Steam no longer accepting bitcoin due to ‘high fees and volatility’

Steam is no longer accepting bitcoin as a payment method, game company and distributor Valve announced today. The company is attributing its decision to cryptocurrency’s “high fees and volatility.” In a blog post, Valve explained that bitcoin transaction fees have gone up to nearly $20 per transaction last week, “compared to roughly $0.20 when we initially enabled Bitcoin.” Those fees then have to be shouldered by gamers making purchases on Steam, and the total cost to consumers could be even higher if the value of bitcoin dips in the meantime.

Even if the value of bitcoin were to go up while the user completes the transaction, and Steam has to refund the difference to the user, the transaction fee must be paid by the user again for the refund. “This year, we’ve seen increasing number[s] of customers get into this state,” the post states. There’s even the scenario, Valve explains, that as the user or Steam tries to cover the difference in value, the value of bitcoin then changes again, causing more problems.

Steam says it could reconsider this decision to remove bitcoin as a payment option in the future, if the currency finds more stability, but for now it’s just working with any customers who are still dealing with underpayments or transaction fees. Just last week, the value of bitcoin skyrocketed past $10,000, marking a 933 percent increase since January of this year. Other governments in China, South Korea, Russia, and elsewhere around the world have taken a more stern look at cryptocurrency and implemented regulations or outright bans.

Comments

when a currency value inflate faster than products, it’s an indication that you are not really using the currency to buy products but buying the currency with products

So true. Why perform transactions and take a loss on fees when you can hoard the coins and watch its perceived value grow exponentially?

Many say Bitcoin is deflationary. Well, if that’s true then it will surely fail in our modern growth-oriented economy because people would rather save a coin than spend it. So unless the entire world changes its mindset and adopt economic austerity, Bitcoin cannot work in the mainstream.

That’s true. It’s probably a lot like the Zimbabwe dollar. You go to buy a loaf of bread and it’s a million dollars, but by the time you get to the checkout counter it’s two million dollars.

When one of the few major vendors who accept’s your "currency" stops taking it, you know it’s not a reliable payment method. Bitcoin has become useless for purchasing anything, with the exception of praying for appreciation of the currency itself.

Bitcoin isn’t really made for small purchases and transactions. It’s slow and expensive.

Etheruem or Litecoin are much better choices. I don’t understand why they aren’t using them instead.

Neither has the mindshare that Bitcoin does. Random people on the street, there’s a better than average chance they’ve heard of Bitcoin. It’s in the news. Ethereum, Litecoin… nobody’s heard of them outside of fans of crypto.

Agreed, I just read about these here. Never heard of them before.

RIPPLE would be a better option.. and do a research if you wnat to know why.

That’s the whole issue. You shouldn’t have to do research to figure out if you want to use a currency,

I don’t t see how that makes them unviable solutions?

I run an online business and introducing customers to Bitcoin is no different than any other crypto currency. Whether they start with BTC of ETH, the process is the same.

Except one is established and the others aren’t. And seeing as the established one is volatile and deeply unreliable, putting your money in an unestablished cryptocurrency is akin to financial suicide. Or maybe russian roulette.

Yes, clearly all the energy companies and various companies investing in the ETH blockchain are buying into an unknown volatile market.

Also, you’re not investing in the coin. You’re buying it to then make purchases online. People using ETH will already have the currency, no one is forcing anyone to buy into crypto. It’s not my loss if you missed the boat.

Come on, the only reason to buy bitcoin or other cryptos is to invest, or rather speculate, in the rapidly rising rates. And what else do you mean by missing the boat, if not "buy low"?

I mean, if you are already involved in and have currencies such as ETH, then you have the option to use it for buying things.

The initial statement of calling crypto an unreliable method of payment is, frankly, bullshit. The transaction fees are lower than processing credit cards, and they are safer too for both buyer and merchant. By far. But, that’s provided you use the right currency for your application type. Bitcoin is not set up for transactions in the 10s or 100s and it is slow to verify.

The blockchain has many applicable uses. Investing in using the ETH blockchain for the backbone of other technologies adds value to the currency itself. There is nothing to ‘prove’. Blockchains are not going anywhere.

Ripple would be a better coin fro that, not Ether or Litecoin.

Sure. My point is Ether and Litecoin are still better choices than BTC.

Calling crypto ‘unreliable’ is nonsense.

You’re going to feel pretty silly in a few years.

Someone’s sure is going to feel a little silly…

It’s almost as if BC is a good for nothing but irrational speculation.

Digital Tulips and Dunning Krugerrand.

It’s almost as if BC Wall Street is a good for nothing but irrational speculation.

There, i fixed it for you.

Good job Wall Street doesn’t manage pensions which provides for millions of people in their old age then.

Utter nonsense. If there’s no discernible relationship between the price of an asset and its real world performance, there’s something shady going on. That’s exactly what happened with before the 2008 crash, and that’s what’s happening now.

Wall Street exists in the real world (mostly). Bitcoin exists in a parallel dimension where the laws of physics don’t apply.

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