Steam announced in 2016 that it had partnered with Bitcoin, and its Bitpay service, to allow players to buy games on Steam using the Bitcoin currency. However, a new blog publication, the company has announced that the site will no longer accept Bitcoins as a payment method due to the constant volatility of the Bitcoin value and the high transaction fees.
The message explained that, due to the recent increase in the volatility of the value of Bitcoins in recent months, which includes very high rates simply to process transactions through Bitcoin, Steam feels that the currency is no longer adequate. For example, when Steam first became associated with the company, transaction fees through Bitcoin were approximately $ 0.20, while now the transaction fee is almost $ 20 per payment. This is bad enough when the Bitcoin value is high, but gets worse when the value goes down.
Recently, the value has become very unstable and it is known that it has decreased in value by up to 25% in just a few days. The constant change in value can also mean that, simply in the time it takes to buy a game, a customer may have to pay even more when it arrives at the time of payment. If the user needs to pay more money or receive a refund from Steam, he will receive another costly Bitcoin transaction fee. This in turn runs the risk of an overpayment / overpayment again if the Bitcoin value changes and can lead to another transaction that must be made.
Steam has decided that it is no longer possible to accept Bitcoin as a payment method and it seems that from now on you will have to use a different payment service to buy your Steam games. However, the publication ended by stating that Steam could re-evaluate Bitcoin in the future and decide if it is appropriate for the company and its community. Steam intends to continue working with customers who currently experience problems when paying with Bitcoin.