Microsoft has recently announced it will no longer accept bitcoin as a mode of payment at Microsoft Store, where the users can online buy software and devices. Bitcoin is also used at the Xbox, music, and video stores of Microsoft.

Users will not be allowed to redeem Bitcoins to their Microsoft account. Existing balances in the account will still be available for purchases from Microsoft Store, but can't be refunded, according to the company update on Reddit.

The company is withdrawing bitcoin option only for its Windows 10 and Windows 10 Mobile stores. The bitcoin option was launched by the company in December 2014. The option involved allowing the buyers to use the third-party bitcoin payment processor, BitPay, to trade in the cryptocurrency at the current market value.

The equivalent value was added to the Microsoft accounts of the customers. The customers living in the United States were given this option.

Chief Edge Officer at Deloitte's Centre for the Edge, Peter Williams, revealed earlier in this month that the economy is witnessing an illogical enthusiasm towards blockchain, which is the ledger that supports bitcoin and other cryptocurrencies. He added that he has not experienced so much of hype for anything in such a short span of time as it is visible for blockchain. The company has not revealed the exact reason for bringing about these changes to its terms.

However, if speculations are to be believed then it seems the company just did not understand this payment option for its Windows Store. Meanwhile, the bitcoin supporters had wished for a long time that this cryptocurrency be accepted worldwide. Bitcoins are also facing volatile sessions as the value rises and falls a lot during the day.