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Valve-owned Steam has stopped accepting Bitcoin

  Gabe Newell steam valve
co-founder and CEO Gabe Newell


  • Steam is one of the most popular gaming services in the world
    world, with 67 million active monthly players, putting it
    head to head with Sony's PlayStation Network.
  • Steam, owned by Valve Corporation, sells PC games
    through an online store.
  • Has canned support for bitcoin payments because
    the cryptocurrency is too volatile.
  • Valve engineer Kurtis Chinn said that this meant a transaction
    the rates for customers who buy games went up and down too fast as
    bitcoin fluctuated in value.
  • Steam first started accepting bitcoin in April

The game store Steam has stopped accepting payments.
for bitcoin games because the cryptocurrency is too volatile.

In a blog post announcing the changes
Steam engineer Kurtis
Chinn wrote: "As of today, Steam will no longer be compatible with Bitcoin
as a method of payment on our platform due to the high rates and
volatility in the value of Bitcoin. "

Steam rivals Sony's PlayStation Network as the world's largest
gaming service, with 67 million active monthly players versus
Sony has 70 million monthly active users.

The decision to stop bitcoin payments does not seem related
to the various controversies surrounding bitcoin, as if
is predominantly benefits
and it's a massive energy drain, but
because it is skyrocketing in value means higher transaction fees.
Steam started accepting Bitcoin in April 2016.

This is what Chinn wrote:

"In recent months we have seen an increase in volatility
in the value of Bitcoin and a significant increase in the rates to
process transactions in the Bitcoin network. For example,
transaction fees that the Bitcoin charges the customer
the network has shot up this year, exceeding $ 20 a
transaction last week (compared to about $ 0.20 when
initially enabled Bitcoin). "

Valve, which owns and operates the Steam platform, has no control
about the transaction fee, he said.

If bitcoin suddenly goes down in value, that creates even more
problems, he added.

He wrote: "When paying on Steam, a customer will transfer x
amount of Bitcoin for the cost of the game, plus the amount of
Bitcoin to cover the transaction fee charged by Bitcoin
net. The value of Bitcoin is only guaranteed for a certain
period of time so if the transaction is not completed within that
window of time, then the amount of Bitcoin needed to cover the
the transaction may change. The amount that can change has been
recently rising to a point where it can be significantly

Bitcoin, he said, can lose up to 25% of its value in a
a matter of days.

Chinn's numerous comments corroborate numerous bitcoins markets
showing the increase of cryptocurrencies massively in
value, increasing from $ 14,000 (£ 10,480) to
$ 15,000 (£ 11,230) in just 12 hours
on Thursday.

Chinn concluded: "At this point, it has become untenable
Bitcoin supports as a payment option. We can re-evaluate if
Bitcoin makes sense to us and to the Steam community in the future

There is a cross between Steam users and bitcoin enthusiasts

Bitcoin is notable for preserving the anonymity of its users, but
the hundreds of comments below Chinn's publications, and on Reddit,
suggests that there is a strong cross between the Steam players and the
type of people who trade cryptocurrencies.

Users who commented on Chinn's publication described it as a
"stupid decision" and "lame". In the r / steamcommunity in
Reddit, users debated whether Steam
the decision was a good or bad result
for bitcoin, arguing that
the currency needed to solve your growth problems.

Get the latest Bitcoin price here. >>

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