News PC

Steam no longer accepts Bitcoin as a payment method


In a new blog post, Valve announced that Steam will no longer accept Bitcoin as a payment method. The reason for this decision is two-fold:

  1. High cost to process transactions on the Bitcoin network
  2. Volatility in the value of Bitcoin

According to the post, just in the past week, the cost to process a Bitcoin-purchased game on Steam came to around $20 in certain cases. When Valve authorized Bitcoin as a currency on Steam over a year ago, the cost for those purchases were only $.20 - that's a massive jump and definitely doesn't justify it as a sound business option for Valve.

Then there's the constant change in the value of Bitcoin to also factor in when allowing it as a currency on Steam - it is a problem for both Valve and the customer trying to buy a Steam game.

"Historically, the value of Bitcoin has been volatile, but the degree of volatility has become extreme in the last few months, losing as much as 25% in value over a period of days," explains Valve. "This creates a problem for customers trying to purchase games with Bitcoin."

The constantly shifting value of Bitcoin makes it extremely difficult to purchase a game on Steam; a customer might find that when it comes to checkout time that he or she suddenly has a different Bitcoin value than when the transaction started only a few minutes ago. This leaves Steam with two option; refund the customer, or notify the customer that additional funds are needed - which in turn means the customer will again have to pay additional Bitcoin network fee. As you can see, the administration it takes to successfully conclude a Bitcoin transaction becomes a headache for both customer and vendor.

Valve will re-evaluate reinstating Bitcoin as a payment option on Steam when it becomes a more feasible option.

Source: Steam Blog

Han: Twitter / MWEB GameZone: Instagram | Twitter | Facebook | YouTube

Other news from around the NET:

Recent Comments

Community on Disqus

Latest Reviews

We Happy Few Review

We Happy Few Review


We Happy Few's survival mechanics are a waste of space but there is a great story to experience unde...

Dead Cells Review

Dead Cells Review


Dead Cells is one of the best roguelike games we have played since Rogue Legacy.

Semblance Review

Semblance Review


Semblance is a proudly South African puzzle game that you have to play.

comments powered by Disqus