Bitcoin No Longer Accepted for Steam Purchases

Bitcoin No Longer Accepted for Steam Purchases

Bitcoin No Longer Accepted for Steam Purchases

Top online game distribution platform Steam will no longer accept Bitcoin as a payment method, announced game company and distributor Valve via blog post today.

As per the announcement, the reasoning behind this decision is two-fold: rising transaction fees and bitcoin value volatility. "For example, 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 20 cents when we initially enabled Bitcoin".

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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.

"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". 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.

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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. That's a far cry from the $0.20 transaction fee that was present when Steam first started accepting Bitcoin, Valve says. 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. While these discrepancies are normally refunded or require an additional payment from the customer when using a more traditional currency, the high transaction fees associated with Bitcoin make these solutions unfeasible.

Steam is no longer accepting Bitcoin as a payment method, saying it's "untenable" to support the soaring cryptocurrency. The amount it can change has been increasing recently to a point where it can be significantly different.

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Steam has dropped support for Bitcoin. Valve says that the company may "re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date [,]" but now Valve is mostly trying to resolve pending issues with customers impacted by Bitcoins' flux.

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