Bitcoin is Going Mainstream in 2015

UPDATE: You can also leave your comments on Reddit.

Microsoft is arguably the most innovative and profitable corporation of all time. Founded nearly 40 years ago in an Albuquerque garage by Bill Gates and Paul Allen, their once tiny software company has been generating billions of dollars for decades. And as their most profitable year draws to a close with revenue in excess of $86 billion, the tech giant is ready to start earning a new type of currency.

It’s Time to Take Cryptocurrency Seriously

Microsoft quietly began accepting Bitcoin as a payment option earlier this week while also adding a Bitcoin FAQ to their website. Anyone with a Microsoft account can now use the cryptocurrency to buy apps, games, and a slew of digital content. Customer’s Bitcoin can be applied to Windows, Windows Phone, Xbox Games, Xbox Music, and Xbox Video stores.

Using Bitcoin to pay for Microsoft products is also very easy.

How to Use Bitcoin with Microsoft:

  1. Select Payment Options > Microsoft Account > Redeem Bitcoin
  2. Select the amount you want to add, then click Next
  3. Review the amount of Bitcoin needed and use your digital wallet to complete the transaction within 15 minutes:
  • On your computer – select Pay with Bitcoin and then pay from your Bitcoin wallet on the same device.
  • On your smartphone – scan the QR code displayed on the page to pay from your mobile wallet app.
  • If your wallet is on another device, you can copy the receiving address and BTC amount to the wallet on your device or the Web and then make your purchase.

Microsoft’s convenient approach to accepting Bitcoin is similar to Newegg’s and is also relying on BitPay to process transactions – and with good reason. The BitPay platform is not only noted for its reliability and ease-of-use, it’s also trusted by over 44,000 businesses around the world.

Microsoft is now the most notable business on that list and should be enough reason to convince the naysayers that Bitcoin can succeed. One look at Bitcoin’s surging value because of the announcement is also a good indicator that cryptocurrency is on the rise.

Why Bitcoin? Why Now?

“Eventually mainstream products, companies and industries emerge to commercialize it; its effects become profound; and later, many people wonder why its powerful promise wasn’t more obvious from the start.

What technology am I talking about? Personal computers in 1975, the Internet in 1993, and – I believe – Bitcoin in 2014.”

 – Marc Andressen, Co-Founder of Andressen Horowitz

As mentioned in a January 2014 New York Times article titled “Why Bitcoin Matters”, Bitcoin has the potential to change the world for one simple reason: it solves a problem.

The problem is called “trust.”

In a digital age where seemingly everything we do is relying on the Internet, it has never been more crucial to protect our information. Bitcoin does this by encrypting transactions between Internet users in a way that is guaranteed to be safe, secure, and legitimate. And money is just the beginning.

In theory, the Bitcoin network can be used to transfer all sorts of assets. Signatures, contracts, and even ownership of physical items like cars and houses. Fiat money, checks, and credit cards can’t compare to the security and power that lies within the Bitcoin network.

The timing is right for Bitcoin to gain mass adoption and Microsoft’s acceptance is proof of that. There’s a reason one of the world’s most profitable companies believes in the future of Bitcoin and despite skepticism from some economists, it’s time for something new.

Just like plastic replaced paper, it’s time for ones and zeros to take over.

What do you think? Is Microsoft’s acceptance of Bitcoin going to help or hinder its acceptance? Do you use Bitcoin? What’s the future of money? Let us know in the comments below!

45 Responses to Bitcoin is Going Mainstream in 2015

  1. Theoneandonly December 12, 2014 at 8:29 am #

    Love bitcoin and this is a great move by Microsoft. But I’ll always remember Newegg beat them to it :p

    • Ivan B. December 12, 2014 at 2:15 pm #

      @Theoneandonly Thanks for your support!

  2. hashtagwinning December 12, 2014 at 9:39 am #

    Extremely well written, It’s about time we see merchants publicly expressing the value that Bitcoin/Blockchain technology provides. Keep up the good work Newegg!!

    • Ivan B. December 12, 2014 at 2:15 pm #

      @hashtagwinning I’m glad you enjoyed the blog post! Thanks for the support!

  3. quantman December 12, 2014 at 10:21 am #

    Microsoft’s acceptance of digital currency is undoubtedly a milestone for bitcoin users. Thanks Newegg for being one of few merchants early on to begin accepting bitcoin as well!

    • Ivan B. December 12, 2014 at 2:16 pm #

      @quantman Thanks for the support!

  4. disenchantedtech December 12, 2014 at 10:30 am #

    When customers pay with Bitcoin at newegg.com, how much of the Bitcoin do you hold as Bitcoin and how much do you convert to USD?

    • Ivan B. December 12, 2014 at 2:17 pm #

      @disenchantedtech I do not know the answer to this question but Customer Service may have the answer…

  5. FreeJack2k2 December 12, 2014 at 10:56 am #

    Now if NewEgg would just add Litecoin support.

    • Ivan B. December 12, 2014 at 2:18 pm #

      @FreeJack2k2 Hopefully one day!

  6. Alex December 12, 2014 at 11:06 am #

    Please add Litecoin support in the future please !

