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Steam Bitcoin Payment

Steam Drops Bitcoin Payments Citing High Fees And Price Volatility - Coindesk

Steam Drops Bitcoin Payments Citing High Fees And Price Volatility - Coindesk

Steam Drops Bitcoin Payments Citing High Fees and Price Volatility Popular online gaming platform Steam is dropping its bitcoin payments feature, citing chronic problems with the cryptocurrency's transaction fees and volatile price. It was in April 2016 that Steam, operated by game developer Valve, confirmed a long-rumored move by accepting bitcoin through a partnership with payment processing BitPay. At the time, the decision to take bitcoin was positioned as a way to serve emerging markets wherepayment options like credit cards may not be widely available. Now, as of Dec. 6, the company will no longer accept payments in the cryptocurrency due to a mixture of high fees and volatility in the price of bitcoin. Specifically, the company pointed to elevated payment costs in recent months for its customers, who can use the Steam platform to purchase and play a variety of games. "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." The post outlined how, in some cases, customers would send funds only to come up short due to the U.S. dollar conversion. When asked to send an additional transaction to cover the difference, that user would then be hit with another fee. As a result, the bitcoin payment option has become "untenable" for Steam, with the company promising to"continue working to resolve any pending issues for customers who are impacte Continue reading >>

Games-mart Steam Halts Bitcoin Payments

Games-mart Steam Halts Bitcoin Payments

Online games-mart Steam has stopped accepting Bitcoin payments. A Wednesday post from the service said the cryptocurrency's volatility made it just too hard to use. 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, the post stated. That's a problem because 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 doesnt 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. If that happens, Steam either asks the punter if they want a refund or if they want to send more Bitcoin. In either case, the user is hit with the Bitcoin network transaction fee again. And those fees have soared: Steam said they had hit $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin). The posted therefore concluded that At this point, it has become untenable to support Bitcoin as a payment option but left open the option of revisiting the cryptocurrency in future. Steam's actions suggest that Bitcoin's booming value may make the cryptocurrency less useful in the real world. Whether the cryptocurrency's investors want to use it there is another matter entirely. Continue reading >>

Valve Drops Bitcoin As A Steam Payment Option

Valve Drops Bitcoin As A Steam Payment Option

Valve drops Bitcoin as a Steam payment option The price of Bitcoin is currently soaring. When the same happened with Ethereum earlier this year, it led to soaring graphics card prices, as miners bought up all the hardware they could find. Bitcoin's price flux could mean graphics cards are about to get scarce again . Less than two years after adopting Bitcoin as a payment option on Steam, Valve has announced that it is dropping support for the virtual currency . The decision to eliminate the option comes as a result of both the extremely high transaction fees charged by Bitcoin, and recent, also-extremely-high levels of instability in its 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. 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)," Valve explained. "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." Bitcoin valuation has become a problem recently as well, as the value fluctuates wildly over very short spans of time. Bitcoin values are only guaranteed for a certain window of time, and if for some reason a transaction isn't completed within that window, the amount required to complete the purchase can change. That may sound like an improbable scenario but as Coindesk reported earlier today, Bitcoin's value recently surged by more than $1000 in just 24 hoursand Valve said that "we've seen increasing numbers of cust Continue reading >>

Bitcoin Is No Longer Accepted At Gaming Store Steam

Bitcoin Is No Longer Accepted At Gaming Store Steam

The rise and rise of Bitcoin might make some people richer, but it's been a headache for companies that accept it. Steam, the gaming digital distribution service owned by Valve, will no longer take Bitcoin as a form of payment. SEE ALSO: This was Bitcoin's big year, but where does it go from here? In a blog post on Wednesday , Valve explained the decision was made due to the "high fees and volatility" in the value of the cryptocurrency in recent months. According to the company, transaction fees that were 20 cents when they first enabled the cryptocurrency in April 2016 have skyrocketed to as much as $20. Bitcoin's network is struggling to keep up with the number of transactions that are being processed, pushing up transaction fees as miners prioritize transactions which pay a higher fee. Then there's of course the extremely unpredictable value of Bitcoin itself. In case you haven't noticed, it broke the $13,000 barrier on Wednesday , but has seen dramatic drops in value, as we saw last week . Steam customers who use Bitcoin pay for the cost of the game, as well as the transaction fee charged by the network but the processing time for the cryptocurrency has created a problem. "At this point, it has become untenable to support Bitcoin as a payment option." "The value of Bitcoin is only guaranteed for a certain period of time so if the transaction doesnt 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 blog post reads. It means the company has to either refund the original payment to the customer, or ask for more funds to cover the outstanding balance. Both situations mean the customer is again hit by th Continue reading >>

