Steam no longer accepting Bitcoin due to its volatility

Thursday, 07 Dec, 2017

Even though most Steam users didn't actually have the opportunity to use this feature, Valve announced today that Steam Bitcoin Support will stop due to the currency's constant value increase resulting to increase in transaction fees. In the meantime, it's still working with customers who were affected by the recent rise in Bitcoin value whether it's with existing payments or transaction fees. For example, transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin).

The company detailed the decision on Steam's official blog, explaining that recent fluctuations in the value of Bitcoin have made using it on Steam unreasonably hard and costly for consumers.

"When checking out on Steam, a customer will transfer x amount of Bitcoin for the cost of the game, plus y amount of Bitcoin to cover the transaction fee charged by the Bitcoin network", Valve said. As the statement on Steam notes, Bitcoin's value is only guaranteed for a fleeting amount of time, and if a particular sale isn't completed during that time, the price of an item in Bitcoin can drastically change. Steam said it has no control over the amount of the fees, which add to transaction costs. The prices of Bitcoin have been exploding as of late with one bitcoin equal to 13,416 United States dollars as of this writing. On Jan. 1 this year, bitcoin was priced at just under $1,000. Steam says it's possible it could be re-evaluated in the future, so if you're sitting on a lot of Bitcoin, that's probably good news.

Popular gaming service Steam said Wednesday that it would no longer accept bitcoin from customers as payment for video games.

Under the European Union-wide plan, online platforms where Bitcoin is traded will be required to carry out due diligence on customers and report suspicious transactions, with the move created to end the anonymity of the cryptocurrency.

Bitcoin valuation has become a problem recently as well, as the value fluctuates wildly over very short spans of time.

However, bitcoin's rollercoaster past couple of months have changed Steam's plans.

Without full community support, the fork will not take place.

For Valve, the answer to its Bitcoin problem is no more Bitcoin.