Bitcoin: Steam Gaming Service Is Waving Goodbye

Valve No longer Uses Bitcoin Payment For Steam

In an announcement today, Steam pointed out the price volatility of bitcoin over the last few months as well as the transaction fees that users have to pay when they transact on Steam using bitcoin. In the meantime, it's still working with customers who were affected by the recent rise in Bitcoin value whether it's with existing payments or transaction fees.

When Steam initially enabled Bitcoin transaction fees were roughly 20 cents, now it can be upwards of $20. Those fees then have to be shouldered by gamers making purchases on Steam, and the total cost to consumers could be even higher if the value of bitcoin dips in the meantime. "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", the company stated. This problem arises when a transaction is not completed within the period of time that the amount of Bitcoin paid is commensurate to the price of a game or a service offered on Steam's Store. Unfortunately, Valve has no control over the amount of the fee. Others, such as McAfee Antivirus founder John McAfee, fervently believe that the price will soar to $1 million per coin by 2020. 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.

Earlier this week, the UK Treasury announced tighter regulation of the cryptocurrency. In an effort to prevent customers from wasting money on fees and to protect itself from volatility, Valve has simply chose to remove Bitcoin as an option during checkout.

For these reasons and the overall volatility of the currency, it's "untenable" to support Bitcoin at the moment, the blog said. Treasury said it intends to regulate the digital currency to bring it in line with anti-money laundering and counter-terrorism financial legislation.

Google will soon let you pay and manage your bills with Tez
The impressive statistic is made all the more notable as it comes just three months after the service's initial launch . Google at its annual event in India, "Google for India" announced that its play store is among the nation's favourite.

In October, Vietnam banned cryptocurrency payments, with the State Bank of Vietnam declaring Bitcoin was not a legal payment method from the start of next year.

Popular malware updates have highlighted a growing trend in targeting Bitcoin stashes.

Without full community support, the fork will not take place. CEO of Riot Blockchain John O'Rourke explains the important distinctions between the two technologies.

Related news:

Hot News

isis-killer-beheading-video-story-top Hunter Pence persuades Giancarlo Stanton to join Giants
Dec 07, 2017 - 02:12
Stanton has a no-trade clause in his contract and reportedly is unwilling to play for either the St. Louis Cardinals or Boston Red Sox.

Disney Pursuing 'Chicago' Director to Helm Live Action 'Little Mermaid'
Dec 07, 2017 - 02:09
According to the site, Marshall has been offered the job and will make his decision known after the holiday season. Should this go through, this would be another film that he and Lin-Manuel Miranda will have worked on together.

isis-killer-beheading-video-story-top U.S. homeless on rise for time since 2010
Dec 07, 2017 - 02:08
Homelessness in Minnesota climbed 4.5 percent in 2017 compared to the year before, according to estimates released by the U.S. This year, HUD and local communities launched a more intense effort to more accurately account for the population.

WATCH Jimmy Fallon sing 'Robert Mueller's Comin' to Town' as Bruce Springsteen
Dec 07, 2017 - 02:06
Other lyrics included references to Russian meetings, Mueller "seeing all your emails" and knowing that "you tried to collude".

isis-killer-beheading-video-story-top Overpowered New Gun Dominates Destiny 2 PvP
Dec 07, 2017 - 01:55
It might feel as if the developers just took away something you've already bought. Once you've done three of them, you'll unlock access to Heroic Adventures.

isis-killer-beheading-video-story-top Airlines Ban Smart Bags That Lack Removable Batteries
Dec 07, 2017 - 01:47
Under the restrictions, the bags only will be permitted on a flight if the lithium batteries have been removed. But smart bags with built-in lithium-ion batteries pose a risk in the cargo area at 30,000 feet, airlines say.

isis-killer-beheading-video-story-top Shadow of War patch adds online fighting pits
Dec 07, 2017 - 01:47
Middle Earth: Shadow Of War was released back on October 10, and is available on PlayStation 4, Xbox One, and Windows PC. According to a blog post on the WB Games website , the patch will also feature a slew of additional fixes.

isis-killer-beheading-video-story-top Melania Trump, Karen Pence stop at Whataburger during Coastal Bend visit
Dec 07, 2017 - 01:47
Then, the pair will be off to Rockport to meet with a family whose home was destroyed in the storm. And while she's been here twice before, tomorrow she travels without her husband, President Trump.

isis-killer-beheading-video-story-top Xiaomi seeks beta testers for Mi A1 Android Oreo update
Dec 07, 2017 - 01:42
A standard disclaimer states that this is not a stable ROM, so expect bugs with the ROM and think twice before you apply for it. Xiaomi says it will send a private message to applicants once the submission process is completed.

isis-killer-beheading-video-story-top Alice Eve Joins IRON FIST Season 2 Cast
Dec 07, 2017 - 01:37
Iron Fist season 2 just cast one of its major upcoming players, and it's actress Alice Eve who is set to shine in a rather big way.

isis-killer-beheading-video-story-top Disney CEO likely to extend tenure if Fox deal happens
Dec 07, 2017 - 01:34
Current reports suggest a Fox deal could come as early as next week, although nothing is certain at this time. The sale would include Fox's movie studio, cable channels and global units-Sky and Star India.

Here's how analysts see Sempra Energy (NYSE:SRE) after this past week
Dec 07, 2017 - 01:22
A month ago, they told us to expect earnings of US$1.86 per share while three months ago their EPS consensus estimate was US$1.88. Investors might also notice that two months ago the Buy recommendations (2) outnumbered Sell recommendations (0).

isis-killer-beheading-video-story-top Police arrest most wanted drug kingpin in Rio de Janeiro
Dec 07, 2017 - 01:17
Authorities had offered a 16,000 dollar (£12,000) reward for information that led to his arrest and circulated his image widely. Within hours of Wednesday's arrest, several photographs of police with a handcuffed da Silva began appearing on social media.

isis-killer-beheading-video-story-top UCLA cancels Wednesday game against Montana amid wildfires in Los Angeles
Dec 07, 2017 - 01:17
UCLA canceled its men's basketball against Montana at Pauley Pavilion on Wednesday due to concerns about area wildfires. Just a couple of miles from the UCLA campus in Bel-Air, the Skirball fire had burned almost 150 acres as of 11 a.m.

isis-killer-beheading-video-story-top Police Arrest Former FF in Shooting Death of MD Firefighter
Dec 07, 2017 - 01:14
He had lived in Baltimore for about five years, and had just been accepted into the Baltimore City Fire Academy. Baltimore police say a Harford County man has been arrested in the killing of a volunteer firefighter .