Steam No Longer Accepting Bitcoin Payments For Video Games
Steam No Longer Accepting Bitcoin Payments For Video Games
Citing volatile value, Steam drops Bitcoin support
07 December, 2017, 02:15
The bitcoin network is charging close to $20 per transaction, Steam claims in its announcement, adding that's far more than the $0.20 it was charged when it initially enabled bitcoin. Valve has no way to control these fees, which can raise the costs of games to unreasonably high amounts that have to be shouldered by customers. At the current $20 mark Valve said that "it is not feasible to refund or ask the customer to transfer the missing balance (which itself runs the risk of underpayment again, depending on how much the value of Bitcoin change while the Bitcoin network processes the additional transfer)".
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. As the statement on Steam notes, Bitcoin's value is only guaranteed for a fleeting amount of time, and if a particular sale isn't completed during that time, the price of an item in Bitcoin can drastically change.
Another issue with Bitcoin are the transaction fees.
At the time of writing, the price of one Bitcoin was just shy of $14,000. When a gamer requests a refund, it left a gray area as to whether they should be refunded the United States dollar equivalent of their transaction or if they should just have their Bitcoin returned to them.
"We may re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date", wrote Chinn.
Steam is no longer accepting Bitcoin as a payment method, saying it's "untenable" to support the soaring cryptocurrency.
Under the European Union-wide plan, online platforms where Bitcoin is traded will be required to carry out due diligence on customers and report suspicious transactions, with the move created to end the anonymity of the cryptocurrency. The constant change in value can also mean that, simply in the time it takes to purchase a game, a customer may need to pay even more by the time they've reached the checkout.
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Valve's shirking of bitcoin is another development in a broader debate about the usefulness of the cryptocurrency.
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