Virtual currencies grow more mainstream

Since the introduction of Bitcoin in 2009, virtual currencies have rocketed in popularity.

The general public are beginning to accept digital payment into the mainstream. Bitcoin lets people anonymously transfer money around the world for free, and cuts out the need for a middle man

UK should embrace digital currencies

Recently, Windsor MP Adam Afriyie said that the UK should be the first to adopt digital currencies in an article for CityAM. He points out that Britain has long been a financial leader and pioneer for innovation, noting the huge benefits for embracing these types of currencies.

He said: “It’s vital that we welcome new technology by default, and investigating the potential of digital currencies is the right way to go.”

However, banks generally avoid Bitcoin related companies, making it difficult for entrepreneurs attempting to set up digital currency based businesses.

Microsoft latest big name to accept Bitcoin

Microsoft has now partnered with BitPay for processing payments in the digital currency.

A news reporter for Microsoft, Athima Chansanchai, said: “If you are a person who uses bitcoin you know it’s not always easy to find places where you can use the digital currency. That is about to change when it comes to Microsoft content.”

Eric Lockard, corporate VP of Universal Store at Microsoft, affirmed the company’s stance as optimistic about the future of virtual currencies.

“The use of digital currencies such as bitcoin, while not yet mainstream, is growing beyond the early enthusiasts,” he said. “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.”