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etvfutures.com December 18, 2017


Steam Drops Support for Bitcoin

07 December 2017, 06:15 | Lucia Cruz

Valve drops Bitcoin as a Steam payment option

Citing volatile value, Steam drops Bitcoin support

Less than two years after adopting Bitcoin as a payment option on Steam, Valve has announced that it is dropping support for the virtual currency.

"Historically, the value of Bitcoin has been volatile", Valve explained in note posted earlier today, "but the degree of volatility has become extreme in the last few months, losing as much as 25% in value over a period of days". However, the Bitcoin Cash fork, which was created in August and allows for a greater volume of transactions, could give us a glimpse into whether these concerns are merited. The company said it won't accept the cryptocurrency any longer due to "high fees and volatility" in its value. Now, just over a year later, Valve has seen transaction fees as high as $20. 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. For Bitcoin, however, the cryptocurrency market takes a fee when a Bitcoin owner initiates a transaction.

The rollercoaster rising value of Bitcoin has forced online gaming distributor Steam to drop the cryptocurrency as a payment method.

But in the event of especially big price changes Steam would either refund the difference (if the price of bitcoin increased), or ask the customer to make a top up payment (if the price of bitcoin decreased). For example, when Steam first partnered with the company, transaction fees via Bitcoin were at roughly $0.20 whereas now the transaction fee stands at nearly $20 per payment. If the user then needs to either pay more money, or receive a refund from Steam, they are hit with another costly transaction fee from Bitcoin. Bitcoin's value increased more than $1000 its previous value in under 24 hours, to which Valve has stated it has seen a number of customers get into the above scenario. For these reasons and the overall volatility of the currency, it's "untenable" to support Bitcoin at the moment, the blog said.

Possible Net Neutrality repeal 'worries' Mercer School of Law Professor, students
Net neutrality is a good deal for consumers and small-business owners. "On top of that, innovation is stifled too". There's also an oft-repeated canard against net neutrality making the rounds.


Another issue with Bitcoin are the transaction fees.

Bitcoin continues to soar in price, but one company isn't impressed with its recent success.

Valve "may" re-evaluate this decision further on down the road, but for now, they will resolve any pending transactions that this announcement has affected, as well as anyone who has been impacted by existing underpayments or transaction fees.



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