Bitcoins go full Steam ahead
Valve fired off an email to developers that Steam, would be accepting Bitcoins for payment in the near future. There’s no indication of when the “near future” will be but it’s in the works.
Details provided in the email state they’re going to be using a 3rd party to do the processing . They are promising to insulate developers from any risk from a Bitcoin transaction. Rumor has it that the processor will either be BitPay or Coinbase. It will work like this: A developer’s game is listed at $39.99 and depending on the country, it’s converted at the current exchange rate to the local currency of the purchaser. That total is then weighed against the current daily exchange rate of bitcoin. The purchaser then makes the payment in Bitcoin at the given rate. The 3rd party processor then converts it over to traditional currency and the developer is paid.
Valve is also making sure that developers know, and we assume also regulators or compliance, that at no time do they posses any part of the Bitcoin used in the transaction.
Many players are hesitant about giving their credit card information to companies, and this provides an alternative to that. It also opens it up to those that don’t have a credit card and don’t want one.
Developers are waiting on word if the chosen processor takes a cut of the transaction – if it will effect the amount they receive (ie meaning they eat the cost).