Microsoft accounts will now accept Bitcoin, the open-source currency secured by a computer algorithm instead of being tied to the fluctuations of a national economy.
There are caveats, though. You'll need to exchange your Bitcoins at market value to your Microsoft account in up to $1,000 increments per day (up to a $5,000 maximum) before using it to purchase new games on Xbox consoles and Windows devices. Also, any Bitcoins transferred cannot be refunded so it will be up to you to review your transactions carefully.
Bitcoins transfers are only limited to the United States at the moment, and some transfers may take up to two hours to complete, though they should be pretty much immediate. You can use your computer and smartphone for the transfers as well.
Eric Lockard, corporate vice president of Universal Store at Microsoft, believes this is about accessibility:
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.
