Steam ends support for Bitcoin due to high fees, volatility


Steam has announced that it will no longer be supporting Bitcoin as a payment method in an official blog post today.

While Valve is currently backing out of the Bitcoin support for now, the company has stated that they will look at revisiting the currency at a future date, but at this time, they will cease accepting it for any transactions.

When Steam initially enabled Bitcoin transaction fees were roughly 20 cents, now it can be upwards of $20.

"These fees result in unreasonably high costs for purchasing games when paying with Bitcoin", Valve said in a statement. Basically, if the value of bitcoin changes while a customer is finalizing an order, the order will either need to be refunded or Valve must ask the customer to transfer more bitcoin to cover the purchase. The post elaborated by saying that, "In the past few months [Valve's] seen an increase in the volatility of the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network".

Moreover, Valve said that "The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically".

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Another issue with Bitcoin are the transaction fees. The prices of Bitcoin have been exploding as of late with one bitcoin equal to 13,416 Dollars as of this writing. In an effort to prevent customers from wasting money on fees and to protect itself from volatility, Valve has simply made a decision to remove Bitcoin as an option during checkout. On Jan. 1 this year, bitcoin was priced at just under $1,000.

Still, the cryptocurrency's lack of government backing and regulation has led to volatility.

The Bitcoin community has long rallied to get the cryptocurrency included among accepted payment methods for popular platforms, and it doesn't get bigger than Steam when it comes to video games, making this a disappointing development for the supporters of the world's most popular cryptocurrency. Treasury said it intends to regulate the digital currency to bring it in line with anti-money laundering and counter-terrorism financial legislation.

Many organizations are still reluctant to trust blockchain technology, however others have found good use cases for it apart from Bitcoin. CEO of Riot Blockchain John O'Rourke explains the important distinctions between the two technologies.