Steam To Cease Bitcoin Support

Steam To Cease Bitcoin Support

Purchasing games with Bitcoin in Valve’s Steam platform will soon come to an end, as the company is planning to cease support for the cryptocurrency.

SteamBitcoin Woe

This decision stemmed from Bitcoin’s “high fees and volatility”, especially in light of recent surges in its value. Which is causing headaches for Valve due to “a significant increase in the fees to process transactions on the Bitcoin network”,  says the company in a post on Steam.

On which Valve elaborates on how this happens.

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). Unfortunately, Valve has no control over the amount of the fee. These fees result in unreasonably high costs for purchasing games when paying with Bitcoin. The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically.

bitcoin-cryptocurrency

The company then expands on the problems faced during transactions.

The value of Bitcoin is only guaranteed for a certain period of time so if the transaction doesn’t complete within that window of time, then the amount of Bitcoin needed to cover the transaction can change. The amount it can change has been increasing recently to a point where it can be significantly different.

A workaround this to “either refund the original payment to the user, or ask the user to transfer additional funds to cover the remaining balance. In both these cases, the user is hit with the Bitcoin network transaction fee again.”

Though at the moment Bitcoin “has become untenable to support Bitcoin as a payment option”,  Valve won’t completely turn its back on this cryptocurrency and will “re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date.”


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6 comments on “Steam To Cease Bitcoin Support”

  1. Avatar Lich180 says:

    Well when 1 Bitcoin is like, 10k USD nowadays, I can see why.

  2. Avatar TSMP says:

    I have never understood bitcoins. Everything about them screams "artificial price bubble" to me, except as a currency instead of a product. Which is terrifying. On the other hand, it also feels like something lifted directly out of Eve Online, which is hilarious.

    Economics has always had a rather tenuous relationship with real math, I guess.

  3. Avatar Lich180 says:

    Yeah I’ve never really understood the point either. I’m surprised that Bitcoin has gone on so long.

    Kinda wish I had invested in it 6 years ago, but then again I didn’t trust it then. Or now, for that matter.

  4. Avatar qeter says:

    i prefer to wait and see on these kind of things. that being said i imagine the updating the pricing every 30min was getting annoying for valve.

  5. Avatar Fexelea says:

    The people that have made millions out of this bubble think otherwise :P

    Either way, if anyone has bitcoins: sell them now. Regulators are on their way!

  6. Avatar Fallenangel700 says:

    …Steam supported bitcoins?


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