Bitcoin might be a sure way for some people to get rich quickly, but it’s not as pleasant for companies. The value of cryptocurrency can go from high to low anytime, which is quite problematic for those businesses that accept it. As a result, many of them have started refusing it as a method of payment, and Steam is now one of them.
Bitcoin is a volatile method of payment
Steam is a platform owned by Valve where people can buy games in a digital format. Until now, players could use various methods of payment, including Bitcoin. However, cryptocurrency has been extremely volatile lately, with fluctuating values which were unpleasant for business owners. This, combined with the high fees, made Valve stop accepting it.
For instance, in April 2016, most transactions involving cryptocurrency brought fees of only 20 cents. Now, they reached $20, which are not profitable to pay for relatively cheap games. This happened mostly because Bitcoin had to deal with a huge number of transactions, making it hard for it to keep up with all of them. As a result, it increased the fees. The higher the fees, the quicker could it process the transaction.
You can no longer pay with Bitcoin on Steam
Both the fee and the value of the game itself was supported by the Steam customer. However, it still got quite a long time for the cryptocurrency to be processed. Until everything was over, there also was the risk that its value might drop. This was extremely unpleasant for Valve, who either had to offer refunds to the customers or ask them to pay some additional costs.
Therefore, the most suitable solution was to strike down Bitcoin from the list of payment methods. Even if some users might be disappointed, Valve explained this was only for their benefit.
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