Steam ends support for bitcoin

Bitcoin

Valve began accepting Bitcoin on its Steam service in 2016 to accommodate global users that might not have access to traditional payment options.

Steam, the gaming digital distribution service owned by Valve, will no longer take Bitcoin as a form of payment.

"Historically, the value of Bitcoin has been volatile, but the degree of volatility has become extreme in the last few months, losing as much as 25 [percent] in value over a period of days", Valve continued.

While it is pulling the plug on accepting the cryptocurrency for now, Valve isn't ruling it out completely, with it concluding the blog post saying that it may "re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date".

As of today, Steam will no longer support Bitcoin as a payment option. In a blog post, Valve explained that bitcoin transaction fees have gone up to almost $20 per transaction last week, "compared to roughly $0.20 when we initially enabled Bitcoin". "The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically", the post read.

"When checking out on Steam, a customer will transfer x amount of Bitcoin for the cost of the game, plus y amount of Bitcoin to cover the transaction fee charged by the Bitcoin network", Valve said.

"These fees result in unreasonably high costs for purchasing games when paying with Bitcoin".

Oliver Schmidt jailed for seven years for Volkswagen emissions scam
United States prosecutors have charged eight former and current Volkswagen employees in relation to the Dieselgate scandal. But his lawyers point out that he wasn't involved when the scheme was hatched years earlier by the company.

Fallen Kingdom plot details plus another teaser
And yes, it is indeed a nasty piece of work, with one of its signature traits being that it actually ate other dinosaurs. First and foremost, rather than escaping the dinosaurs, Jurassic World 2 seems to be about helping them survive.

Democrat plans to force impeachment vote against Trump this week
Although his speech is not criminal, it divides and damages the country, Green wrote in a letter to his colleagues, according to CNN .

The moment-by-moment shifts in value were a problem, Valve said, because of the narrow window customers had to complete a purchase using bitcoins.

Bitcoin's recent rise in value has made some of its investors rich, most notably the Winklevoss twins who bought $11 million of the cryptocurrency when each coin was valued at $120.

The cryptocurrency may be going through a hard time, but the long wait for the Lightning Network may now be close to over, as recently startups behind the three most active Lightning implementations revealed tests results that include live transactions.

The issue is that the Bitcoin price of a game can experience significant changes in merely a matter of minutes.

Steam's blog post adds that the platform usually solved the problem by either refunding users, or asking them to transfer additional funds to cover the remaining balance.

"This year, we've seen increasing number of customers get into this state", Valve said.

Bitstamp, one of the most established exchanges for cryptocurrency, announced that it would trade Bitcoin Cash in November.

Related news:

Hot News

isis-killer-beheading-video-story-top Here are the first screenshots for Bridge Constructor Portal
Dec 08, 2017 - 02:08
It's likely that she will tell you there's a cake somewhere on your bridge building journey, but it's nearly certainly a lie. As evident by its title, the game is an official mash-up of Portal and the physics-based title, Bridge Constructor .

isis-killer-beheading-video-story-top Jeremy Pruitt: Relentless recruiter
Dec 08, 2017 - 02:08
Tennessee is hiring Pruitt after their search failed to land big names such as Gary Patterson, Chris Petersen and Mike Gundy . ET in the Peyton Manning Locker Room to introduce Jeremy Pruitt as Tennessee's next head football coach.

isis-killer-beheading-video-story-top Which Black Mirror Episode Is This Year's "San Junipero"?
Dec 08, 2017 - 02:08
Her two companions are somehow injured, and the episode follows her as she flees across the apocalyptic Scottish countryside. So that's a lot to grapple with, but you have a few weeks to do it in, before everything is released.

isis-killer-beheading-video-story-top New Tomb Raider confirmed, here's what the leaks already tell us
Dec 08, 2017 - 02:07
The Tweet that was sent from the official Tomb Raider account posted the following statement regarding a new Tomb Raider game. The game didn't do great sales-wise on the platform, but things picked up once it released on PC and PlayStation 4.

isis-killer-beheading-video-story-top North Korea missile 'seen by Cathay Pacific airline crew'
Dec 08, 2017 - 02:07
November 28, North Korea announced the successful test of Intercontinental ballistic missile, the Hwasong-15. The chances of one of Kim's missiles actually hitting a civilian plane is very low, experts said.

isis-killer-beheading-video-story-top Defendant in Kathryn Steinle's Death Indicted on Federal Gun Charges
Dec 08, 2017 - 02:07
Defense lawyers for Garcia Zarate said Monday they will appeal the state charge for which he was convicted. She was shot to death as she walked on the San Francisco bayfront with her father in 2015.

isis-killer-beheading-video-story-top Bengals safety George Iloka's one-game suspension reduced to fine
Dec 08, 2017 - 02:06
Smith-Schuster will return for a critical, and potentially high-scoring, game with the Patriots in Week 15. Perhaps it's a desperate attempt by the league to prevent further incidents from happening.

isis-killer-beheading-video-story-top Browns Fire VP Sashi Brown, Will Keep Hue Jackson Amid Tumultuous Rebuild
Dec 08, 2017 - 02:06
Cleveland also failed to process the paperwork in time to execute a trade for Cincinnati Bengals quarterback A.J. A year later, the Texans selected Watson at No. 12, after the Browns yet again traded down in Round 1.

isis-killer-beheading-video-story-top Winter weather advisory issued for metro Atlanta counties
Dec 08, 2017 - 02:05
In fact, it snows so little in the area that the weather service doesn't even have an average snowfall amount on record, he said. Snow mixed with rain is predicted Friday across Mississippi, Alabama, Georgia and into western SC .

isis-killer-beheading-video-story-top Same-sex marriage bill looks set to pass Parliament
Dec 08, 2017 - 02:05
In the 150-seat parliament there were only four No votes, three from the ruling Liberal-National coalition and one Independent. In December 2013, same-sex marriage was very briefly legal in the Australian Capital Territory.

isis-killer-beheading-video-story-top 2017-18 Flu Season Is Looking Like a Bad One
Dec 08, 2017 - 02:01
The nasal spray vaccine that has been available in recent years is no longer considered effective and is not available. Children, pregnant women, and those 65 and older are at particular risk, as are those with chronic lung conditions.

isis-killer-beheading-video-story-top Dramatic moment fierce Storm Caroline winds blow packed Jet2 passenger plane sideways
Dec 08, 2017 - 01:57

isis-killer-beheading-video-story-top Viral cheerleader returns with second insane trick
Dec 07, 2017 - 02:58
However, many Internet users have been left dazed and confused wondering how the trick actually works . The leg that's stepping on the box uses a great deal of hip flexor, glute and core stability.

isis-killer-beheading-video-story-top Inside the 30000-Square-Foot Starbucks Reserve Roastery in Shanghai
Dec 07, 2017 - 02:56
It is also the only tea bar created from recycled materials using a 3-D printer, measuring 7.5 metres (25 feet) in length. Starbucks says the shop includes hundreds of baristas, freshly baked goods and pays homage to the culture of China .

isis-killer-beheading-video-story-top Nintendo games remastered for Nvidia Shield in China
Dec 07, 2017 - 02:53
This has ensured that gamers eager to play a new version of Mario Kart can only do so if they buy a Nintendo machine. As with the global edition of the Shield , it can run some of the more popular PC games and Nintendo Wii games .