While Bitcoin seems to be having something of a purple patch at the moment, it turns out not everyone is a fan of the cryptocurrency.
Valve has announced that it will no longer support Bitcoin as a method of payment on Steam. The reason? Well it seems that Valve feels the cryptocurrency is so volatile in its value that it’s no longer a tenable payment method.
Valve also cited the rising costs of transaction fees as another reason for kicking Bitcoin into touch.
“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 announced on its Steam blog.
“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 wrote.
“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.”
What this all boils down to is a system that impacts pretty heavily on the prices of games on Steam.
“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,” Valve wrote.[Image – CC 0 Creative Commons Pixabay]