Microsoft Inc. confirmed that customers can now use bitcoin to buy apps, games, and other products for Windows, Windows Phone, and Xbox. The transactions, conducted in partnership with BitPay, are capped at $1,000 per day per account, and no more than $5,000 across multiple accounts in the same name.
However, the virtual cash cannot be accepted as a direct payment method. “You can only use bitcoin to add money to your Microsoft account and then purchase digital goods at select Microsoft online stores. You can’t use bitcoin to purchase Microsoft products and services directly at this time,” says the corporation’s webpage, warning that transactions are irreversible.
Currently valued at $395 billion, Microsoft’s site is the 46th largest in the world, based on Alexa’s traffic estimation, making it one of the largest to accept bitcoin. But not the largest. Click through to see Coinspeaker’s 10 other websites now accepting bitcoin, along with each company’s Alexa Global Rank, indicating their Web traffic ranking.
Speaking to TechRadar, Oxford economic sociologist Dr Vili Lehdonvirta warned not to overestimate the influence of Microsoft’s affair with bitcoin, because most likely the corporation is not receiving bitcoins itself.
“This means that Microsoft itself will not be accumulating and thus spending bitcoins, which somewhat limits the significance of this announcement. Microsoft is not entering the bitcoin economy as such,” Dr Lehdonvirta explained.
Microsoft’s involvement with bitcoin began in February 2014, when the company’s Bing search engine was modified to allow users to generate bitcoin price conversions. Microsoft co-founder, and current technology adviser, Bill Gates’ interest in digital payments technology directly influenced this.
In October, Gates spoke in favor of digital currencies during an appearance on Bloomberg’s “Street Smart.” With all its problems, bitcoin is an “exciting” financial solution, Bill Gates said.