Steam drops Bitcoin as $13k BTC milestone passed

Steam suspends Bitcoin support due to high fees

Steam, a popular platform for buying video games, announced on Wednesday that it will no longer be accepting payment in the form of bitcoin because of the volatility of its worth and transaction fees.

"Historically, the value of Bitcoin has been volatile, but the degree of volatility has become extreme in the last few months, losing as much as 25 percent in value over a period of days", wrote Chinn.

Bitcoin has risen in value for years, but the increase in the past several months has been especially explosive.

Along with Bitcoin's skyrocketing valuation, transaction fees charged to customers have also risen dramatically, from the 20 cents when the company enabled Bitcoin support two years ago to $20 last week, Valve said in a blog post.

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. The company is attributing its decision to cryptocurrency's "high fees and volatility". That stalls growth in the number of bitcoins that exist, but as the value of those bitcoins has skyrocketed miners are devoting more and more computational resources to compete for new coins, requiring huge amounts of electricity and time.

Another issue with Bitcoin are the transaction fees.

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It noted that value is only guaranteed for a short time.

"At this point, it has become untenable to support Bitcoin as a payment option", Valve concluded. With the constantly changing price of Bitcoin, the usual method of adding more funds to cover the cost of a game or getting a full refund won't work because of the high fees.

The cryptocurrency may be going through a hard time, but the long wait for the Lightning Network may now be close to over, as recently startups behind the three most active Lightning implementations revealed tests results that include live transactions.

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.

In the case of rapidly changing value, offering customers refunds posed a problem for Valve. However, the post did end by stating that Steam may re-evaluate Bitcoin in the future and decide then whether or not it is suitable for the company and its community.

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