Your Bitcoin is no good here-Steam stops accepting cryptocurrency

Citing volatile value, Steam drops Bitcoin support

Valve has no way to control these fees, which can raise the costs of games to unreasonably high amounts that have to be shouldered by customers.

With December being one of the busiest times for the gaming industry, Steams move is an interesting one, but one that raises mild concern for PC gamers on the platform.

At a time when the whole world is going insane over bitcoin, Steam has made a decision to pull the plug on bitcoin transactions because of network congestion, price volatility and exorbitant fees. Due to the constantly rising and falling of value and ever-increasing transaction fees, users will no longer be able to purchase games or add funds to their Steam wallets using the popular cryptocurrency.

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Noting that while the cryptocurrency has a history of volatility, Valve goes on to state that "the degree of volatility has become extreme in the last few months, losing as much as 25% in value over a period of days". "This creates a problem for customers trying to purchase games with Bitcoin". There's even the scenario, Valve explains, that as the user or Steam tries to cover the difference in value, the value of bitcoin then changes again, causing more problems. After giving customers a payment time window of several hours for their transaction to confirm on the Bitcoin blockchain, the value of the coin could have already significantly changed.

Many are using this as an example of Bitcoin's limitation as a currency, and pointing to other newer cryptocurrencies (like Ethereum or Bitcoin Cash) with newer technologies - which is the reason why Steam's comments are now being flooded with requests for Valve to accept payments from some of these currencies. The post elaborated by saying that, "In the past few months [Valve's] seen an increase in the volatility of the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network". "This year, we've seen increasing number of customers get into this slate". Valve said it may be brought back at some later date, presumably when (or if) it stabilizes, but at least one economist believes that stabilization will come in the form of a crash, which may make it a moot point anyway. For now, it is focused on resolving pending issues for clients affected by existing underpayments or high transaction fees.

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