also stopped accepting bitcoins a payment from its customers. It withdrew the bitcoin payments feature from its website. Steam stated the chronic problems with the bitcoin’s volatile price and high transaction fees the reason behind their move.
The news came amidst the extreme bitcoin price shifts. It’s been just a month ago that the prices of bitcoin rose to an all-time high of approximately $20,000. Since then, the prices have fluctuated following a downwards move only.
In 2014, Microsoft first added bitcoin payment feature for its digital products. This basically allowed US customers to use the digital currency for purchasing videos, games and apps from Microsoft’s Windows Phone and Xbox platforms.
Also, Microsoft doesn’t allow its customers to make the purchase with bitcoins directly. It basically asks them to add an amount of dollars, that is predetermined to Microsoft’s account balance. For this amount, the customer can pay with bitcoin.
The long transaction waiting times and skyrocketing fees have made it extremely difficult to carry out the day-to-day work by making use of bitcoin network. A sudden and uncertain drop in the bitcoin prices can cause companies like Microsoft and Steam huge losses.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.