Steam will no longer accept payments in Bitcoin

The unstoppable rise of Bitcoin in recent days has also led to some changes in the gaming industry. Digital gaming platform Steam has announced that it will no longer accept payments in Bitcoin.

Valve has announced that it will no longer accept Bitcoin payments due to the high fees and incredibly volatility of Steam. Stating that the transaction fees transferred to the company by Bitcoin payment processor Bitpay exceeded $ 20 last week, Valve officials reminded that when they started accepting Bitcoin for payment, the transaction fees were only 20 cents.

The statement made by Valve is as follows:

Bitcoin’s value is highly volatile, but its volatility* has skyrocketed over the past few months, declining 25% over that time. This poses a problem for customers who want to buy games with Bitcoin.

*Volatility: Price volatility in financial markets, usually measured with the help of standard deviation.

Bitcoin, which the Steam platform added to its payment methods in April 2016, was trading at around $400 at that time. But it’s ironic that Steam is concerned that Bitcoin is “changing its value too fast”. Because if they had tried to hold it instead of selling it right away, the value of the firm could have increased several hundred times today.

cointelegraph

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