Your Bitcoin Is No Good Heresteam Stops Accepting Cryptocurrency

Your Bitcoin Is No Good Heresteam Stops Accepting Cryptocurrency

Your Bitcoin is no good hereSteam stops accepting cryptocurrency $20 transactions and quickly changing valuation make the currency untenable When Valve first started accepting Bitcoin as an option for Steam purchases last April, the cryptocurrency was trading around $450. Today, with Bitcoin surging past $12,000 per coin , Valve has announced that "Steam will no longer support Bitcoin as a payment method on our platform due to high fees and volatility in the value of Bitcoin." Transaction fees charged to customers using Bitcoin have surged throughout 2017, Valve says, peaking at $20 last week from a starting of about $0.20 when Steam first started using the currency. With Valve unable to control these blockchain-linked costs ( passed on from third-party Bitpay ), the company worried that it was leading to "unreasonably high costs for purchasing games when paying with Bitcoin" (though apparently these are costs Bitcoin users as a whole have been willing to shoulder of late). Bitcoin's extremely volatile valuation has also gotten in the way of its usefulness for Steam users, Valve said. With Bitcoin values changing so rapidly, the amount of Bitcoin needed to cover a purchase can change significantly between the time a purchase is initiated and when it's completed. Fixing this situation with a quick refund or a request for additional payment incurs more of those high transaction fees, Valve says. For these reasons, "at this point, it has become untenable to support Bitcoin as a payment option," the company writes. "We may re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date." Despite its soaring value, very few people use Bitcoin for everyday transactions, even as a handful of major companies and banks have begun to transact with the Continue reading >>

Out Of Steam: Pc Gaming Platform Ends Bitcoin Payment Option

Out Of Steam: Pc Gaming Platform Ends Bitcoin Payment Option

Out of Steam: PC Gaming Platform Ends Bitcoin Payment Option The utility aspect of Bitcoin faced a setback yesterday as PC gamers heard from Valve Corporations Steam Team in a blog post that Bitcoin would no longer be accepted as payment on its digital distribution platform, Steam. Citing the volatility of the currency as well as the rising cost of fees, a representative of The Steam Team, known as kurtis, explained that the volatility of Bitcoin has created a problem for users trying to purchases games using the currency. Kurtis pointed out that: The value of Bitcoin is only guaranteed for a certain period of time so if the transaction doesnt 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. Kurtis further elaborated that the normal resolution mechanism on Steam is either to refund the original payment to the user, which would negate the transaction or to 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. Bitcoin was adopted as a means of payment via bitcoin payment processor, BitPay, for games on Steam on April 27, 2016. Some users commenting on the blog seem to agree and support Valves decision, with many calling for utilization of alternative cryptos such as Vertcoin, IOTA, and Litecoin. Others, such as one user named Kaj Jez, stated, Massively disappointing. The first purchase I ever made in Bitcoin was on Steam. As long as Steam doesn't accept BTC I will prefer to do business with devs' own stores that hopefully doBut as Bitcoin will undoubtedly improve itself with scalability solutions so to wil Continue reading >>

Buy Steam Vouchers Withcrypto

Buy Steam Vouchers Withcrypto

Theres still a way to buy games with cryptocurrency! Yesterday, Valve announced that they would no longer accept Bitcoin as a payment method due to transaction fees and volatility on the Bitcoin network. Were happy to announce that you can now again pay for your Steam gaming with Bitcoinbuying Steam vouchers directly through Bitrefill! The vouchers are denominated in Euros () and are valid all over the world the voucher amount will instantly be converted to the currency on your Steam account. Steam vouchers can be paid for through regular Bitcoin transactions, but also through off-chain payments with Coinbase accounts, Xapo accounts and LocalBitcoins accounts. You can even try our experimental native Litecoin support . We at Bitrefill are more committed than ever to continue our mission of enabling Bitcoin to be used as money by people all over the world. Read more about our work with supporting SegWit , and the upcoming Lightning Network . Anyways, heres how to refill Steam with Bitrefill Step 1 ) Visit Bitrefills Steam voucherpage We accept payments with Bitcoin, Litecoin, and with your Coinbase, LocalBitcoins and Xapo accounts. Step 3) Redeem the voucher on your Steamaccount Continue reading >>

