Bitcoin continues to increase its price, but a company is not impressed with its recent success. Valve announced today that its Steam service will not support Bitcoin as a payment method due to high rates and unpredictable changes in the value of the currency.
Valve said that the recent falls and spikes in Bitcoin were signs that the "volatility degree became extreme." Earlier today, the cryptocurrency reached the $ 12,500 mark, which is 25% higher than in November. However, it was not always the best time for Bitcoin owners. At the beginning of September, Bitcoin was worth almost $ 5,000 per unit, but the closing of BTC China (due to the new rules of the government regulators) saw a significant decrease in the value of the currency. This sudden and major change in the value of Bitcoin can cause problems for those who use it to buy games on Steam.
"The value of Bitcoin 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 may change," he said. Valve. "The amount that can change has recently increased to a point where it can be significantly different."
Another problem with Bitcoin are transaction fees. Valve wrote that the payments increased to $ 20 per transaction in the last week. In comparison, the rate during the first days of Bitcoin was only $ 0.20. With the constantly changing price of Bitcoin, the usual method of adding more funds to cover the cost of a game or get a full refund will not work due to high fees. At the current $ 20 mark, Valve said that "it is not possible to reimburse or ask the client to transfer the missing balance (which again runs the risk of an underpayment, depending on how much the Bitcoin value changes while the Bitcoin network processes the additional balance.) transfer). "
Valve could be backing down Bitcoin support for now, but said he could revisit the issue and its impact on the company and the community in the future. Meanwhile, it is still working with customers who were affected by the recent increase in the value of Bitcoin, either with existing payments or transaction fees.
The recent increase in the value of Bitcoin has enriched some of its investors, especially the Winklevoss twins who bought $ 11 million from the cryptocurrency when each coin had a value of $ 120. Some people believe that everything is a bubble and that prices will fall again when it eventually explodes. Others, like the founder of McAfee Antivirus, John McAfee, strongly believe that the price will skyrocket to $ 1 million per currency by 2020. In any case, it is clear that Bitcoin will not disappear soon, but the Valve's lack of support could have an impact on its value.