Steam will no longer accept Bitcoin

This Thursday, the largest online gaming platform, Steam, announced that it will not accept cryptocurrencies as payment for its services. Steam first began accepting payments in Bitcoin in mid-2016, after several years of discussions about the possibility of introducing such a service. The reason for the abandonment of cryptocurrency was not only the volatility of Bitcoin, but also high commissions in the system, which increased almost 10 times compared to last year.

Valve Corporation, the owner of the Steam platform, said that Bitcoin transactions are “impractical” because price fluctuations make it difficult to maintain an adequate pricing policy. As stated in the company's statement, fees for Bitcoin payments have already reached $20, while previously this amount did not exceed 20 cents. This is not the first company to claim that Bitcoin is a “bubble that is about to burst” following a sudden surge in Bitcoin prices. The corporation considers the speed of change in the Bitcoin exchange rate to be the main problem. A user could purchase a game using Bitcoin, but the price of the cryptocurrency could change even during the transaction. This means that Valve will have to return the remaining funds to the buyer, and at the same time pay another commission. Such a scheme is not beneficial to anyone - neither the consumer nor the corporation. The company, however, will not abandon the cryptocurrency completely - Valve will keep an eye on Bitcoin and if the problems mentioned above are resolved, it may be introduced back. 

“This decision is not final. We will monitor the development of Bitcoin and may change our decision, but only if Bitcoin becomes an acceptable payment method,” the Steam blog said.

According to https://www.bloomberg.com