Microsoft Resumes Bitcoin Payments After Halt Over 'Instability'

NEWS
Sujha Sundararajan
Jan 10, 2018 at 11:00 UTC  |  Updated  Jan 10, 2018 at 11:07 UTC

Tech giant Microsoft is once more accepting bitcoin payments on its online store.

According to Bleeping Computer, Microsoft temporarily suspended bitcoin transactions last week, with company sources citing the "unstable" state of the cryptocurrency. The reason was likely due to bitcoin's current high volatility and fees, the tech news source added.

An unnamed spokeswoman from Microsoft has now confirmed to News.com.au that bitcoin payments have been restored.

She stated:

"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."

As CoinDesk reported, online gaming platform Steam also dropped its bitcoin payments feature in early December, citing chronic problems with the cryptocurrency's high transaction fees and volatile price.

The news comes amid a period of extreme price shifts for bitcoin. Just a month ago, the cryptocurrency had soared to new record heights around $20,000. Since then, prices have fluctuated amid a general move downwards. At press time, bitcoin was trading at $13,770, according to CoinDesk's Bitcoin Price Index.

Microsoft first added bitcoin payment option for digital products in 2014, allowing U.S. customers to use the digital currency to purchase content like apps, games and videos from its Windows, Windows Phone and Xbox platforms.

Microsoft image via Shutterstock

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