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Steam no longer accepts Bitcoin as a payment method

Bitcoin.jpg

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

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