Another step towards crypto adoption, Microsoft to accept LiteCoin for payments
BitPay will act as the payment provider
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During these turbulent times, when the blockchain space has suffered massive setbacks in the last few years, Microsoft’s decision to accept LiteCoin for payments comes as a relief to the community.
The announcement was first made by BitPay, the cryptocurrency payments service provider, in a post on X (formerly Twitter).
At that point, the LiteCoin prices increased by 5% but have since fallen regularly.
Also, there’s a catch!
First, Microsoft is not directly accepting LiteCoin but only through BitPay, the payment platform. BitPay also supports a range of other cryptocurrencies, including BitCoin, Ethereum, Dogecoin, and USD Coin (USDC).
Secondly, Microsoft does not directly accept cryptocurrency. BitPay will first convert your LiteCoin into fiat currency at the current exchange rate, which is then transferred to Microsoft.
So, while this may sound like a paradigm shift in the approach of tech giants, it’s a step aimed at offering more payment options to consumers.
Are we headed towards mass crypto adoption?
While crypto adoption has increased amongst users, companies and authorities still remain hesitant, given the lack of governing bodies in the world of blockchain. To counter this, states have passed laws to regulate cryptocurrencies, and some have even imposed taxes on profits.
A report by Crypto.com states that cryptocurrency holders have increased worldwide by 34% in 2023. A similar trend was witnessed when taking into account Bitcoin (33% increase) or Ethereum (39% increase).
But, for mass adoption, there’s still a long way to go! Self-regulated governance models like DAO (Decentralized Autonomous Organizations) only serve to a certain point.
Crypto is still in the early stages, and it will take a few years before we see major corporations like Microsoft, Amazon, and Netflix directly accepting cryptocurrency as a payment option.
Until then, you can continue using Bitcoin mining software to accumulate more. Though it’s getting harder by the day!
What’s your take on the future of crypto? Let us know in the comments section.
