Few years ago, Bitcoin was promising to be the future for online transactions, but the limits that the blockchain system has encountered, seem to hold in place the famous coin. Not so long ago, Steam has dropped its support on Bitcoin disappointed by the massive volatility that the virtual coin has presented and by the money loss during transactions on different exchanges.
Microsoft will no longer accept Bitcoin as a method of payment. The company has adopted Bitcoin not so long ago, but the support for it is ending here.
It has become some sort of trend lately, many popular companies that have adopted the coin, to give it up. There has also been noticed a reduction in the interest shown by users and traders.
Microsoft has probably been the biggest company that has supported Bitcoin, but has changed its mind. The main reason why this is happening seems to be the instability of the coin that has had too many fluctuations lately. After reaching the record value of almost $20,000, it managed to dropped down to $12,000, and now it has stabilized at $15,000. Whereas the items that the users can buy using Bitcoin, don’t cost a lot, the company or the client could lose the same amount of money paid for the product at every transaction due to transaction fees and exchange costs.
The Microsoft payment system needed the credit card in the personal account using Bitcoin, after that, the money could be spent on any product the user wanted. Also, the processing time was too long, some purchases taking up to days to be completed.
This is not the first time when the company stops the cryptocurrency transactions.