Gaming platform Steam: Off for the Bitcoin as a means of payment

Bad news for gamers. The Steam distribution platform no longer accepts Bitcoin as a payment method. As justification, Valve Corporation’s in house blog reported excessive fees and huge price volatility. It may be possible to reintroduce the payment method later, they said.

With over 125 million active user accounts, Steam is one of the world’s largest online gaming and digital content distribution platforms. On December 6, employees on the Steam blog announced that they could no longer accept Bitcoin. The transaction fees had increased ” leaps and bounds “. For the introduction of the Bitcoin with Steam in May 2016 the fee was according to own data at approximately 0.20 US dollar. Last week, nearly $20 per transaction was due.

Another reason is the extreme price jumps of this crypto currency:

“The value of Bitcoin has always been volatile, but the measure has increased dramatically in recent months and lost more than 25% in just a few days.”

If the value of the Bitcoin slipped too much until the transaction was completed, you wanted to actually refund the payment to the users or ask them to settle the difference (to the price minus). But due to the high transaction costs, both are not possible. To solve the more common problem, the Bitcoin was thrown out for the sake of simplicity completely as a means of payment.

Steam community reacts contrite

The reactions from the ranks of the community have sometimes turned out to be very critical. For payments by credit card Valve would also be willing to pay the fees incurred, but not with Bitcoin. And if anything, it’s better to leave the consumer with the decision as to whether or not to accept the high fees for the Bitcoin transfers. Steam was one of the first major providers on the Web to accept crypto currencies as a payment method, writes one of the visibly frustrated commentators. Other voices argue for Monero as a payment method . The transfers are much faster, cheaper and compared to Bitcoin, and Monero’s focus on privacy also better protects users’ identities.

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Categories: Crypto Currency

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