With the value of Bitcoin reaching unprecedented heights, Valve announced that PC gaming platform Steam will be dropping the cryptocurrency as a payment method.
Valve made the announcement based mainly on the volatility and high fees associated with the currency. The company pointed out that the transaction fee the customer gets charged had risen from 20 cents when Valve originally began accepting Bitcoin to almost $20. Although Valve doesn’t control these fees, they feel that it’s an unfair position to place users in.
The cryptocurrency’s volatility also means that it’s value is only guaranteed for a set period of time. It’s because of this that, should a transaction not take place within a limited window of time, the amount of Bitcoin needed might change drastically.
Previously, Valve covered the remaining balance by charging more or refunding the payment based on the value of the cryptocurrency but, with increased recent volatility, it has become more difficult for Valve to support Bitcoin as a payment option. Valve did, however, mention that they would be willing to re-evaluate the decision at a later date.
Cryptocurrencies have been in the spotlight for months now as some believe it to be the way of the future and others are waiting for the bubble to eventually burst. It seems Valve has decided to take a step back and see how Bitcoin pans out.