Microsoft announced yesterday that they are now accepting Bitcoin payments for products, through a partnership with the world's leading Bitcoin payments provider, BitPay. Microsoft is expecting that cryptocurrencies will continue to grow and hopes that by accepting Bitcoins, Microsoft can move to the front of of the cryptocurrency acceptance trend.
"For us, this is about giving people options and helping them do more on their devices and in the cloud. The use of digital currencies such as bitcoin, while not yet mainstream, is growing beyond the early enthusiasts." Erik Lockard, Corporate Vice-President of Microsoft's Universal Store said.
Bitcoin enthusiasts can exchange their Bitcoins into their local currency through Microsoft's own exchange, where the price will be based on the current market values. To pay with Bitcoins, customers need to convert them into fiat-money through the exchange and add the funds to their account before purchasing, which is more difficult than other places, but still worth the efforts for Bitcoin holders.
Users will be allowed to exchange up to $5,000 worth of Bitcoins on a daily basis, with BitPay exchanging the Bitcoins into fiat-money for them. Unfortunately for now, the support for Bitcoins is only in the US, but will be expanded to other areas.
"Microsoft has a long-term vision for bitcoin, BitPay and the blockchain. Starting with digital goods in the US is the logical first step, however, they want to expand to Europe and globally and add support for other products as part of that rollout." Chief Commercial Officer of BitPay, Sonny Singhay added.