Steam suspends Bitcoin support due to high fees

07 Décembre, 2017, 02:13 | Auteur: Therese Cote
  • Steam stops supporting bitcoin as a mode of transaction

"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 20 cents when we initially enabled 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.

And Bitcoin's value has gone through some massive swings recently. With Valve unable to control these blockchain-linked costs (passed on from third-party Bitpay), the company anxious 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). Fee's have risen in recent days, costing more than $20 United States dollars in order to cash in. Due to the constantly rising and falling of value and ever-increasing transaction fees, users will no longer be able to purchase games or add funds to their Steam wallets using the popular cryptocurrency. But it is not a steady ascent. After crossing the $11,000 mark for the first time a week ago, the currency lost 20 percent of its value in one day. However, the Bitcoin Cash fork, which was created in August and allows for a greater volume of transactions, could give us a glimpse into whether these concerns are merited. "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)", Valve wrote. But transactions can often take longer than the Bitcoin Network guarantees the value of the currency. "This year, we've seen increasing number of customers get into this slate".

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In the case of rapidly changing value, offering customers refunds posed a problem for Valve. Besides, very few people user Bitcoin for everyday transactions because of the very slow processing speeds and high fees involved per transaction. But it says that it's not done with the digital coin for good.

Valve might be backing out of Bitcoin support for now, but it said that it might revisit the issue and its impact on the company and the community in the future.


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