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.

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