Steam Stops Accepting Bitcoin Payments Citing Extreme Volatility, Fees

Steam Stops Accepting Bitcoin Payments Citing Extreme Volatility, Fees

Steam Stops Accepting Bitcoin Payments Citing Extreme Volatility, Fees Gaming platform Steam will no longer accept Bitcoin payments due to transaction fees of up to $20, high volatility. Today, Valve announced that the Steam gaming platform will no longer accept Bitcoin payments due to high fees and incredible volatility. Valve says transaction fees, which are passed on to the company by Bitcoin payment processor Bitpay , surpassed $20 last week. Transaction fees were only 20 cents last spring when Valve began accepting the digital currency for payment. The Steam platform began accepting Bitcoin in April 2016 , when the currency was trading for around $450. Its ironic that Valve is complaining about Bitcoins high volatility ; had they actually held the Bitcoins they received instead of immediately selling them, they would be sitting on an absolute fortune. Valve wrote, concerning Bitcoins volatility : 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. While Bitcoins volatility is certainly problematic in terms of cash flow and business planning, over the long term the currency has always trended up in price. If vendors would retain even a fraction of their Bitcoin receipts, it would more than pay for the currencys transaction fees, in time. Valve also complained , understandably, about high fees for using the Bitcoin network: n 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 Bi Continue reading >>

Steam Drops Support For Bitcoin Payments Citing Wild Price Swings, High Transaction Fees

Steam Drops Support For Bitcoin Payments Citing Wild Price Swings, High Transaction Fees

Steam Drops Support for Bitcoin Payments Citing Wild Price Swings, High Transaction Fees Cynthia Turcotte December 6, 2017 5:30 pm Bitcoin may be trading at all-time highs , but not everybody is celebrating. Crypto-loving gamers everywhere have their headsets in a twist after Valve, the parent company of popular onlinegaming platform Steam, announced today that they will no longer be accepting Bitcoin payments. Citing the digital currencys extreme price fluctuations in recent months, as well as increased transaction fees, Valve stated that it has become untenable to continue supporting Bitcoin as a payment option. The announcement, made via a blog post on Steams website, explains: In the past few months weve 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). Bitcoins wild volatility may be attractive to thrill-seeking investors, but it can be problematic for customers trying to purchase games on the Steam platform. Consider the following scenario: Mike wants to purchaseElder Scrolls Online: Gold Edition and pay for it with Bitcoin. The game costs $29.99 and, at the time of purchase, thevalue of Bitcoin is $13,528. That means that Mike needs to transfer approximately 0.0022 BTC plus a transaction fee of 0.00032 BTC ($4.33) a total of 0.00252 BTC to pay for the game. Once he makes his payment, he needs to wait for the payment to go through. Transaction times can vary dramatically based on whether or not there is a backlog of transactions on the blockcha Continue reading >>

Steam No Longer Accepts Bitcoin For Game Purchases

Steam No Longer Accepts Bitcoin For Game Purchases

Steam no longer accepts bitcoin for game purchases Have you been stockpiling bitcoin to go on a Steam shopping spree ? You'll need to change your plans. Valve has stopped accepting bitcoin due to a combination of high transaction costs (up from 20 cents in the beginning to $20) and "volatility" in the cryptocurrency's value. While the virtual cash has never been especially stable, its worth has taken a roller coaster ride over the past few months. Its value has been skyrocketing lately (one bitcoin is worth $13,300 US as of this writing), but it has also crashed hard -- Valve cited a 25 percent drop "over a period of days" as an example. That fluctuation creates a huge problem if you make a purchase and it doesn't complete before the usual bitcoin price guarantee elapses, as you may have to pay an outstanding balance and a second transaction fee. Valve isn't completely ruling out a return to bitcoin in the future, although it's clear that won't happen unless bitcoin settles down. There's no mention of opening the door to Ethereum and other digital currencies, either. And no matter what, this underscores a very real problem for cryptocurrency no matter the format. Retailers need predictable costs and payments to run their businesses, and they may be loathe to support technology like bitcoin if it leads to unpaid debts and unhappy customers. Continue reading >>

