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Microsoft halts Bitcoin transactions

Microsoft users will no longer be able to buy products from the company using Bitcoin as payment method, joining other major operators such as Visa & Steam in the contagious kind of decision.

Steam also had came to same conclusion

Microsoft say the decision for stopping support is due to Bitcoin’s volatility same as Steem’s reason. Although Steem also cited “high fees.” Microsoft transactions have reached tens of dollars from a few cents in a short while.  

The last three months have been tricky for Bitcoin in terms of price volatility. The cryptocurrency price has changed from a low of $5,000 in October to a high of $20,000 in December. Even some experts think it as quite normal for Bitcoin. In the last seven days, the price has changed from $13,000 level to a $17,000 level.   

Microsoft started accepting Bitcoin payments from as early as 2014 and the cryptocurrency has always been volatile. It is not the first they are halting support for Bitcoin. An example is their decision in December 2014 to stop supporting Bitcoins. And decision they backed on in 2016, returning support for the cryptocurrency. They said the announcement posted on their website was inaccurate.

Therefore, the current decision could only be temporary. Microsoft employees told Bleeping Computer that the decision could just be temporary.

Visa also terminated its deal with WaveCrest on Bitcoin debit cards, which stopped working in Europe. With these cards, customers could deposit Bitcoins and then make payments or withdraws later with fiat.

Visa’s announcement means Bitwala, BitPay, Cryptopay, and others supporting the card would stop supporting it.

Also Read: A good start to the New year- Bitcoin price hovering below $14000

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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