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Bitcoin

Microsoft has denied withdrawing support for Bitcoin, and the development comes as a major relief for the cryptocurrency even it emerged as a key target of the government in their bid to exercise control over Bitcoin.

Microsoft today sought to play down reports that claimed it has stopped support for Bitcoins. In a statement made available to The Verge, Microsoft said the news of its severing ties with Bitcoin is largely due to an erroneous updating of one of its sites which quickly hogged headlines around the world.

“We continue to support Bitcoin for adding money to your Microsoft Account, which can be used for purchasing content in the Windows and Xbox stores,” a Microsoft spokesperson said. “We apologize for inaccurate information that was inadvertently posted to a Microsoft site, which is currently being corrected.”

The Richmond giant further stated they are in the process of rectifying the particular page and update correct details to avoid any further confusion on this. This should also come as a major relief for the cryptocurrency that too is making through a rough patch at the moment. While it might not have perished but to have the support of a company as big as Microsoft surely adds a lot of sheen to their portfolio.

Meanwhile, the going is likely to get tougher for Bitcoin what with a recent finding in the United States that has claimed the cryptocurrency can prove to be a major challenge to the national security of the country. The finding by RAND Corporation, a non-profit organisation, claimed that virtual currencies can turn out to be the most convenient method of exchanging funds among terrorists right under the nose of the government without any of their security arms being aware of it.

Bitcoin employs strong cryptographic means to safeguard safety and privacy of those involved in a transaction. All of its workings is outside the purview of state control with their being no legislation in place at the moment that could enable government authorities to monitor its activities.

RAND is also advocating drafting new laws or modifying existing ones to ensure the funds being transacted for. The organisation has even gone to the extent of banning Bitcoin as a whole claiming the risk of it being misused by non-state actors for fomenting trouble within the US far outweigh the benefits it brings along at the moment.

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