outbrain
Close  

Video game platform Steam no longer accepts bitcoin

/ 04:14 PM December 08, 2017

Screen grab from Steam platform

Investors of the popular cryptocurrency bitcoin were certainly delighted as its stock value has risen exponentially these past few weeks.

But among those not too pleased was Valve’s popular gaming and digital distribution platform Steam, which recently disallowed bitcoin transactions due to its volatility and high fees.

ADVERTISEMENT

In a recent blog post, Steam addressed the recent surge and explained why it won’t be able to support the alternative payment system much longer.

“In the past few months we’ve seen an increase in the volatility in the value of bitcoin and a significant increase in the fees to process transactions on the bitcoin network. 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),” the announcement read.

FEATURED STORIES

“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.”

Furthermore, since the cryptocurrency’s value keeps rapidly changing, Steam also had to make a lot of compromises in terms of purchasing.

Still, Steam is not closing its doors on possibly accepting the cryptocurrency once again in the future, stating: “The company adds that it may re-evaluate if accepting the cryptocurrency makes sense at a later date.”  Khristian Ibarrola /ra

RELATED STORY:

Winklevoss twins become first bitcoin billionaires

ADVERTISEMENT
TOPICS: bitcoin, cryptocurrency, Steam, Transactions, valve
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.