It doesn't seem to matter that Bitcoin is priced at almost $13,000 and it has more hype and interest in cryptocurrency than any previous point in human history, but Valve has just stopped accepting Bitcoin in Steam. Yay.
Steam, the largest game distribution platform online, announced today that they'd be dropping support for the cryptocurrency bitcoin on their blog, in a an unprecedented heel turn, ending a years-long record of support and early adoption. Valve doesn't control these fees, but the company is unpleased with the situation it puts its users in.
But this only applies if you were holding BTC and wanted to see the price drive up, meaning you wouldn't use it in the real-world if the value continues skyrocketing like it has this year - going from $1000 to almost $13,000 in 12 months.
Valve went on to explain that due to the volatility in the value of Bitcoin, there could be a significant difference in the amount that was paid by the consumer and the amount that will reach the company since it takes time to process transactions.
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Bitcoin has risen in value for years, but the increase in the past several months has been especially explosive. Steam says it's possible it could be re-evaluated in the future, so if you're sitting on a lot of Bitcoin, that's probably good news.
Bitcoin continues to soar in price, but one company isn't impressed with its recent success. The value of a bitcoin hit $10,000 for the first time near the end of last month.
Valve also tackled the issue with the increasing fees to process Bitcoin.
Finally, if it doesn't make financial sense for retailers to accept bitcoin (because of the associated transaction fees and volatility), then that perception might dissuade widespread adoption of bitcoin as a currency.
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Bitcoin valuation has become a problem recently as well, as the value fluctuates wildly over very short spans of time.
Steam's resolutions to this, refunding the payment or asking for a transfer of additional funds, incurs network transaction fee which comes in addition to the base transaction fee. Today, Bitcoin is surging past $12,000 per coin, so it may be a surprise for users to hear that Steam is removing support for the digital money.
Valve has not announced if they will ever allow the use of cryptocurrencies on Steam again, but for now users should plan alternative options for payment if they were only using Bitcoin.
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