Steam No Longer Accepting Bitcoin Payments For Video Games

Steam drops Bitcoin support

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.

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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.

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