Crypto-currency is not considered reliable
As of now, the PC gaming platform Steam will no longer accept Bitcoin as payment for games and products. The company made the statement in a publication yesterday.
Although Steam, which offers games and services for millions of users, added digital currency to its payment options last year, the company has stated that the value of crypto-cash is too unpredictable to be considered a viable option in the future.
"In recent months we have seen an increase in the volatility in the value of Bitcoin and a significant increase in the rates to process transactions in the Bitcoin network," says the statement, attributed to The Steam Team. "The transaction fees charged to the customer by the Bitcoin network have soared this year, reaching about $ 20 per transaction last week (compared to approximately $ 0.20 when we initially enabled Bitcoin)."
The announcement was also the same The day the digital market NiceHash announced that hackers successfully attacked users' virtual wallets in an unprecedented attack. It is believed that the hackers got away with Bitcoin worth $ 60 million.
Bitcoin is famous for its unpredictability, its value has increased from less than $ 1000 to more than $ 10,000 in less than a year, with the same possibility of night clashes at any time. As such, many retailers and merchants choose to stay away from the cryptocurrency in general, relying on standard cash or PayPal instead.
Long transaction times can also cause problems, especially if values fall during the period of the transaction. Often, this requires Steam to reimburse buyers and then ask them to buy back the product with the new value, or add additional funds to cover the balance. This, of course, can trigger another transaction fee.
Steam finalized its statement saying that although Bitcoin was not viable for its current sales model, they would be willing to reinstate it as an option. the market will stabilize in the future.
Steam no longer accepts Bitcoin [Steam]
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