Citing volatile value, Steam drops Bitcoin support

Citing volatile value, Steam drops Bitcoin support

This news comes on the heels of the 1.0 release of the Lightning Network Specification, a technology that could potentially solve any issues Valve's game distribution platform might have with BTC.

Steam said it had no control over the high transaction fees, which are charged by the Bitcoin network. According to Valve, transaction fees have exploded from their original cost of 20 cents to roughly $20, a 100x increase, over the course of the past year. In an effort to prevent customers from wasting money on fees and to protect itself from volatility, Valve has simply chose to remove Bitcoin as an option during checkout.

Bitcoin's extremely volatile valuation has also gotten in the way of its usefulness for Steam users, Valve said. Even though volatility remains problematic, removing transaction fees could make purchases in cryptocurrency much more palatable for consumers.

When a Steam customer paid with Bitcoin, they would transfer a certain amount for the cost of the game and then another amount to cover the fee. 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. Fees have skyrocketed since the beginning of the year. There are some major companies, such as Microsoft and DISH, accepting bitcoin payment, but few others have followed suit.

Valve announced that they would no longer allow Bitcoin to used for purchasing content on Steam.

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It doesn't seem to matter that Bitcoin is priced at almost $13,000 and it has more hype and interest in cryptocurrency than any previous point in human history, but Valve has just stopped accepting Bitcoin in Steam. Yay.

That's one of the reasons why Valve is no longer accepting Bitcoin as a payment method.

There's no good customer service response to this problem, Valve added, because if there's an imbalance in payments the same problem can repeat itself, and users can be hit with additional transaction fees.

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.

Valve's shirking of bitcoin is another development in a broader debate about the usefulness of the cryptocurrency.

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