Science

Steam stops supporting bitcoin as a mode of transaction

Steam stops supporting bitcoin as a mode of transaction”

Gaming and entertainment platform Steam on Wednesday announced it would no longer support bitcoin as a payment method, citing expense in addition to market uncertainty. 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.

The problem, Valve says, comes when a customer transfers Bitcoin during a purchase to cover the cost of the game and Bitcoin's transaction fee. The post elaborated by saying that, "In the past few months [Valve's] seen an increase in the volatility of the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network". "So if the transaction doesn't complete within that window of time, then the amount of Bitcoin needed to cover the transaction can change".

At a time when the whole world is going insane over bitcoin, Steam has chose to pull the plug on bitcoin transactions because of network congestion, price volatility and exorbitant fees.

It's an interesting decision, and one that raises questions about Bitcoin's value as a currency. We may re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date. Others, such as McAfee Antivirus founder John McAfee, fervently believe that the price will soar to $1 million per coin by 2020.

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.

Still, the cryptocurrency's lack of government backing and regulation has led to volatility.

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.

So, even though this may be the end of Bitcoin support through Steam for now, this may not be a permanent change. The price of the infamous Bitcoin pizza that was purchased for 10,000 Bitcoin in 2010 is now worth over $123 million. Those caught making cryptocurrency payments face faces of 150 million to 200 million Vietnamese dong, or roughly $6,000 to $9,000. Valve's move was part of a larger acceptance of the digital currency, which is now accepted by more than 100,000 merchants worldwide, including Microsoft, Dish and Subway.

Bitcoin is a derivative of the blockchain.



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