Steam No Longer Accepting Bitcoin
Starting today, Steam no longer accepts Bitcoins as payment. The digital video game distributor says high fees and Bitcoin's volatile value result in unreasonably high costs when buying games with the currency, especially when its value 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 percent in value over a period of days," Valve explains in a Steam Blog post. "This creates a problem for customers trying to purchase games with Bitcoin."
For example, when checking out on Steam, a customer transfers X amount of Bitcoin to cover the cost of the game and the transaction fee. But, Valve says Bitcoin's value is only guaranteed for a certain amount of time. If the transaction isn't finished during that time, the amount of Bitcoin needed to cover the purchase can change significantly.
"At this point, it has become untenable to support Bitcoin as a payment option," Valve says. "We may re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date."
In the meantime, the company says it will work to resolve any pending issues for customers impacted by existing underpayments or transaction fees.