Steam will not accept bitcoins as a payment method for now

For those who make use of the cryptocurrency to buy games off of Steam, you don’t have that option available for you now. Steam just announced it’ll no longer accept bitcoin as a payment method. Valve made the announcement in a blog post saying the decision is a result of the cryptocurrency’s “high fees and volatility.” In the post, it talks about how bitcoin transactions have gone up to almost US$20 per transaction in the past week, which is huge compared to what Valve says was the $0.20 value it had when they initially enabled bitcoin.

The fees are being shouldered by the gamers who make the purchases, which means costs of the games could be higher if the bitcoin value dips. And if value does go up while the user completes a purchase, for example, Steam will have to refund the difference and then the user will have to pay the transaction fee again. As Valve says in the post, “This year, we’ve seen increasing number[s] of customers get into this state,” making it a pretty impractical way to pay for games. Steam says it might reconsider this decision in the future, if the currency becomes more stable.

Source: The Verge