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Steam Doesnt Accept Bitcoin

Steam No Longer Accepts Bitcoin

Steam No Longer Accepts Bitcoin

Bitcoin continues to soar in price, but one company isnt impressed with its recent success. Valve announced today that its Steam service wont support Bitcoin as a method of payment due the high fees and unpredictable changes in the currencys value. Valve said the recent dips and spikes in Bitcoin were signs that the degree of volatility has become extreme. Earlier today, the cryptocurrency hit the $12,500 mark, which is 25% higher than in November. However, it wasnt always the best of times for Bitcoin owners. In early September, Bitcoin was nearly worth $5,000 per unit, but the closing of BTC China (due to new rules from government regulators) saw a significant dip in the currencys value. This sudden and major change in Bitcoins value can cause in issue for those who use it to purchase games on Steam. 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, Valve said. The amount it can change has been increasing recently to a point where it can be significantly different. Another issue with Bitcoin are the transaction fees. Valve wrote that payments rose to as high as $20 per transaction in the last week. For comparison, the fee during Bitcoins early days was only $0.20. With the constantly changing price of Bitcoin, the usual method of adding more funds to cover the cost of a game or getting a full refund wont work because of the high fees. At the current $20 mark Valve said that 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 change while the Bitcoin network processes the additional transfer). Continue reading >>

Valve Will No Longer Accept Bitcoin As Payment For Games On Steam

Valve Will No Longer Accept Bitcoin As Payment For Games On Steam

Valve Will No Longer Accept Bitcoin as Payment for Games on Steam Valve Will No Longer Accept Bitcoin as Payment for Games on Steam By Joel Hruska on December 7, 2017 at 4:31 pm This site may earn affiliate commissions from the links on this page. Terms of use . Digital gaming giant Valve has announced that some 18 months after adding the ability to buy games on Steam with Bitcoin, it will no longer accept BTC as a method of payment. The original decision to accept the cryptocurrency was never seen as a make-or-break affair for Bitcoins acceptance as legal tender, but Steams dominance of PC digital game distribution and the overlap between PC game enthusiasts and BTC users made it a high-profile win back in 2016. (To be clear, were not saying that theres a high degree of overlap between gamers and cryptocurrency enthusiasts, so much as were arguing BTC is probably more popular with gamers than it is with, say, suburban Atlanta retirees.) There are several reasons why Valve has stopped supporting BTC. First, the fees required to process transactions on the Bitcoin network have jumped, up to as high as $20, compared with just 20 cents when Valve began accepting the cryptocurrency. Second, the volatility surrounding Bitcoin has become a significant concern. The currencys value has skyrocketed since the beginning of the year, but its also become much more volatile. Third and this is an issue weve discussed when talking about Bitcoins several forks since August 1 it can take a long time to process transactions on the network. BTCInfo shows transaction fees peaking at $19.20, though not within the past week. Todays listed fee of $7.34 is still much higher than the $0.2 Valve started with. Under normal circumstances, the customer pays for a game with the appropriate amount of 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 >>

Valve-owned Steam Has Stopped Accepting Bitcoin

Valve-owned Steam Has Stopped Accepting Bitcoin

Gabe Newell, the cofounder and managing director of Valve, which owns Steam.Getty Steam is one of the most popular gaming services in the world, with 67 million monthly active players, putting it head-to-head with Sony's PlayStation Network. Steam, owned by Valve Corporation, sells PC games through an online store. On Wednesday, it canned its support for bitcoin payments, saying the cryptocurrency is too volatile. Kurtis Chinn, a Valve engineer, says this means transaction fees for customers buying games had fluctuated too quickly as bitcoin's value did the same. Steam began accepting bitcoin in April 2016. The hugely popular gaming store Steam has stopped accepting bitcoin payments for games, saying the cryptocurrency is too volatile. In a blog post on Wednesday announcing the changes , Kurtis Chinn, an engineer, wrote, "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." Steam, owned and operated by Valve Corporation, rivals Sony's PlayStation Network as the world's biggest gaming service, with 67 million monthly active players versus Sony's 70 million. The decision to halt bitcoin payments doesn't seem to be related to the various controversies around bitcoin - such as whether it predominantly benefits criminals or is a massive energy drain - but because its skyrocketing value means higher transaction fees. Steam began accepting bitcoin in April 2016. "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 transactio Continue reading >>

