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Microsoft restores bitcoin payments after temporarily suspending it

Jan 11, 2018 Posted /  5130 Views

Microsoft restores bitcoin payments after temporarily suspending it

Microsoft has resumed accepting bitcoin as payment after temporarily suspending transactions in the “volatile” cryptocurrency a day back. The software giant was allowing adding money to Bitcoin since 2014 to their Microsoft account using bitcoin but has temporarily halted support to bitcoin twice in the past, including once in 2015 and other time in 2016.

The was first reported by media due to the “unstable state of the bitcoin currency”. In a statement to the media, a Microsoft spokeswoman affirmed the suspension but concluded that the service had now been restored.

“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,” she said.

It can be assessed as JP Morgan boss Jamie Dimon said he lamented describing bitcoin a “fraud” last year and converted his past remarks by saying that the blockchain is real, you can have crypto dollars and stuff like that, ICOs. He made this statement in an interview with Fox Business.

“The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all.”

It was first assumed that Skyrocketing fees and long transaction wait times have made it considerably challenging to carry out day-to-day business using the bitcoin network, which is fighting to process more than four transactions per second.

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Bitcoin users can prefer to add an arbitrary fee to a transaction. The greater the fee, the more assured the transaction will be trusted by the “miners”, the computers which continuously validate and append to the blockchain and so secure it into the next “block”.

As more contributors came up into bitcoin, rivalry for the limited space in each block has pushed up average fees, pushing users to decide between spending for the price or waiting hours or days for their transaction to complete.

Bitcoin’s brilliant rise in value, from under $US1000 one year ago to around $US15,000 today, has also been identified by extreme volatility, with swings of up to 30 percent in a single day.

In the meantime, camera company Kodak on Thursday proclaimed it was introducing its own “photo-centric” cryptocurrency christened KodakCoin to “empower photographers and agencies to take greater control of image rights management”.

“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem,” Kodak chief executive Jeff Clarke said in a statement to the media.

“Kodak has always sought to democratise photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”

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Tags: restores bitcoin accepting bitcoin JP Morgan blockchain’ and ‘cryptocurrency Bitcoin Payment

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