"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.
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.
Oil Prices Slide On Major Gasoline Build
So far companies have chosen to hedge at the higher prices rather than drill as they try to return to positive cash flow. Inventories at Cushing probably slid by 2.4 million barrels, a separate forecast compiled by Bloomberg showed.
Destiny 2 Curse of Osiris: How to Start Heroic Adventures
In addition, you'll also need the DLC to access the heroic strike playlist, which returns to Destiny 2 as part of the DLC. In other words, the highest level content in Destiny 2 has been removed from the base game and added to the DLC.
Yemen rebels disperse protests demanding slain leader's body
Residents reported heavy bombing, and a United Nations official said at least 25 airstrikes hit the city over the past 24 hours. In a televised speech, Yemeni President Abd-Rabbu Mansour Hadi called on Yemenis to rise up against the Iran-aligned Houthis.
New contract for Roger Goodell has been signed
All 32 owners unanimously granted the Compensation Committee permission in May to negotiate an extension with Goodell. Goodell has earned more than $200 million since he was elected National Football League commissioner in 2006.
Osinbajo Orders Kachikwu, Baru To Clear Fuel Queues By Weekend
It noted that the corporation had enough stock of fuel to ensure seamless supply and distribution of products across the country. Addressing the fuel scarcity resurgence on Tuesday, Baru guaranteed Nigerians that the NNPC was on top of the situation.
US Bombers to Fly Over Korean Peninsula
North Korea regularly cites military drills around the peninsula as justification for its nuclear and missile-testing program. North Korea, which regularly threatens South Korea, the United States and their allies, has denounced the exercises .
Champions League: Final group round in Opta numbers
Meanwhile, in Group G , Besiktas have surprisingly topped the group, with FC Porto and RB Leipzig competing for second-place. Celtic secured the Europa League spot in the group despite losing 1-0 at home to Anderlecht, on a Jozo Simunovic own goal.