A few hours back, Microsoft made a move by not accepting bitcoin deposits that certainly left the bitcoin community scrambled. The “Redeem bitcoin” link on Microsoft’s website, Account.Microsoft.com had been removed. But the tech giant took a step back and has resumed the bitcoin deposits.
The users of cryptocurrencies are used to see the adoption of these exchange instruments by companies. Though, time to time there are setbacks, just like the software giant did by reversing its position on bitcoin.
When Microsoft stopped accepting bitcoin deposits
It all started when the technology giant canceled its bitcoin funding method for clients. Even an email has been sent to all of the clients of Microsoft that could have affected by the bitcoin funding issue. There has been a lot of speculation on the community forums and social media regarding the same that got settled by Microsoft’s statement.
As per media sources, on asking if they have stopped accepting bitcoin as a currency, Microsoft answered:
“Thank you for bringing this to our attention. We understand how important this is for you. Since you have me here now, we’ll be more than happy to help you. To clarify this, Last 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 like you will no longer see the option. Previous redeem error information has been removed from this post.”
Though the support staff of Microsoft is not at liberty to disclose their reasons for such a move the discussion in different forums with their employees revealed that it was because of operational issues. This can be understood by their retract on not accepting bitcoin decision.
Microsoft’s Retract from “not accepting bitcoin”
Now, Microsoft has resumed accepting bitcoins as a payment after halting the transactions only temporarily.
A Microsoft spokesperson confirmed the suspension and that it has been restored:
“We’ve restored bitcoin as a payment option in our store after working with our provider to ensure lower bitcoin amounts would be redeemable by customers”.
In another interesting event, JP Morgan boss Jamie Dimon said that he regretted calling bitcoin a fraud, the mirroring responses in the market can be felt. Also, the long transaction wait times and skyrocketing fees, are making the use of bitcoin network a bit difficult.
Surmising the Microsoft Bitcoin Controversy
This isn’t anything new! Since 2014, Microsoft has allowed its users to add money to their Microsoft account by making use of bitcoin. However, once in 2015 and 2016, both the years, the software giant stopped supporting the bitcoin, but temporarily. So, it was just a temporary measure of Microsoft’s to accept lower redeemable bitcoin amounts!
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for you personal financial loss.
I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.