Games News

Bitcoin no longer supported by Steam

Bitcoin
Bitcoin  Bitcoin
Bitcoin

Steam will no longer support Bitcoin. A post on the website cites the fees and the fluctuating value of Bitcoin as the driving force behind the decision. They may re-evaluate whether Bitcoin makes sense at a later date.

Steam will no longer support Bitcoin as a payment method. The fees and the fluctuating value of Bitcoin have been cited as a reason Steam doesn't support the cryptocurrency anymore. 

"In the past few months we've seen an increase in the volatility in the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network. For example, transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin)" says the post.

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"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." If a transaction is not completed by the time Bitcoin changes its value, the amount of Bitcoin needed to cover the transaction can change.

The two possible solutions to the problem are: to either refund the original payment to the user, or ask the user to transfer additional funds to cover the remaining balance

In both cases the user has to pay the transaction fee all over again. "With the transaction fee being so high right now, it is not feasible to refund or ask the customer to transfer the missing balance (which itself runs the risk of underpayment again, depending on how much the value of Bitcoin changes while the Bitcoin network processes the additional transfer)."

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Steam has deemed supporting Bitcoin untenable for now, but they reserve the right to re-evaluate whether Bitcoin makes sense for them and for the community at a later date. The post in its entirety can be found here.