Microsoft stops allowing Bitcoin transactions

Bitcoin transactions stopped

0 2,591

Since Bitcoin started going mainstream many companies and retail institutions adopted it as one of the means of payment. There are real-estate companies in the U.S., Dubai among other places that even allows payment of residential homes using Bitcoin. To keep up with this technology Microsoft was not left behind as it allowed its customers to buy products using Bitcoin.

Microsoft has however made another decision stopping the buying of its products using Bitcoin. The mover has however been stated as temporary according to one Microsoft support staff. According to the staff the company has stopped the payment because of the unstable nature of Bitcoin.

Bitcoin has been very volatile having very huge gains and losses. Volatility tends to scare away institutions as they prefer more stable institutions to operate in. The tech company allowed payment using Bitcoin since 2014 and it had stopped again sometimes back before it resumed. With Bitcoin unstable and it being so unpredictable a drop in price can lead to massive losses.

There are companies that are willing to take the risk while others like Microsoft are not sure about the future of Bitcoin. One good example is a company in Japan that is even paying its employees using Bitcoin to encourage the adoption of the currency.

Before Microsoft stopped it was not even allowing used to purchase for products using Bitcoin directly but was asking the users to add a predetermined number of dollars to their account balances which they could pay using Bitcoin. Currently Bitcoin has been advising its users to use other payment methods like PayPal, Credit cards or even direct bank accounts.

The stop by a huge company like Microsoft may have bad impact on the currency which has not been very stable. It’s also a huge blow since Bitcoin was moving well towards becoming a mainstream payment method.

You might also like
Comments
Loading...