Today's announcement from Microsoft is a significant step forward for Bitcoin. We are excited to help Microsoft accept bitcoin for digital products. Microsoft customers can now use bitcoin in the Windows Store and in stores that house Xbox content.
Microsoft is now accepting bitcoin payments for funding Microsoft accounts. Microsoft accounts can be used to purchase Windows Phone apps, PC applications, Xbox Games, Xbox Music, and Xbox Videos. With Microsoft being one of the world's largest companies, the benefits of accepting bitcoin are amplified. Bitcoin is the world's least expensive, fastest, and most secure payment method; it's universal, there are no chargebacks, and it has a growing and enthusiastic user base. These clear benefits have prompted Microsoft to offer this payment option to their customers, and they have chosen to work with us to make it happen.
The attention brought to Bitcoin by this partnership is not only important for us, but the whole Bitcoin community which has been working to innovate around the technology. As part of the ecosystem, we have worked hard to build a service that can support enterprise-grade businesses such as Microsoft by forming top-notch engineering, client operations, business development, legal, and executive teams. Microsoft's adoption of bitcoin further substantiates that the Bitcoin ecosystem is booming with progress and potential.
We have enjoyed building our relationship with Microsoft and look forward to continuing our work together on innovative Bitcoin projects and business models. Please join us in welcoming Microsoft as the newest member of the Bitcoin economy.