Everyone has heard of the outrageous price of BitCoin at this point. As of writing this article, it is almost up to $14,000. In light of those prices, Valve has dropped it as an option for paying on Steam. to quote the official Steam news post:
"As of today, Steam will no longer support BitCoin as a payment method on our platform due to high fees and volatility in the value of BitCoin.
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]). 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.
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.
The normal resolution for this is to either refund the original payment to the user, or ask the user to transfer additional funds to cover the remaining balance. In both these cases, the user is hit with the [BitCoin] network transaction fee again. This year, we’ve seen increasing number of customers get into this state. 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).
At this point, it has become untenable to support [BitCoin] as a payment option. We may re-evaluate whether [BitCoin] makes sense for us and for the Steam community at a later date.
We will continue working to resolve any pending issues for customers who are impacted by existing underpayments or transaction fees.
-- The Steam Team"
The Market is going to crash soon, right? (They are worth more Than Amazon now).
What do you think about this news? Let us know in the comments below!