Valve Steam ceases BitCoin payment option
All the bitcoin millionaires out there are going to be upset. Valve has announced that it will no longer accept payment via bitcoins for its Steam gaming network. The company is stating that the “high fees and volatility” of the cryptocurrency is responsible for their decision.
When Valve introduced the bitcoin payment method associated fees were around $0.20 per transaction. As of now they hover around $20 per transaction. Those fees have to be absorbed by someone. More times often than not they are passed on to the player. This has caused the demand to significantly drop.
It was not an uncommon experience for those that opted for the bitcoin payment method to go through a series of double charges, refunds and more. All leading to a big headache for the player, and an increase need for support from the company to deal with it.
It was all too much for Valve. They have pulled the plug. No word if they will revisit accepting bitcoin again in the future.