Tech giant Microsoft Corporation is the latest company to enter the bitcoin community.
Microsoft announced that its customers could now use the digital currency to purchase certain products, such as games and apps, through third party payment processor BitPay.
As of December 11, the California-based company has started allowing their app store customers to trade-in bitcoin and add credit to their personal Microsoft account.
Digital Currency for Digital Content
Bitcoin would be accepted as a payment option to buy digital content from Windows, Windows Phone, Xbox Video Stores, Xbox Games or Xbox Music.
“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,” said Eric Lockard, corporate vice president of Universal Store at Microsoft, through a company blog post.
“We expect this growth to continue and allowing people to use bitcoin to purchase our products and services now allows us to be a front edge of this market,” he added.
Microsoft specified that they do not consider reimbursements in bitcoin in case of returns. The company created a support page to clarify how this kind of transaction will work, as well as let customers full understand the new service.
Bitcoin payments are only available in the United States, though. The company did not provide a statement yet whether or not the option to pay with virtual cash will extend to other countries.
The maximum top up for a personal account every day is only $1,000, with a $5,000 maximum limit for an account registered by an individual.
As Microsoft embraced the digital currency, analysts see mainstream acceptance in the near future. Though this move is hardly surprising, when business owners announced they now accept cryptocurrency, that will lead to legitimacy and long-term currency stability.
Bitcoin is slowly regaining its reputation, as more and more companies acknowledge the benefits of using it as payment. Cryptocurrencies suffered a bad image after the hacker-instigated collapse of Mt. Gox earlier this year. Many organizations gave Bitcoin some serious consideration, tracking the pricing and monitoring developments in the market.
The virtual money got another boost when the New York State Department of Financial Services announced a proposal to regulate bitcoin payments in the state. In 2015, industry experts reveal that the only thing that will “temper volatility is increased acceptance and usage.”
Microsoft now joins other big companies such as eBay, Paypal and Braintree. Mixed feedback from industry watchers, business owners, and consumers show Bitcoin as a practical option for day-to-day use.