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Gamereactor UK

Steam no longer accepting Bitcoin as payment method

High fees and value volatility is to blame.

  • Text: Sam Bishop

Bitcoin is a big talking point in the industry right now, as it's a new concept that people are still getting their heads around, but Valve has officially announced that Steam will no longer be accepting Bitcoin as a payment method "due to high fees and volatility in the value."

"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," Valve writes. "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). Unfortunately, Valve has no control over the amount of the fee. These fees result in unreasonably high costs for purchasing games when paying with Bitcoin. The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically."

They continue by saying that users have often been hit with the Bitcoin network transaction fees when either refunding the original payment or transferring more funds, and with this fee being so high it "is not feasible" to do either of these any more. "At this point, it has become untenable to support Bitcoin as a payment option," Valve concludes. "We may re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date."

Do you support the decision?