Cryptocurrency users are used to seeing more and more adoption of the instruments by companies. From time to time there are setbacks however, like Microsoft now reversing its previous bitcoin position.
Microsoft’s About-Face on Bitcoin
Technology giant Microsoft (NASDAQ:MSFT) has canceled a previous bitcoin funding method for clients. The company has already sent out an email to all its clients who the system detected were affected by this funding issue. This settles the issue after a lot of speculation on social media and community forums based on partial information.
A Microsoft representative has also confirmed the matter on chat with us, and explained that from “December 26, Microsoft is no longer accepting Bitcoin in exchange for credit on the customer’s account. The “Redeem bitcoin” link on Account.Microsoft.com has been removed, so customers like you will no longer see the option. Previous redeem error information has been removed from this post.”
Microsoft support staff are not at liberty to disclose the reasons the company decided to take this move. However, from discussions with various employees in different forums one gets the picture that this was done not because of any regulatory demands or anything like that, but was rather due to operational issues.
Long delays, price volatility and high transaction fees have been known to hinder BTC adoption for a while already, and the problems have only gotten worse recently. Here we see that, like in the case of online gaming platform Steam, it can also lead companies to reverse course on bitcoin completely until the issues are resolved one way or the other. Maybe it will serve to push developers to come to an agreement on the way forward sooner rather than later.
Is Microsoft bound to come back to bitcoin sooner or later, or is this an opening for another cryptocurrency to swoop in? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
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Author: Avi Mizrahi