UPDATE: You can also leave your comments on Reddit.
Microsoft is arguably the most innovative and profitable corporation of all time. Founded nearly 40 years ago in an Albuquerque garage by Bill Gates and Paul Allen, their once tiny software company has been generating billions of dollars for decades. And as their most profitable year draws to a close with revenue in excess of $86 billion, the tech giant is ready to start earning a new type of currency.
It’s Time to Take Cryptocurrency Seriously
Microsoft quietly began accepting Bitcoin as a payment option earlier this week while also adding a Bitcoin FAQ to their website. Anyone with a Microsoft account can now use the cryptocurrency to buy apps, games, and a slew of digital content. Customer’s Bitcoin can be applied to Windows, Windows Phone, Xbox Games, Xbox Music, and Xbox Video stores.
Using Bitcoin to pay for Microsoft products is also very easy.
How to Use Bitcoin with Microsoft:
- Select Payment Options > Microsoft Account > Redeem Bitcoin
- Select the amount you want to add, then click Next
- Review the amount of Bitcoin needed and use your digital wallet to complete the transaction within 15 minutes:
- On your computer – select Pay with Bitcoin and then pay from your Bitcoin wallet on the same device.
- On your smartphone – scan the QR code displayed on the page to pay from your mobile wallet app.
- If your wallet is on another device, you can copy the receiving address and BTC amount to the wallet on your device or the Web and then make your purchase.
Microsoft’s convenient approach to accepting Bitcoin is similar to Newegg’s and is also relying on BitPay to process transactions – and with good reason. The BitPay platform is not only noted for its reliability and ease-of-use, it’s also trusted by over 44,000 businesses around the world.
Microsoft is now the most notable business on that list and should be enough reason to convince the naysayers that Bitcoin can succeed. One look at Bitcoin’s surging value because of the announcement is also a good indicator that cryptocurrency is on the rise.
Why Bitcoin? Why Now?
“Eventually mainstream products, companies and industries emerge to commercialize it; its effects become profound; and later, many people wonder why its powerful promise wasn’t more obvious from the start.
What technology am I talking about? Personal computers in 1975, the Internet in 1993, and – I believe – Bitcoin in 2014.”
– Marc Andressen, Co-Founder of Andressen Horowitz
As mentioned in a January 2014 New York Times article titled “Why Bitcoin Matters”, Bitcoin has the potential to change the world for one simple reason: it solves a problem.
The problem is called “trust.”
In a digital age where seemingly everything we do is relying on the Internet, it has never been more crucial to protect our information. Bitcoin does this by encrypting transactions between Internet users in a way that is guaranteed to be safe, secure, and legitimate. And money is just the beginning.
In theory, the Bitcoin network can be used to transfer all sorts of assets. Signatures, contracts, and even ownership of physical items like cars and houses. Fiat money, checks, and credit cards can’t compare to the security and power that lies within the Bitcoin network.
The timing is right for Bitcoin to gain mass adoption and Microsoft’s acceptance is proof of that. There’s a reason one of the world’s most profitable companies believes in the future of Bitcoin and despite skepticism from some economists, it’s time for something new.
Just like plastic replaced paper, it’s time for ones and zeros to take over.
What do you think? Is Microsoft’s acceptance of Bitcoin going to help or hinder its acceptance? Do you use Bitcoin? What’s the future of money? Let us know in the comments below!