Bitcoin Payments Option Restored By Microsoft

Announcements, News, Now Accepting | January 10, 2018 By:

Microsoft has resumed accepting bitcoin payments after temporarily removing the option from its active payment instruments.

Microsoft started accepting bitcoin in exchange for credit on the customer’s account in 2014. Yesterday, it was widely reported that the company stopped supporting bitcoin as a payment method for its products because of the “unstable state of the the cryptocurrency.”

Today, a Microsoft spokesperson confirmed the suspension, but said that the move was only a temporary measure. The spokesperson said they’ve restored bitcoin as a payment option after working with providers to ensure lower bitcoin amounts would be redeemable by customers.

This isn’t the first time Microsoft temporarily halted bitcoin as a payment method. In 2016, the company put the breaks on bitcoin payments, only to pull back and once again accept it a few days later.

Bitcoin’s price volatility and high transaction fees have been holding the cryptocurrency from mass adoption. Last month, popular online gaming platform Steam stopped accepting bitcoin because of the same issues. Steam said bitcoin transaction fees result in unreasonably high costs for purchasing games when paying with bitcoin. The high transaction fees cause even greater problems when the value of bitcoin itself drops dramatically.