Steam will no longer support bitcoin due to "high fees and volatility"

Steam will no longer support bitcoin due to

While Valve is currently backing out of the Bitcoin support for now, the company has stated that they will look at revisiting the currency at a future date, but at this time, they will cease accepting it for any transactions.

"...transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin)", Steam said in its blog post. "These fees result in unreasonably high costs for purchasing games when paying with Bitcoin", the company added.

"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". As the statement on Steam notes, Bitcoin's value is only guaranteed for a fleeting amount of time, and if a particular sale isn't completed during that time, the price of an item in Bitcoin can drastically change.

Normally when this occurs, Valve will either refund the overpaid amount or require additional funds to cover the shortfall, but in both cases the customer has to eat yet another Bitcoin transaction fee. In addition, the volatility of Bitcoin can also adversely affect the platform's own revenue if the price of Bitcoin suddenly drops.

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When Valve first started accepting Bitcoin as an option for Steam purchases last April, the cryptocurrency was trading around $450.

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. The amount it can change has been increasing recently to a point where it can be significantly different.

Many are using this as an example of Bitcoin's limitation as a currency, and pointing to other newer cryptocurrencies (like Ethereum or Bitcoin Cash) with newer technologies - which is the reason why Steam's comments are now being flooded with requests for Valve to accept payments from some of these currencies. This is bad enough when Bitcoin's value is high, but it becomes much worse when the value drops. 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.

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