Steam No Longer Accepts Bitcoin As A Payment Method

Steam No Longer Accepts Bitcoin As A Payment Method

Steam no longer accepts Bitcoin as a payment method By Lola at Thursday, December 07, 2017 1:59:00 PM In a new blog post , Valve announced that Steam will no longer accept Bitcoin as a payment method. The reason for this decision is two-fold: High cost to process transactions on the Bitcoin network According to the post, just in the past week, the cost to process a Bitcoin-purchased game on Steam came to around $20 in certain cases. When Valve authorized Bitcoin as a currency on Steam over a year ago, the cost for those purchases were only $.20 - that's a massive jump and definitely doesn't justify it as a sound business option for Valve. Then there's the constant change in the value of Bitcoin to also factor in when allowing it as a currency on Steam - it is a problem for both Valve and the customer trying to buy a Steam game. "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," explains Valve. "This creates a problem for customers trying to purchase games with Bitcoin." The constantly shifting value of Bitcoin makes it extremely difficult to purchase a game on Steam; a customer might find that when it comes to checkout time that he or she suddenly has a different Bitcoin value than when the transaction started only a few minutes ago. This leaves Steam with two option; refund the customer, or notify the customer that additional funds are needed - which in turn means the customer will again have to pay additional Bitcoin network fee. As you can see, the administration it takes to successfully conclude a Bitcoin transaction becomes a headache for both customer and vendor. Valve will re-evaluate reinstating Bitcoin as a payment option on Steam 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 >>

Steam Is No Longer Accepting Bitcoin

Steam Is No Longer Accepting Bitcoin

Decision due to high fees and volatility in value. Valve has confirmed that it will no longer support Bitcoin as a payment option on Steam. The decision is 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, the company explained in its post . 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 noted that, while Bitcoin has traditionally been volatile in value, the degree of volatility for the popular cryptocurrency has become unsustainable over the past few months. 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 company clarified. 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. Valve has seen an increasing number of customers caught in this circumstance and has removed Bitcoin as a payment option Continue reading >>

Valve: Your Bitcoin Isn't Any Good On Steam Anymore

Valve: Your Bitcoin Isn't Any Good On Steam Anymore

Valve: Your Bitcoin Isn't Any Good on Steam Anymore Valves Steam, the digital distribution platform which enjoys near-monopolistic control of the entire PC gaming industry, has stopped accepting bitcoins as a form of payment due to the currencys volatility and increasingly unacceptable processing fees. In a blog post on Wednesday, Steam wrote that 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. The reason for this is inherent to the way the Bitcoin protocol works; the number of bitcoins is controlled by having computers generate them via so-called mining operations, which are essentially complicated math problems. That stalls growth in the number of bitcoins that exist, but as the value of those bitcoins has skyrocketed miners are devoting more and more computational resources to compete for new coins, requiring huge amounts of electricity and time. The speculative frenzy has at times created massive lag in the already inherently limited speed of transactions across the Bitcoin network and jacked up processing fees. The result is that at the same time Bitcoin needs widespread adoption to break beyond being a purely speculative investment, its becoming very difficult and frustrating for retailers to use. According to Valve, transaction fees have exploded from their original cost of 20 cents to roughly $20, a 100x increase, over the course of the past year. And since those transactions are often lagging at the same time the value of bitcoin is rapidly fluctuating, its caused real problems: 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 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 No Longer Accepting Bitcoin

Steam No Longer Accepting Bitcoin

Storefront says high fees and volatile price fluctuations make supporting the cryptocurrency "untenable" Your cryptocurrency is no good here. Valve today announced that it will no longer accept Bitcoin as payment for items on the Steam storefront. As explained in a post on the Steam Blog , the company has decided to halt support for Bitcoin transactions due to recent hikes in transaction processing fees and increased volatility in the value of the cryptocurrency. According to Steam, user fees for Bitcoin transactions have surged from $0.20 to nearly $20 in less than two years. That not only makes games more expensive for Bitcoin users, but also causes problems whenever the value of Bitcoin falls rapidly. "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," Valve explained. "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." When this happens, Steam either refunds the user their payment or asks them to transfer more Bitcoin to cover the additional cost. Either way, the user is subjected to another transaction fee. Steam has said that situation has become increasingly common this year. "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)," the Continue reading >>

