Bitcoin: Steam Gaming Service Is Waving Goodbye

Olive Hawkins
December 7, 2017

Even though most Steam users didn't actually have the opportunity to use this feature, Valve announced today that Steam Bitcoin Support will stop due to the currency's constant value increase resulting to increase in transaction fees.

Along with Bitcoin's skyrocketing valuation, transaction fees charged to customers have also risen dramatically, from the 20 cents when the company enabled Bitcoin support two years ago to $20 last week, Valve said in a blog post.

"These fees result in unreasonably high costs for purchasing games when paying with Bitcoin".

The value of bitcoin is only guaranteed for a short period of time, meaning the transaction amount can change, a gap that has recently become significant, according to Steam, which reports one option is to ask users to transfer more funds, or issue refunds.

Valve notes that some Bitcoin transactions have had fees as high as $20.

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It doesn't seem to matter that Bitcoin is priced at almost $13,000 and it has more hype and interest in cryptocurrency than any previous point in human history, but Valve has just stopped accepting Bitcoin in Steam. Yay.

Valve said that volatility can complicate purchases made on Steam, a platform and social network for purchasing computer games and software. After giving customers a payment time window of several hours for their transaction to confirm on the Bitcoin blockchain, the value of the coin could have already significantly changed. In both these cases, the user is hit with the Bitcoin network transaction fee again.

Regarding the volatility (Bitcoin stands at around $13,000 Dollars today but it fluctuates significantly and often), Valve said this is problematic in part because Bitcoin's value is only guaranteed for a set period of time.

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

However, bitcoin's rollercoaster past couple of months have changed Steam's plans.

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.

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