The tech giant has now removed the payment method that it added to its store in late 2014
Microsoft Corporation (NASDAQ:MSFT) has effectively removed all traces of it accepting the cryptocurrency known as Bitcoin on its Microsoft Store for Windows 10 and Windows 10 Mobile. Bitcoin was previously supported for US consumers via 3rd party payment gateway, BitPay on the Microsoft Corporation Store, from late 2014 to March 2016.
When the cryptocurrency was launched, it was touted as a move by Microsoft to expand its payment processors and options to consumers in late 2014. It does seem, however, that fuelled by the fact that few consumers use Bitcoin for transacting with the Microsoft Store; the digital currency is often sold at a significant premium, ranging from 5 to 15% of its equivalent market value in US dollars at most times. In addition to this, the currency is incredibly volatile, something that could make picking out a payment processor for transactions in millions of dollars a year quite tricky.
According to Softpedia, however, it may simply be due to the fact that there are limited transactions being made to purchase items via Bitcoin. Given the fact that the feature has never been pushed outside of the US, it seems Microsoft gauged a very low utility for its consumers when it came to making payments via bitcoin.
It must be noted that while Microsoft’s Windows 10 and Windows 10 Mobile stores do not support payments via Bitcoin, it continues to do so via the Xbox division, indicating a limited rollout.
Bitcoin is widely touted as a pioneering digital cryptocurrency with various investment banks such as Bank of America Corp (NYSE:BAC), remaining highly interested in the underlying Blockchain or multi-confirmation technology, that powers it via P2P trusted nodes, something that could very well define the next generation of digital banking, minimizing cost and maximizing efficiency.