Steam Stops Accepting Payments In Bitcoins

Steam Stops Accepting Payments In Bitcoins

Steam stops accepting payments in bitcoins These are external links and will open in a new window Image caption Steam is a massively popular way of getting hold of video games Online game service Steam has stopped accepting payments made with the Bitcoin virtual currency. In a statement, development studio Valve, which runs Steam, said "high fees and volatility" had driven it to stop accepting them. It said that fees to process Bitcoin payments had "skyrocketed" in 2017, making the virtual currency much less attractive as an option. It said it may re-evaluate Bitcoin as a payment possibility in the future. In its statement, Valve said although Bitcoin had always been volatile, the rapid changes in value it had seen during the past few months had been "extreme". Steam started accepting payments in bitcoins in April this year. At that time, each Bitcoin was worth about $450 (335). Now, each coin is worth about $14,800. The moment-by-moment shifts in value were a problem, Valve said, because of the narrow window customers had to complete a purchase using bitcoins. If a Bitcoin-based transaction was prolonged, the value of the coins being transferred could change "significantly", it said. In these cases, customers had to transfer more bitcoins to make the payment, or get a refund. And either option would result in the customer paying more exchange fees, currently about $20. Some customers adding bitcoins had even been caught out a second time as the value changed again. "This year, we've seen increasing number of customers get into this state," Valve said. Bitcoin continued to rise in value this week and looks set to break the $15,000 barrier soon. Valve's decision comes as crypto-cash mining market NiceHash reported a "security breach" had meant hackers had accessed its B Continue reading >>

Bitcoin: Steam Gaming Service Is Waving Goodbye

Bitcoin: Steam Gaming Service Is Waving Goodbye

Get Data Sheet , Fortunes technology newsletter. For instance, Steam said that bitcoin transaction fees have skyrocketed this year. Whereas the transaction fee used to be 20 cents per transaction when Steam first accepted bitcoin, the fees jumped a whopping 9,900% to $20, Steam said. Steam customers must also pay for the bitcoin transaction fees. transaction fees borne by the customer have increased 9900% in the year since Steam added support pic.twitter.com/qLireZYALE Robert Hackett (@rhhackett) December 6, 2017 Unfortunately, Valve has no control over the amount of the fee, Steam said. These fees result in unreasonably high costs for purchasing games when paying with Bitcoin. Bitcoins fluctuating value also poses a dilemma for Steam customers. The value of Bitcoin is only guaranteed for a certain period of time so if the transaction doesnt complete within that window of time, then the amount of Bitcoin needed to cover the transaction can change, Steam said. Because of the high transaction fees, Steam said it is not feasible to refund or ask the customer to transfer the missing balance. The service said it is working to resolve any pending issues for customers who are impacted by existing underpayments or transaction fees, and that it may accept bitcoin at a later date. Steam did not say how much people have spent on its service using bitcoin. Its customers can still pay using credit cards, debit cards, and PayPal. Continue reading >>

Steam Community :: Group Announcements :: Steam Blog

Steam Community :: Group Announcements :: Steam Blog

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 doesnt 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 Continue reading >>

Steam Ends Support For Bitcoin

Steam Ends Support For Bitcoin

Valve is ending support for Steam purchases made with bitcoin, the company said today, citing high fees and volatility in the value of the cryptocurrency. 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 said in a post on Steam . 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. Valve said that the degree of volatility in bitcoin value has become extreme in the last few months, losing as much as 25% in value over a period of days. The open source cryptocurrency reached new highs this week , reaching a value of $12,000 per bitcoin today, jumping $1,000 in just 24 hours. Valve explained why surges like that can have an impact on purchases through Steam. 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 company said. The value of Bitcoin is only guaranteed for a certain period of time so if the transaction doesnt 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. Valve said that those price discrepancies will nor Continue reading >>

Removing Bitcoin Payments From Steam Is A Smart Move By Valve

Removing Bitcoin Payments From Steam Is A Smart Move By Valve

Removing Bitcoin payments from Steam is a smart move by Valve It was a huge boon to the cryptocurrency community when Valve began accepting payments in Bitcoin on its game distribution platform Steam over a year ago. But this is all coming to an end at least for the time being. In a blog post from yesterday, the company announced it will no longer support the popular cryptocurrency as a payment method due to [its] high fees and volatility in price. While transaction rates used to be as low as 20 last year, Valve says the fees topped out at $20 last week. 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, the post read. Unfortunately, Valve has no control over the amount of the fee. This is clearly a problem for both the company and its users. 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 continued. This creates a problem for customers trying to purchase games with Bitcoin. The issue is that the Bitcoin price of a game can experience significant changes in merely a matter of minutes. As you can imagine, this can be particularly annoying for users that transfer a certain amount of the cryptocurrency, only to discover that this amount is no longer sufficient because its value has dropped. 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, Valve remarked on this conundrum. In both these cases, the user is hit with the Bitcoin network transaction fee again. While the move m Continue reading >>

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