One of the world’s biggest video game services, Steam, has stopped accepting bitcoin because it’s so volatile

Gabe Newell Steam Valve

Steam is one of the most popular gaming services in the world, with 67 million monthly active players, putting it head-to-head with Sony’s PlayStation Network.
Steam, owned by Valve Corporation, sells PC games through an online store.
It has just canned support for bitcoin payments because the cryptocurrency is too volatile.
Valve engineer Kurtis Chinn said this meant transaction fees for customers buying games went up and down too quickly as bitcoin fluctuated in value.
Steam first began accepting bitcoin in April 2016.

Hugely popular gaming store Steam has stopped accepting payments for games in bitcoin 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 support Bitcoin as a payment method on our platform due to high fees and volatility in the value of Bitcoin.”

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

The decision to halt bitcoin payments doesn’t seem to be related to the various controversies around bitcoin — such as whether it predominantly benefits criminals and is a massive energy drain — but because it’s skyrocketing value means higher transaction fees. Steam first began accepting bitcoin in April 2016.

Here’s what Chinn wrote:

“In the past few months we’ve seen an increase in the volatility in the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network. For example, transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin).”

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

If bitcoin …read more

Source:: Business Insider

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