Microsoft Quietly Starts Accepting Bitcoin As Payment Method

An anonymous reader writes A new page in the help guide in the payment information of Microsoft's website reveals that the Redmond giant is now accepting Bitcoin as a payment method for products and services on Windows, Windows Phone and Xbox. Currently the payments must go through to credit a Microsoft Wallet account, and the service is initially only available to U.S. users. But the wording of the new page combines with an expansive year for Microsoft and a number of positive statements about Bitcoin from Bill Gates to indicate that this first step is more than just an experiment. Microsoft is now the largest commercial entity accepting the Bitcoin currency, which it processes via the BitPay system, thus protecting the company from fluctuations in the value of Bitcoin. Also at CNN Money.

Comments

As a Market Lover

[artlu]

I find the emergence of bitcoin and other virtual currencies alarming. We have "free markets," that are governed by some type of ruling bodies be it the IMF or the Fed (not a government entity, for those that didn't know). However, the acceptance of an unregulated currency is strife with the ability for fraud and manipulation. However, as a stock trader (see my blog The Market is not Random), the emergence of these currencies that trade on pure technical patterns is something that must be embraced if it becomes publicly accepted.

I just hope it does not become publicly accepted. Can someone help convince me that bitcoin is the way to go?

Re:As a Market Lover

[Forgefather]

I'm like you in that I don't like the idea of a self regulated currency, but I don't find Bitcoin to be a problem because I have always looked at it as an investment similar to a stock or a bond. When you buy a Bitcoin you are buying the chance that they will become more valuable in the future. Funny enough the people who have made the most money from Bitcoin are the exchange traders and early adopters.

I think as long as you look at Bitcoin as a commodity and transactions like a barter or trade system then there isn't much of a problem when both parties understand that they are trading in goods not currency. As far as an actual currency it is far too volatile. You can't have a currency that changes value significantly in the time it takes to get to the grocery store.

Re:As a Market Lover

[artlu]

I don't believe that it is absolutely uncountefeitable. I did read the Wiki on it, but I don't think that any item digitally-based is safe. We are on /. after all ;)

Re:The Worry Exists

[ArcadeMan]

I like crypto currencies like Dogecoin because it allows websites and games to trade in fractions of cents, which would be impossible with standard payment methods that charge cents in trading fees.

As an example, here's a game that will allow plays to trade Dogecoin for in-game services and goods:
https://www.universeprojects.c...