Steam Announces It Will No Longer Support Bitcoin

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"As of today, Steam will no longer support Bitcoin as a payment method on our platform", announced a Steam Blog post regarding the matter. In a blog post, Valve explained that bitcoin transaction fees have gone up to almost $20 per transaction last week, "compared to roughly $0.20 when we initially enabled Bitcoin". With Valve unable to control these blockchain-linked costs (passed on from third-party Bitpay), the company anxious that it was leading to "unreasonably high costs for purchasing games when paying with Bitcoin" (though apparently these are costs Bitcoin users as a whole have been willing to shoulder of late).

"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", it said.

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Valve explained that the value of Bitcoin is only guaranteed for a certain period of time, and if a transaction is not completed with the time frame, the amount of Bitcoin needed for the transaction can change.

"Unfortunately, Valve has no control over the amount of the fee", wrote Chinn. The prices of Bitcoin have been exploding as of late with one bitcoin equal to 13,416 United States dollars as of this writing. Being able to load "Steam Wallets" with bitcoin would be beneficial for people in China, Brazil, and India who may lack "traditional payment options like credit cards", BitPay said at the time. However, the Bitcoin Cash fork, which was created in August and allows for a greater volume of transactions, could give us a glimpse into whether these concerns are merited. Whereas the transaction fee used to be 20 cents per transaction when Steam first accepted bitcoin, the fees jumped a whopping 9,900% to $20, Steam said. The amount it can change has been increasing recently to a point where it can be significantly different. 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.

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Steam is no longer accepting Bitcoin as a payment method, saying it's "untenable" to support the soaring cryptocurrency.

The normal resolution for this is to either refund the original payment to the user, or ask the user to transfer additional funds to cover the remaining balance.

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