Microsoft, who suspended bitcoin payments for a couple days stating ""high fees and volatility" as the reason, has reinstated the processor after changes were made to allowed for smaller amounts.
“We’ve restored bitcoin as a payment option in our store after working with our provider to ensure lower bitcoin amounts would be redeemable by customers,” a Microsoft spokesperson said.
Microsoft is one of the largest companies accepting bitcon and has been accepting the payment bitcoin method since 2014 where funds can be used to purchase games, movies and apps from the Windows and Xbox stores.
Microsoft’s initial temporary suspension alarmed many industry enthusiasts, however it was short lived.
This coming at a time when it can't be too great a shock that many vendors simply cannot afford to offer bitcoin acceptance with the ridiculously high fees requiring upwards of $20 to $60 per transaction.
It doesn't make sense to pay for something that costs $50 to $100 if there's a fee of $20 to $60 on top of that to pay for it. Bitcoin is currently making a case for shoppers to go back to using credit cards and debit cards to save money and the savings vendors once enjoyed have been lost in trying to offer bigger discounts to customers paying in bitcoin or customers lost due to the higher fees.
This isn't the first issue of it's kind either, the problem is ongoing.
BitPay recently had to all but discontinue invoices under $100 before they reverted to $5 and it currently costs about $40 on average to fund it's BitPay Visa card rendering the payment card practically useless.
Hopefully, the fee issue resolves itself soon or the industry may see a substantial drop in would-be bitcoin users.
Microsoft for now, however, has the resources and ability to continue offering the service but how long they can continue this on bitcoin's miner fee trajectory is undeniably uncertain.
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