Steam no longer accepting Bitcoin as payment, because it's too volatile


Unfortunately, Valve has no control over the amount of the fee.

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.

Valve said that volatility can complicate purchases made on Steam, a platform and social network for purchasing computer games and software.

"These fees result in unreasonably high costs for purchasing games when paying with Bitcoin". In the last week alone, the price has gone up over $4000.

True, the price of Bitcoin has generally followed an upward curve over the past few months, but that on its own is not a reason good enough for Valve to keep the cryptocurrency. But it is not a steady ascent.

The value has recently become very unstable and has been known to drop in value by as much as 25% over just a few days.

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The problem stems from the fact that Bitcoin's value is guaranteed only for a short time when making purchases with the cryptocurrency. At points, the digital coin dropped from $11,000 to $9,500 in value. Its volatility and transaction costs are a common sticking point for those looking to use it as a currency, yet the possible solutions to these pitfalls could imperil the decentralization that makes bitcoin appealing in the first place.

He said that the volatile fees with Steam purchases can come from timing delays associated with confirming transactions on the Bitcoin blockchain, which is constantly being updated but can suffer from network congestion.

The cryptocurrency may be going through a hard time, but the long wait for the Lightning Network may now be close to over, as recently startups behind the three most active Lightning implementations revealed tests results that include live transactions.

If a Bitcoin-based transaction was prolonged, the value of the coins being transferred could change "significantly", it said.

It means the company has to either refund the original payment to the customer, or ask for more funds to cover the outstanding balance.

Bitstamp, one of the most established exchanges for cryptocurrency, announced that it would trade Bitcoin Cash in November. However, the post did end by stating that Steam may re-evaluate Bitcoin in the future and decide then whether or not it is suitable for the company and its community.