Bitcoin, the cryptocurrency, can now be used to purchase digital content for several Microsoft products like the Windows Phone and Xbox.

Using the virtual currency, one can now buy games, apps and other digital content for Windows Phone, Windows, Xbox Video, Xbox Games, and Xbox Music stores. However, consumers cannot use Bitcoins to purchase hardware like Xbox consoles or software products like the Windows OS or MS Office.

The timing is nothing but perfect for Microsoft Store's 12 Days of Deals. On Dec. 13, Microsoft gives gamers a chance to save $30 on Call of Duty: Advanced Warfare and Destiny as both will be on sale for $29.99 starting 8 a.m. EST.

By deploying BitPay (the payment processor for Bitcoins) and offering support for the virtual currency, Microsoft has joined the ranks of retailers like Dell, Newegg, and TigerDirect, which also use Bitcoins as a payment option.

So how can you use Bitcoins to pay for an app or games via your Microsoft account? Here's how:

Step 1. Log in to "Microsoft account - Billing" with your account.

Step 2. Click on Payment option. Navigate to Microsoft account and the redeem Bitcoin option.

Step 3. Check the amount you wish to input. Click Next.

Step 4.  Recheck the Bitcoins required and deploy the digital wallet to finish your transaction in less than 15 minutes.

If making a payment via your PC select "Pay with Bitcoin" and make the payment via the wallet.

If making a payment via your smartphone then scan the "QR code" that is shown on the page and make the payment via the mobile wallet app.

However, Microsoft currently offers support for Bitcoins only in the U.S. Moreover, the money you add to your account via Bitcoins is not refundable and is only valid for the purchase of digital content for the Xbox and Windows platforms. Currently, consumers cannot use the virtual currency to purchase any services or products from Microsoft directly.

"While the virtual currency can be used to put funds into Microsoft accounts, it can't be used to pay directly for other Microsoft products and services other than the content we highlighted above at this time," revealed Microsoft in a blog post.

Moreover, Microsoft has also put a limit to the amount of money one can exchange via their account each day at $1000. The cap of $5000 is applicable to additional Microsoft accounts a customer may have registered under his/her name.

Microsoft hopes that by offering support for Bitcoins, the company will give consumers more payment options as part of its effort to have flexibility in payment methods.

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