But how do they buy bitcoin in the first place?
From that one guy at school who managed to convert some of his money, and then sells it at a 7% markup. Seriously. 
Topic: Microsoft News: Bitcoin and the Under-18 Demographic - page 2. (Read 2238 times)
But how do they buy bitcoin in the first place?
Exactly. As things stand now, they pretty much need a banking account. How many 13-year-olds have banking account? Not many.
And what OP fails to mention is, you can already go to any retailer and buy an XBOX Live card for cash, which is then used with Microsoft. Buying a $20 Xbox Live Card at WalMart is a hell of a lot easier than figuring out how to buy bitcoins for the first time, especially if you don't have a bank account.
This move is merely to encourage current holders of bitcoins to spend them with Microsoft. A large portion of bitcoin enthusiasts are nerdish young men, so of course Microsoft will do something like this to target them.
I know this is an exception to the rule, but in The Netherlands there is a company where you can buy Bitcoin for very close to market price with a system called iDeal, it works kind of like paypal but differently.
People younger than 18 need permission from their parents to use iDeal. The way it works is that you use a 2 factor authenticator to check your bank account balance online, but this 2 factor authenticator can also be used to authorize a payment directly from your bank account to someone else. This is a pretty brilliant system and has helped me out many, many times, since I don't have paypal. I'm puzzled as to why there are only a few countries that have copied this method of transfer, as it's much better than paypal. Anyways, I'm starting to stray from the topic. iDeal, I don't know why the US doesn't has it.
The community can also tip the young xboxers through changetip. If changetip gains more traction, you could see xboxers posting helpful videos on games or other subjects, and then asking for bitcoin tips.
Don't underestimate the power of sending a13 year old a few dollars (in bits) to get them thinking about other ways to collect tips.
Don't underestimate the power of sending a13 year old a few dollars (in bits) to get them thinking about other ways to collect tips.
But how do they buy bitcoin in the first place?
Exactly. As things stand now, they pretty much need a banking account. How many 13-year-olds have banking account? Not many.
And what OP fails to mention is, you can already go to any retailer and buy an XBOX Live card for cash, which is then used with Microsoft. Buying a $20 Xbox Live Card at WalMart is a hell of a lot easier than figuring out how to buy bitcoins for the first time, especially if you don't have a bank account.
This move is merely to encourage current holders of bitcoins to spend them with Microsoft. A large portion of bitcoin enthusiasts are nerdish young men, so of course Microsoft will do something like this to target them.
and op Raystonn think Microsoft accepting USD from bitpay is going to save the crashing price, how funny is that
But how do they buy bitcoin in the first place?
Exactly. As things stand now, they pretty much need a banking account. How many 13-year-olds have banking account? Not many.
And what OP fails to mention is, you can already go to any retailer and buy an XBOX Live card for cash, which is then used with Microsoft. Buying a $20 Xbox Live Card at WalMart is a hell of a lot easier than figuring out how to buy bitcoins for the first time, especially if you don't have a bank account.
This move is merely to encourage current holders of bitcoins to spend them with Microsoft. A large portion of bitcoin enthusiasts are nerdish young men, so of course Microsoft will do something like this to target them.
But how do they buy bitcoin in the first place?
+1
This is a great point, Raystonn. It is currently difficult for the under-18 cohort to make purchases online.
And under-18's become over-18's; if Bitcoin's SOV properties were useful to them they may habitually keep a fraction of their wealth in BTC as their income grows.
This is a great point, Raystonn. It is currently difficult for the under-18 cohort to make purchases online.
And under-18's become over-18's; if Bitcoin's SOV properties were useful to them they may habitually keep a fraction of their wealth in BTC as their income grows.
The target market for Bitcoin use by Microsoft is XBox gamers, many of whom are under 18 years of age. This demographic doesn't have credit cards. It's very difficult for them to spend fiat online. Bitcoin can become the defacto savings and payment method for this demographic. Cash doesn't do them any good, as they can't spend it online. Bitcoin is the answer.
Microsoft has capitalized on something big here. The under-18 demographic has no way to legally spend fiat online. Now they can spend Bitcoin. Soon the under-18 demographic will begin keeping their funds in Bitcoin, as it's trapped in unusable form when left as fiat. Bitcoin will grow from this. Add to this the powerful educational effect of indoctrination at an early age, and we have a very bullish long-term effect for Bitcoin.
Microsoft has capitalized on something big here. The under-18 demographic has no way to legally spend fiat online. Now they can spend Bitcoin. Soon the under-18 demographic will begin keeping their funds in Bitcoin, as it's trapped in unusable form when left as fiat. Bitcoin will grow from this. Add to this the powerful educational effect of indoctrination at an early age, and we have a very bullish long-term effect for Bitcoin.
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