Microsoft has decided to stop accepting Bitcoins on the account that it is an unstable currency. As you might know, 2017 was a rollercoaster ride for Bitcoin as it broke all the old records. However, this proved to be bad for sellers and merchants like Microsoft who faced problems in fixing the rate of the currency.
The news of Microsoft stopping the use of Bitcoins is not the first. Last December Steam took a similar step due to high fees and volatility of Bitcoins. Microsoft Support has told that the move is temporary and cited the unstable state of the Bitcoin currency. For your information, Microsoft added the support for Bitcoins back in 2014 and did temporarily halted it back in 2016.
The volatility issue of Bitcoin increases risk substantially as a sudden price drop will trigger huge losses for big companies Microsoft and Steam. The volatility issue also raises the question of Bitcoin being treated as tradition a currency. If high fluctuations and fees continue, Bitcoin might not be a suitable currency replacement after all.
For now, Microsoft has advised customers to use other payment methods like Credit and Debit Cards, Bank transfers. We don’t exactly know when or if the company will resume Bitcoin payments in the future.
Via: Bleeping Computer