{"id":27327,"date":"2017-12-07T01:04:33","date_gmt":"2017-12-07T01:04:33","guid":{"rendered":"http:\/\/www.bnreport.com\/your-bitcoin-is-no-good-here-steam-stops-accepting-cryptocurrency\/"},"modified":"2017-12-07T01:04:33","modified_gmt":"2017-12-07T01:04:33","slug":"your-bitcoin-is-no-good-here-steam-stops-accepting-cryptocurrency","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/your-bitcoin-is-no-good-here-steam-stops-accepting-cryptocurrency\/","title":{"rendered":"Your Bitcoin is no good here\u2014Steam stops accepting cryptocurrency"},"content":{"rendered":"
Enlarge<\/a>Aurich Lawson \/ Getty<\/a><\/figcaption><\/figure>\n

When Valve first started accepting Bitcoin<\/a> as an option for Steam purchases last April, the cryptocurrency was trading around $450. Today, with Bitcoin surging past $12,000 per coin<\/a>, Valve has announced that "Steam will no longer support Bitcoin as a payment method on our platform due to high fees and volatility in the value of Bitcoin."<\/p>\n

Transaction fees charged to customers using Bitcoin have surged throughout 2017, Valve says, peaking at $20 last week from a starting of about $0.20 when Steam first started using the currency. With Valve unable to control these blockchain-linked costs (passed on from third-party Bitpay<\/a>), the company worried 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).<\/p>\n

Bitcoin's extremely volatile valuation has also gotten in the way of its usefulness for Steam users, Valve said. With Bitcoin values changing so rapidly, the amount of Bitcoin needed to cover a purchase can change significantly between the time a purchase is initiated and when it's completed. Fixing this situation with a quick refund or a request for additional payment incurs more of those high transaction fees, Valve says.<\/p>\n

For these reasons, "at this point, it has become untenable to support Bitcoin as a payment option," the company writes. "We may re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date."<\/p>\n

Despite its soaring value, very few people use Bitcoin for everyday transactions, even as a handful of major companies<\/a> and banks<\/a> have begun to transact with the currency directly. Slow speeds and high fees for Bitcoin transaction processing have led to a split with rival Bitcoin Cash<\/a>, which focuses on larger blocks that allow for faster processing.<\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

[contf] [contfnew] <\/p>\n

Ars Technica<\/a><\/h5>\n

[contfnewc] [contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

EnlargeAurich Lawson \/ Getty
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