07 Dec '17, 7am

Valve dumps Bitcoin as payment method on Steam

Valve dumps Bitcoin as payment method on Steam

Starting the year below USD1,000, cryptocurrency Bitcoin now breaches USD14,000 . Its meteoric rise especially in the latter half of 2017, is great news for investors, but its volatility is a double-edged sword. Companies that use Bitcoin for transactions, for instance, may find its price fluctuations too much to bear. One such company is Valve , which has accepted Bitcoin as a payment method on leading gaming platform Steam . As of today, Steam no longer supports the cryptocurrency as a payment method. Steam cites the increase in the volatility in the value of Bitcoin and the significant increase in transaction fees as reasons for the change. Transaction fees that are charged to the customer by the Bitcoin network has skyrocketed to close to USD20 per transaction, compared to just USD0.20 when they first supported the digital currency. The increase in transaction fees tra...

Full article: https://vernonchan.com/2017/12/valve-drops-bitcoin-paymen...

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