Microsoft today announced that you can trade in bitcoin at its current market value by using BitPay which is biggest bitcoin payment processor and add it to your Microsoft account. The fund can be used to trade at the Windows Store or any store which deals in Xbox Games, Xbox Music or Xbox Video.
Eric Lockard, corporate vice president of Universal Store at Microsoft said, “For us, this is about giving people options and helping them do more on their devices and in the cloud. The use of digital currencies such as bitcoin, while not yet mainstream, is growing beyond the early enthusiasts. We expect this growth to continue and allowing people to use bitcoin to purchase our products and services now allows us to be at the front edge of that trend.”
Bitcoin is an astonishing development in currency and payment technologies. It means that before long we will be having governments adopting these technological improvements in place of their own monetary systems. There will be issues with bitcoin in its present form but this happens every time there is a revolutionary change in something as basic as money.
Coming back to Microsoft announcement today, you will be able to use BitPay to exchange your bitcoins at their current market value and add them up to your Microsoft account. If a person wants to transfer his bitcoins he will have to select the amount of money he will add to his Microsoft Account. BitPay calculates the corresponding amount in bitcoin and gives that information, along with a BitPay Bitcoin address and payment instructions. He will then pay the displayed amount of bitcoin from his bit coin wallet to conclude the transaction.
BitPay supports 50,000 businesses and this includes names like TigerDirect, Virgin Galactic and Newegg. There is an upper limit to how much one can exchange per day. It is $1000 or its equivalent in the country to a person’s Microsoft Account in a given day. It should not be more than $5000 to additional Microsoft accounts that are registered in a person’s name.