    • Ivan B. December 12, 2014 at 2:19 pm #

      @Alex Keep your fingers crossed!

      • quantman December 12, 2014 at 10:27 pm #

        +1 for accepting Litecoin.

  7. Jonathan Silverblood December 12, 2014 at 11:12 am #

    It’s a start. It will move us forward.

    • Ivan B. December 12, 2014 at 2:19 pm #

      @Jonathan Silverblood Let’s never stop moving forward!

  8. Josh K December 12, 2014 at 11:47 am #

    I think if you’re going to take Bitcoin seriously, you’d better start talking about Litecoin too, as it’s built on the same technology as Bitcoing but allows much faster transactions.

    • Ivan B. December 12, 2014 at 2:21 pm #

      @Josh K Stay tuned for more cryptocurrency blog posts. I’ll be sure to mention Litecoin!

  9. Hodley Hodleton, III December 12, 2014 at 12:01 pm #

    This is gentlemen!

    • Ivan B. December 12, 2014 at 2:21 pm #

      @Hodley Hodleton, III Let’s go!

  10. BT Coiner December 12, 2014 at 12:09 pm #

    The quote in the article is about how Bitcoin is going to change the world in 2014. Looks like there’s a little over two weeks left for that to happen.

    • Ivan B. December 12, 2014 at 2:22 pm #

      @BT Coiner I think Microsoft’s announcement sealed the deal.

  11. Frank Garcia December 12, 2014 at 12:33 pm #

    Waiting for all the “Tulip/ponzi” People who dont understand what the blockchain even is to start logging in and talking how Bitcoin will soon be 0.

    • Ivan B. December 12, 2014 at 2:22 pm #

      @Frank Garcia There will always be naysayers!

  12. Tuna December 12, 2014 at 1:15 pm #

    Could you please also start accepting litecoin as payment as well. Its the second biggest cryptocurrency to bitcoin

    • Ivan B. December 12, 2014 at 2:23 pm #

      @Tuna I’ll let my people know!

  13. Americo Cacciapuoti December 12, 2014 at 2:07 pm #

    When will you accept litecoin?

    • Ivan B. December 12, 2014 at 2:23 pm #

      @Americo Cacciapuoti Hopefully soon!

  14. bidness December 12, 2014 at 2:42 pm #

    How are you guys handling refunds with bitcoin?
    My credit card has built in security and I have some buyer protection. Is there anything like this for bitcoin?

    • Ivan B. December 22, 2014 at 4:46 pm #

      @bidness All Bitcoin transactions are handles through BitPay. You can find out more about their security at bitpay.com

  15. Aiden December 12, 2014 at 3:48 pm #

    Does this mean they accept Litecoin also?

    • Ivan B. December 22, 2014 at 4:47 pm #

      @Aiden: We currently only accept Bitcoin. Is there a reason you prefer Litecoin?

  16. Stan December 12, 2014 at 4:46 pm #

    I don’t see how anyone accepting Bitcoin could hinder it. I think that you should take Litecoin as seriously as Bitcoin, as they both are very powerful currencies.

    • Ivan B. December 22, 2014 at 4:48 pm #

      @Stan: Why do you prefer Litecoin?

  17. 张永坤 December 12, 2014 at 8:22 pm #

    Does this mean they accept Litecoin also?

    • Ivan B. December 22, 2014 at 4:54 pm #

      @张永坤: Why do you prefer Litecoin?

  18. ew December 12, 2014 at 11:24 pm #

    Can a mod in here get rid of all this litecoin brigading? They’re just trying to pump their *** investment. Litecoin is a worse version of bitcoin. There is literally no reason to accept it.

    • Ivan B. December 22, 2014 at 4:55 pm #

      @ew: I’m working on it!

  19. Jeff December 13, 2014 at 8:25 am #

    Thanks for supporting bitcoin!

    • Ivan B. December 22, 2014 at 4:56 pm #

      @Jeff: Likewise!

  20. Fyashtatah December 13, 2014 at 6:35 pm #

    Looking towards future mainstream, adding Litecoin early would really keep NE not only afloat in the new markets, but ahead of the game in a big way.

    • Ivan B. December 22, 2014 at 4:57 pm #

      @Fyahshtatah: What advantages does Litecoin have over Bitcoin?

  21. Nexusforce December 13, 2014 at 8:56 pm #

    Please add litecoin as a payment option. Tons of litecoins users ready and willing to transact in litecoins.

    • Ivan B. December 22, 2014 at 4:59 pm #

      @Nexusforce: What are the advantages of Litecoin?

  22. imajeff January 22, 2015 at 10:07 pm #

    I learned decades ago that Microsoft never was and never will be the leader on anything. They rely on someone else having success first, or they would have nothing to take over.

    I’m happy to see Newegg (and others) being first of major business accepting BTC, and I hope Newegg will strive to stay ahead on this too. Fortunately with Bitcoin there’s plenty to go around for everyone! I’m happy I got into mining cryptocurrency; It is enlightening.

    • Ivan B. January 23, 2015 at 2:20 pm #

      @imajeff: Thanks. We appreciate your business! Good luck with the mining.

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