Steam Is No Longer Supporting Bitcoin : Bitcoin

Steam Is No Longer Supporting Bitcoin : Bitcoin

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like "Buying 100 BTC" or "Selling my computer for bitcoins" do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation. Continue reading >>

Valve Is No Longer Accepting Bitcoin On Steam

Valve Is No Longer Accepting Bitcoin On Steam

A lot of noise has been made of Bitcoin recently. The cryptocurrencyhas been way up, but seen some sharp falls as well in recent weeks. A lot more people seem to be getting into the economy at the moment, too, with a lot of people buying into it and seeing their profits rise.However, if you were hoping to buy a video game with your newfound wealth, sadly you might be out of luck at least if you are buying it on Steam. Valve has announced that they are no longer accepting the currency, calling it too volatile to process. In a note on 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. 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. The reasoning here seems logistical. If a currency is fluctuating drastically from the point of purchase to processing, that definitely is a problem. I will hold my hands up and admit to not being a cryptocurrency economist, but I think this seems at least reasonable from Valve when so much seems to be moving around the currenc Continue reading >>

Steam Stops Accepting Bitcoin As Payment | The Op

Steam Stops Accepting Bitcoin As Payment | The Op

Steam has announced that it will no longer be supporting Bitcoin as a payment method in an official blog post today. The online game distributor stated concerns about the volatile nature of Bitcoin's value as well as the increase in fees it requires to process transactions made with the cryptocurrency. Steam cites "skyrocketing" transaction fees that have closed in on $20 a purchase, in comparison to the $0.20 when the service was offered originally. Valve is opting not to open itself up to these high transaction fees and associated costs with customers who choose to pay with Bitcoin, which has currently valued at $12,000 apiece. As the statement on Steam notes, Bitcoin's value is only guaranteed for a fleeting amount of time, and if a particular sale isn't completed during that time, the price of an item in Bitcoin can drastically change. The nature of the beast means that it changes pretty often right now as well, leaving Steam essentially up a creek without a paddle. When Steam attempts to resolve these issues, the payment is refunded or additional funds are requested to help cover the balance, and that leads to additional fees for the platform. For these reasons and the overall volatility of the currency, it's "untenable" to support Bitcoin at the moment, the blog said. That doesn't mean it's going away forever, but right now it simply isn't viable to continue to support a currency that's too unpredictable for both the vendor and customers. Steam says it's possible it could be re-evaluated in the future, so if you're sitting on a lot of Bitcoin, that's probably good news. Continue reading >>

Steam Wont Accept Bitcoin Payments Anymore Heres Why

Steam Wont Accept Bitcoin Payments Anymore Heres Why

Click to share on Google+ (Opens in new window) Some have called Bitcoin digital gold, while others have dismissed it as a fraud, pyramid scheme or a tool for black market criminals. Whats clear, though, is that the digital currency keeps soaring in value, and Bitcoins price has risen tenfold in 2017, making it a stunningly profitable investment for a lucky few. The thing is, you cant buy a great deal of things right now with Bitcoin, although at least you could use the digital currency to purchase video games on Valves Steam store. But this is no longer the case, and Valve recently announced that it would not be accepting Bitcoin as a payment option anymore in a blog post (via Gizmodo ). The reasons for this boil down to the high transaction fees users have to pay in order to buy games on Steam, plus the rapidly changing price of Bitcoin were blamed by Valve for discarding the digital currency as a payment method. 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), wrote the company on the Steam blog. Actually, Valve clearly has a point here, as it doesnt make much sense to sell a $20 US dollar game with a $20 transaction fee on top it, and this highlights how Bitcoins volatility is making it useless for many retailers as a payment method right now. Valve was accepting Bitcoin payments on Steam since April 2016. Not anymore, though Because the truth is that since the digital currency was invented in 2008 by a mysterious fig Continue reading >>

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