Steam Bitcoin Support Stops Due To The Increase In Its Value

Steam Bitcoin Support Stops Due To The Increase In Its Value

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.

At that point, the customer would either receive a refund or need to transfer additional Bitcoin over to cover the costs, but Valve says there are costly Bitcoin-dictated transaction fees tied to both solutions that make it unrealistic to continue Bitcoin support, though the company says it could re-evaluate the decision in the future. 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 $0.20 when we initially enabled Bitcoin). Valve has no way to control these fees, which can raise the costs of games to unreasonably high amounts that have to be shouldered by customers.

"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", it said. This problem arises when a transaction is not completed within the period of time that the amount of Bitcoin paid is commensurate to the price of a game or a service offered on Steam's Store. Regarding the fees, Valve pointed out that the transaction fee charged to the customer using Bitcoin rose from 20 cents when Valve started accepting it to nearly $20 today.

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. There are some major companies, such as Microsoft and DISH, accepting bitcoin payment, but few others have followed suit. In an effort to prevent customers from wasting money on fees and to protect itself from volatility, Valve has simply chose to remove Bitcoin as an option during checkout. Valve initially joined in on the action past year when it started accepting bitcoin for purchases on its PC gaming store, Steam. Besides, very few people user Bitcoin for everyday transactions because of the very slow processing speeds and high fees involved per transaction. However, that's another Bitcoin transaction fee that the users have to take, a fee that's been on the rise.

However, bitcoin's rollercoaster past couple of months have changed Steam's plans. Valve said it may be brought back at some later date, presumably when (or if) it stabilizes, but at least one economist believes that stabilization will come in the form of a crash, which may make it a moot point anyway.

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