Valve Stops Accepting Bitcoin As a Steam Payment Option

Valve announced that Steam won’t be accepting bitcoin as a payment method starting today. Due to Bitcoin’s high transaction fees and volatility, the company has decided to drop its support for the digital currency.

steam bitcoin

Valve clarified that bitcoin transaction fees have gone up to nearly $20 per transaction last week, compared to about $0.20 when the company started accepting Bitcoin. Players will have to fork out extra to cover the fees resulting the entire cost to purchase a game could be even higher when the value of Bitcoin drops. Steam also need to refund the difference to the consumer when the bitcoin value goes up, the transaction fees must be paid by users again for the refund.

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. This creates a problem for customers trying to purchase games with Bitcoin. When checking out on Steam, a customer will transfer x amount of Bitcoin for the cost of the game, plus y amount of Bitcoin to cover the transaction fee charged by the Bitcoin network. The value of Bitcoin is only guaranteed for a certain period of time so if the transaction doesn’t complete within that window of time, then the amount of Bitcoin needed to cover the transaction can change. The amount it can change has been increasing recently to a point where it can be significantly different.

Valve might bring back bitcoin at a later date, although it’s clear that won’t happen unless bitcoin stabilizes.

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