Microsoft Is Now the Largest Company in the World to Accept Bitcoin When Bill Gates boosts Bitcoin, Microsoft listens.

By Kim Lachance Shandrow

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Last October Bill Gates gave Bitcoin a big boost. He said it's "exciting" and "better" than traditional currency. Apparently his underlings at Microsoft listened up and quick. After all, Gates is officially their technical advisor.

Microsoft Is Now the Largest Company in the World to Accept Bitcoin

Now, in partnership with Richard Branson-backed Bitcoin transaction processor BitPay, the software company Gates co-founded -- the world's largest and richest -- is accepting the cryptocurrency as payment for downloadable digital content.

Related: How Bitcoin Could Make Voter Fraud and Stolen Elections Impossible

With the Redmond, Wash.-based software giant clocking a market cap in excess of $380 billion and $86.63 billion in annual revenue, it's now officially the biggest company in the world to get behind Bitcoin.

Related: Where to Stash Cryptocash? This Man Put It Under His Skin.

"For us, this is about giving people options and helping them do more on their devices and in the cloud," Eric Lockard, corporate vice president of Universal Store at Microsoft, said in a Microsoft blog announcement published today. "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."

Take note, Amazon, Apple and Google. Microsoft just beat you to the punch, joining a growing lineup of fellow Bitcoin-embracing tech heavies, including DISH Network, Dell and PayPal.

The surprise move took place earlier this week and first became apparent to zero PR fanfare on Microsoft's online payment hub. There the company explained that customers who want to use Bitcoin to pay for digital goods -- no physical products, like Microsoft Lumia smartphones, apply -- must first add the cryptocurrency to their Microsoft accounts. The process, laid out in four short steps, appears relatively straightforward.

Related: NY Considering Bitcoin Licenses for Small Businesses, Startups

As of today, U.S. customers can use Bitcoin to pay for games, apps, videos and music from Microsoft's Xbox Games, Xbox Music, Xbox Video and Windows and Windows Phone stores. It's not yet clear if or when Microsoft might expand the trendy payment option to additional countries. Also, Microsoft purchases made in the virtual currency aren't refundable.

Related: Business Is Eager Embrace Bitcoin But Regulators Are Not

The news is music to Bitcoin backers' ears. One Reddit user called Microsoft's openness to Bitcoin payments a "really ace move," while another expressed just how full circle the company has come. "The company that brought us internet explorer is embracing Bitcoin," GooseGuy said. "The times, they are a changin'."

This isn't Microsoft's first foray into Bitcoin. Last February it added a Bitcoin price converting feature to its Bing search engine. According to CoinDesk, Bitcoin is currently valued at $355.59 a piece.

Related: Is This the Next Bitcoin?

Kim Lachance Shandrow

Former West Coast Editor

Kim Lachance Shandrow is the former West Coast editor at Entrepreneur.com. Previously, she was a commerce columnist at Los Angeles CityBeat, a news producer at MSNBC and KNBC in Los Angeles and a frequent contributor to the Los Angeles Times. She has also written for Government Technology magazine, LA Yoga magazine, the Lowell Sun newspaper, HealthCentral.com, PsychCentral.com and the former U.S. Surgeon General, Dr. C. Everett Coop. Follow her on Twitter at @Lashandrow. You can also follow her on Facebook here

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics

Growing a Business

Why Startups Should Invest in Public Relations Right Now

Should you wait until you fundraise to invest in PR? The short answer is a resounding no. Here's why.

Growing a Business

The Owners of This Texas Farmers Market Took a Big Gamble. Here's How It Paid Off Bigger Than They Dreamed.

A Texas farmers market educates customers about the importance of shopping local for a healthy lifestyle and an even healthier small business community.

Business News

A 29-Year-Old CEO Quit Microsoft To Build His Startup — And Just Scored A Deal on Shark Tank

Aabesh De tapped into a niche need during the pandemic and founded Flora, a houseplant care startup.

Business News

Woman Allegedly Fired for 'Theft' After Eating a Sandwich That Was Leftover From a Meeting

Gabriela Rodriguez worked as a cleaner at Devonshires Solicitors in London for two years.