Microsoft has sent mixed signals about true intentions regarding Bitcoin (BTC) and the cryptocurrency market in general. On the other hand, Microsoft’s president, Brad Smith, was interviewed earlier this year, stating that the multinational company is not in the least interested in using Bitcoins, stating that Tesla’s decision to invest $ 1.5 billion did not change anything for the company.
Just a few days ago, the tech giant appeared to show change by posting an online survey asking customers how to pay for their Xbox Game Store purchases in the future, with Bitcoin being one of the most prominent options on the list. …
The event also happened after Smith said fintech companies do not issue private digital currencies, and stated that central banks are in place to protect the “public good” of the masses and thus should be responsible for global money flows. …
If Bitcoin is accepted as a method of payment on the Xbox Game Store, it wouldn’t be the first time Microsoft doubled the size of its cryptocurrency, because in 2014, the company accepted Bitcoins to fund their accounts, so users of United Stat on the base would receive the full range of content from the store. Windows, including Xbox games.
However, the company’s cryptocurrency range came to an end in 2018 when the market as a whole came under crazy pressure, causing most cryptocurrencies to drop in value to relatively low levels. However, earlier this year, Microsoft decided once again to allow Bitcoin payments, at least for the MS Store.
Is Microsoft’s interest in the industry changing?
On March 24, Tesla CEO Elon Musk announced that his company would accept Bitcoin as payment for its cars, leading many in the social media world to announce that the cryptocurrency is finally mainstream. While this is the case, it is certainly unclear whether BTC would become the primary method of payment if other large companies such as Microsoft, who have questioned cryptocurrency in the past, would allow cryptocurrency as a method of payment.
On this topic, Gu Chu, founder and CEO of FirstBlood, a blockchain-based mathematical platform, told Cointelegraph that this development appears generally positive on paper, especially as it will help boost the adoption of cryptocurrency across the board. Global Scene by adding:
“Until now, game publishers are no longer among the first to use this technology. For example, the developers of League of Legends – Riot Games – are following a no-block policy. I think yes. If you allow your users to use cryptocurrency to make purchases in your ecosystem, it is likely For your competitors to follow or lose. ”
Zhou also believes that if Microsoft decides to activate cryptocurrencies, he will likely lay the perfect foundation for an alliance between the gaming community and the crypto community, especially because he believes that players in the 18-35 age group are likely to hold cryptocurrencies in a future.
Finally, in his opinion, apps like Cash App and PayPal, which allow users to buy and store cryptocurrencies, will help bring the two worlds together, allowing greater dependence in the gaming environment. “I’m very interested in how Microsoft’s finance department handles the cryptocurrency revenue. Will they convert them into paper money? Or should they leave it like Tesla and MicroStrategy.”
Is Microsoft short-sighted on the prospects for cryptocurrencies?
While many believe Microsoft’s interest in integrating cryptocurrency into its current payment system is a sign that big things will come in the future, Andrew Colosimo, co-founder of Xaya, a digital asset management and blockchain gaming platform, told Cointelegraph, it’s a positive in itself. Sign, he is not entirely sure if it will have any significant immediate impact on Bitcoin, and adds:
“Transaction fees could add $ 5 to the current costs if Microsoft did not want to use payment channels like the Lightning Network, as some people on this topic have already suggested. Players only pay what costs less. But more importantly, nobody will use Bitcoin.” . ”
However, he acknowledged that if a major player like Microsoft only began accepting BTC as a method of payment, it could create a ringing effect, prompting other console operators to follow suit.
Likewise, Hatem Khachana, CEO of the Utopia Genesis Foundation – a blockchain-based platform for encoding music rights, assets, and returns – believes that most players are already familiar with the concept of in-app purchases at this point, so it’s easy to add cryptocurrency. The payment option wouldn’t matter much, even if it meant more frequent acceptance.