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Steam Announces It Will No Longer Support Bitcoin

Steam Announces It Will No Longer Support Bitcoin

When Valve started to accept Bitcoin as a payment method last April, the value of the cryptocurrency was at $450, as pointed out by Ars Technica.

Due to the fanfare surrounding digital currencies a year ago, Steam began accepting Bitcoin as an official method of payment for its games and services. For example, when Steam first partnered with the company, transaction fees via Bitcoin were at roughly $0.20 whereas now the transaction fee stands at nearly $20 per payment. Valve doesn't control these fees, but the company is unpleased with the situation it puts its users in. "These fees result in unreasonably high costs for purchasing games when paying with Bitcoin", the company added.

In a blog post on Wednesday, Steam wrote that "In the past few months we've seen an increase in the volatility in the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network".

But this only applies if you were holding BTC and wanted to see the price drive up, meaning you wouldn't use it in the real-world if the value continues skyrocketing like it has this year - going from $1000 to almost $13,000 in 12 months.

Since the value of Bitcoin is "only guaranteed for a certain period of time", if a transaction is not completed within that time frame, the value of the agreed upon BTC can fluctuate greatly, leaving either customers or Valve to cover the difference. Since then, the Bitcoin network has been charging more for transaction fees despite rapid changes in its valuation, causing Valve's gaming platform to drop the method entirely. Newer cryptocurrencies such as Bitcoin Cash, Ethereum and Litecoin all offer much lower transaction fees and faster confirmation times than Bitcoin.

Chiefs corner Marcus Peters suspended vs. Raiders, Andy Reid announces
The frustration from the rise to a 5-0 start, and the fall to 6-6, has resulted in several meltdowns throughout the season. Reid said he has spoken to Peters about the suspension and will not discuss particulars. "That's why he came back out".

Steam's decision to drop bitcoin from its payment options portends challenges to bitcoin functioning as a currency.

Bitcoin's recent rise in value has made some of its investors rich, most notably the Winklevoss twins who bought $11 million of the cryptocurrency when each coin was valued at $120. But transactions can often take longer than the Bitcoin Network guarantees the value of the currency.

He said that the volatile fees with Steam purchases can come from timing delays associated with confirming transactions on the Bitcoin blockchain, which is constantly being updated but can suffer from network congestion. Besides, very few people user Bitcoin for everyday transactions because of the very slow processing speeds and high fees involved per transaction.

All of that makes the continued support of Bitcoin "untenable", and thus it is out. Valve will also focus to resolve any pending issues with other customers suffering issues with Bitcoin transactions.


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