Bitcoin currency iStock

Within a few hours of claiming to stop support for bitcoins, Microsoft has announced "the page was updated erroneously" and that it continues to accept the cryptocurrency payment. On 14 March, Microsoft's support page had said it would not accept bitcoins as a choice of payment on Windows store for purchase of apps or Xbox games.

"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. We apologize for inaccurate information that was inadvertently posted on a Microsoft site, which is currently being corrected," a Microsoft spokesperson told The Verge.

Unlike physical coins and notes, cryptocurrency is virtual money and works differently from normal currency. Its value is determined by the number of transactions recorded and saved in a public ledger. Although it always had its detractors, Bitcoin technology was expected to become a game changer in the financial world. In 2013, its value against the dollar started shooting up to cross $1,200 (£841) per bitcoin.

In December 2014, Microsoft started accepting bitcoins as a payment currency for the purchase of apps, games and videos from its Windows Store and Xbox Store. PC maker Dell had introduced bitcoin payments for its select range of Alienware PCs. Other merchants like Theatre Tickets Direct in the UK, California's, airlines like AirBaltic, Air Lituanica, and retailers like Overstock, Newegg, French MonoPrix and others also accept bitcoins.