After its decision to stop accepting bitcoin for some transactions last week, Microsoft has reversed the decision, stating that it had ensured lower amounts of bitcoin are usable. This is apparently due to some sort of agreement between Microsoft and BitPay. Though the nature of the agreement is unknown. The reason for the original decision was the high volatility and transaction fees on the bitcoin network. So one could infer that whatever the agreement is, it solves those issues somehow.
Microsoft’s decision good news for Steam?
In an earlier blog post, BitPay stated that Microsoft was using it to manage its bitcoin transactions. Bitpay is the same provider that Valve’s Steam used before it ceased its bitcoin transactions last year. Does this mean that Steam will be able to reach a similar agreement with BitPay and reinstate its own bitcoin-based transactions? Is the agreement not available to other BitPay customers? If it is the latter, what exactly is the agreement? Is it that Microsoft’s transactions are worth enough to BitPay that it is willing to lower its profit margin?
Fallout from the rapid-fire stance changes
The bitcoin community seems rather unsure of its opinion of Microsoft over its quick changes in stance towards bitcoin. With some users stating that this move was a power play and others thankful for the decision’s reversal.
Featured image from Wikipedia