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Steam ends support for Bitcoin due to high fees, volatility - CNET


Valve has stopped accepting Bitcoin for Steam purchases, the game developer said Wednesday, citing the cryptocurrency's high fees and volatility as the impetus behind the move.

Along with Bitcoin's skyrocketing valuation, transaction fees charged to customers have also risen dramatically, from the 20 cents when the company enabled Bitcoin support two years ago to $20 last week, Valve said in a blog post. The decision was announced the same day Bitcoin rose 16 percent to cross the $13,000-per-coin trading milestone for the first time.

"These fees result in unreasonably high costs for purchasing games when paying with Bitcoin," Valve said in a statement. "The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically."

Valve began accepting Bitcoin on its Steam service in 2016 to accommodate international users who might not have access to traditional payment options. Valve's move was part of a larger acceptance of the digital...(continued)

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