Steam No Longer Accepting Bitcoin Payments For Video Games

Steam, a popular platform for buying video games, announced on Wednesday that it will no longer be accepting payment in the form of bitcoin because of the volatility of its worth and transaction fees. "These fees result in unreasonably high costs for purchasing games when paying with Bitcoin", the company added.

"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", Valve said in a post on Steam. However, as Valve explains, "In both these cases, the user is hit with the Bitcoin network transaction fee again", and the number of customers affected by this issue is reportedly increasing.

"Unfortunately, Valve has no control over the amount of the fee", Steam said.

At the time of writing, the price of one Bitcoin was just shy of $14,000.

As a result, Valve said support for Bitcoin has become "untenable", but it said it might reevaluate the cryptocurrency's fit into its business at a later date.

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.

Delhi Government Lifts All Exemptions Under Odd-Even Scheme
The NGT gave the go-ahead to the government on the condition that women drivers and two-wheelers must be exempted. Smog had led to multiple interruptions in the third Test between India and Sri Lanka in Delhi on Sunday.

Portal returns in Bridge Constructor spin-off
The entire gimmick of the Portal games revolves around using a portal gun which can shoot out a blue portal and an orange portal . Valve's Portal series is returning in two weeks with Bridge Constructor Portal for Windows PC and mobile devices.

Special counsel details $3.2 million in spending on Russian Federation case
Though Flynn already admitted that other top transition officials - including Jared Kushner, the president's son-in-law, and K.T. Russian Federation has denied meddling in the election and Trump has called the special counsel's investigation a "witch hunt".

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. Today, Bitcoin is surging past $12,000 per coin, so it may be a surprise for users to hear that Steam is removing support for the digital money.

The problem stems from the fact that Bitcoin's value is guaranteed only for a short time when making purchases with the cryptocurrency.

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

For instance, Steam said that bitcoin transaction fees have "skyrocketed this year".

Steam says they may re-evaluate their bitcoin stance in future.

In October, Vietnam banned cryptocurrency payments, with the State Bank of Vietnam declaring Bitcoin was not a legal payment method from the start of next year.

Related News:

07 December 2017

California wildfires temporarily shut down production of HBO show
HBO's " Westworld " and CBS's "S.W.A.T." suspended filming on Tuesday as multiple wildfires burn in and around Los Angeles County. The S.W.A.T. writers' room tweeted that filming was stopped "due to wildfires and unsafe air near our stages".

06 December 2017

The Pope has Called for Respect for the Status quo in Jerusalem
He also voiced his hope that "peace and prosperity" would prevail for the Palestinian people. Pope Francis met with a Palestinian delegation in the Paul VI Audience Hall.

06 December 2017

Why is BBC being accused of Racism by Bollywood Fans?
Radio 4's Saturday Live presenter Aasmah Mir wrote: "I'm really annoyed about the BBC Shashi Kapoor thing". He was the youngest son of Prithviraj Kapoor, a veteran of Bollywood and the theatre.
07 December 2017

Manchester United Fans Will Love Jose Mourinho's Latest Comments On Luke Shaw
Both of them came in the Carabao Cup fixtures against Burton Albion and Swansea City. "I think Luke Shaw's exactly the same". United don't have many natural left-back options to call upon, with Ashley Young now doing a decent job in the position.

06 December 2017

Whistleblower: At inauguration, Flynn texted on nukes
Flynn also reportedly promised that sanctions on Russian Federation would be "ripped up", allowing the deal to move forward. The change would allow a business venture Flynn had worked on - nuclear power plants - to be built with the former partner.

06 December 2017

Yemen's Houthis ready to hand over Saleh's body to family
Speaking to reporters by phone from Sanaa , he said that "at the same time, people are bracing themselves for more". Saleh's slaying likely gives the rebels the upper hand in the dayslong fighting for the country's capital, Sanaa .
06 December 2017

A brush fire has erupted near Sylmar
Charred earth smolders along Little Tujunga Canyon road Wednesday morning after the Creek fire burned through the area Tuesday. More than 125 firefighters were on the scene and that water-dropping helicopters were being used, the newspaper said.

06 December 2017

New Match Announced For WWE Clash Of Champions
Adam James & Josh Carr (local competitors) by Harper pinning Adam James following the double arm-lift crucifix powerbomb. They are then informed that Rusev & English have been added to the match. -Kevin Owens and Sami Zayn vs.

06 December 2017

High of 37 today in Longmont with snow expected by Thursday evening
For Wednesday , expect mostly sunny skies, with a high near 44 and with wind gusts as high as 23 miles per hour . Temperatures in Raleigh from Wednesday evening into Thursday will be highs in the 40s and lows in the 30s.
07 December 2017

Alaska Airlines to put limits on 'smart bags' starting January 15
Airlines could ban so-called "smart" suitcases from all flights because their batteries pose a fire risk, officials have said. A spokeswoman for Southwest Airlines said the carrier is "in the midst of reviewing their policies and considering changes".

06 December 2017

Arrested in Plot to Assassinate British PM
The men were arrested last week following a joint operation by MI5, the UK's counter-terrorism security service, and police. In March, Khalid Masood drove a auto at pedestrians on Westminster Bridge and stabbed a policeman guarding Parliament.

06 December 2017

Lena Dunham Says She Warned Hillary Clinton About Harvey Weinstein
Regarding Dunham's claims, Merrill retorted, "Only she can answer why she would tell them instead of those who could stop him". Dunham also says she warned Adrienne Elrod, a spokeswoman for Clinton who associated with celebrities during the campaign.