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Steam Drops Bitcoin, citing volatility and high fees

The PC gaming platform Steam no longer accepts Bitcoin as a payment method, Valve announced today. The company said it will no longer accept cryptocurrency due to "high rates and volatility" in its value. Regarding rates, Valve said the transaction fee charged to the client using Bitcoin increased from 20 cents when Valve began accepting it at almost $ 20 today. Valve does not control these rates, but the company is not satisfied with the situation in which it places its users.

Regarding volatility (Bitcoin is around $ 13,000 USD today but fluctuates significantly and frequently), Valve said this is problematic in part because the Bitcoin value is only guaranteed for a certain period of time. "So, if the transaction is not completed within that period of time, then the amount of Bitcoin needed to cover the transaction can change, the amount that can change has recently increased to a point where it can be significantly different," Valve said. . .

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The way it worked in this situation was that Valve would reimburse the payment or charge more to cover the remaining balance. "At this point, it has become untenable to support Bitcoin as a payment option, and we can reassess whether Bitcoin makes sense to us and to the Steam community at a later date," Valve said.

Some believe that the Bitcoin bubble is about to explode. "This is a bubble and there's a lot of foam in. This is going to be the biggest bubble in our lives," Mike Novogratz, a hedge fund manager, told Bloomberg.

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