Steam drops Bitcoin support

Citing volatile value, Steam drops Bitcoin support

Valve drops Bitcoin as a Steam payment option

The company detailed the decision on Steam's official blog, explaining that recent fluctuations in the value of Bitcoin have made using it on Steam unreasonably hard and costly for consumers. Steam customers must also pay for the bitcoin transaction fees.

If a transaction times out, Steam has previously refunded the user, or asked for further bitcoin to cover the transaction - however both cases result in additional fees charged by the network.

For these reasons, "at this point, it has become untenable to support Bitcoin as a payment option", the company writes.

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It doesn't seem to matter that Bitcoin is priced at almost $13,000 and it has more hype and interest in cryptocurrency than any previous point in human history, but Valve has just stopped accepting Bitcoin in Steam. Yay. Something that Valve mentions in its blog post. However, the Bitcoin Cash fork, which was created in August and allows for a greater volume of transactions, could give us a glimpse into whether these concerns are merited. In a blog post, Valve explained that bitcoin transaction fees have gone up to almost $20 per transaction last week, "compared to roughly $0.20 when we initially enabled Bitcoin". Its volatility and transaction costs are a common sticking point for those looking to use it as a currency, yet the possible solutions to these pitfalls could imperil the decentralization that makes bitcoin appealing in the first place. The post elaborated by saying that, "In the past few months [Valve's] seen an increase in the volatility of the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network". "This year, we've seen increasing number of customers get into this state". This in turn runs the risk of under/overpayment again should the value of Bitcoin change and can result in yet another transaction needing to be performed. Steam did not return a request for comment by deadline, and its announcement did not say how long it has been accepting bitcoin.

"When checking out on Steam, a customer will transfer x amount of Bitcoin for the cost of the game, plus y amount of Bitcoin to cover the transaction fee charged by the Bitcoin network". For now, it is focused on resolving pending issues for clients affected by existing underpayments or high transaction fees.

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