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Steam has stopped accepting Bitcoin as a form of payment

By Ian Chee - on 7 Dec 2017, 11:28am

Steam has stopped accepting Bitcoin as a form of payment

For those of you who have had faith in Bitcoin from the very start, or have just taken up Bitcoin mining due to its sudden boom in value, then you’ll need to know that this form of currency is no longer accepted as a form of payment on Steam.

Image source: Chesnot/Getty Images via Forbes.

This is due to the volatility of the cryptocurrency. Where every transaction used to incur a transaction fee of US$0.20 (~RM0.82), the figure now can get as high as US$20 (~RM82). And it’s only expected to climb, as the value of Bitcoin itself was recently recorded at US$14,095.61 (~RM57,559.42) from last week’s US$10,000. This is not only something that Valve has no control over; the transaction fee in question is also borne by the buyer, which can make game purchases excessively expensive.

Then there’s the issue of volatility itself. Due to the rapid changing in value, the time between you pressing the ‘buy’ button and when the transaction is actually processed may be enough for the value of Bitcoin to change significantly, which further complicates things. Your expected Bitcoin balance may be vastly different thanks to not only the fluctuation of Bitcoin value, but also the resulting transaction fee.

Valve has said that there’s a chance that it will reconsider Bitcoin as a viable currency on Steam. The entire thing also seems to be concerning Bitcoin specifically, and there’s no mention if Valve would consider other forms of cryptocurrency (often erroneously referred to simply as bitcoin).

Source: Steam via Gizmodo, The Verge.