Friday, 15 December, 2017

Steam No Longer Accepting Bitcoin Payments For Video Games

Steam-Logo 610 Citing volatile value, Steam drops Bitcoin support
Frank Williams | 07 December, 2017, 06:16

Valve initially joined in on the action a year ago when it started accepting bitcoin for purchases on its PC gaming store, Steam.

Valve has announced that Steam will no longer accept the cryptocurrency Bitcoin as a form of payment, saying that associated fees and volatility in value make the currency more trouble than it's worth.

Explaining the motivating factors behind the move, Valve pointed out that Bitcoin transaction fees have shot up to as much as $20 per transaction, "compared to roughly $0.20 when we initially enabled Bitcoin". Valve doesn't control these fees, but the company is unpleased with the situation it puts its users in.

"These fees result in unreasonably high costs for purchasing games when paying with Bitcoin", Valve said in a statement.

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's usual procedure accounted for volatility by guaranteeing the value of bitcoin for a few days.

But this only applies if you were holding BTC and wanted to see the price drive up, meaning you wouldn't use it in the real-world if the value continues skyrocketing like it has this year - going from $1000 to almost $13,000 in 12 months. With Bitcoin values changing so rapidly, the amount of Bitcoin needed to cover a purchase can change significantly between the time a purchase is initiated and when it's completed.

Petrol queues return to Nigerian major cities
Marafa said the committee will also embark on oversight of filling stations across the country to check cases of fuel hoarding by petrol dealers.

Steam will no longer be accepting Bitcoin.

The secondary issue is transaction fees.

At this point, it has become untenable to support Bitcoin as a payment option. That's huge leap from the $450 price when the platform began offering the digital currency as a payment method in April 2016. In the past few months, there was an increase on the volatility in the value of the currency.

Cryptocurrencies have been gaining popularity as of late, with Bitcoin, Ethereum, Litecoin, Ripple and others steadily growing in value. 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 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.

Valve's shirking of bitcoin is another development in a broader debate about the usefulness of the cryptocurrency. However, the post did end by stating that Steam may re-evaluate Bitcoin in the future and decide then whether or not it is suitable for the company and its community.

Recommended

IOC leaves weightlifting at risk of 2024 Olympic snub IOC leaves weightlifting at risk of 2024 Olympic snub These athletes will participate under the name "Olympic Athlete from Russia", and their uniform will bear the Olympic flag. But, Walden said Rodchenkov remains fearful for his friends and family who are still in Russian Federation .

US B-1B bombers to fly over Korean peninsula on Wednesday -Yonhap US B-1B bombers to fly over Korean peninsula on Wednesday -Yonhap The F-22 Raptor multi-role fighter was created by Boeing and Lockheed Martin and was made operational by the US Air Force in 2005.

Rally to preserve Net Neutrality Rally to preserve Net Neutrality Instead, Congress continues to turn a blind eye as their appointee dismantles equal access to the internet. The future of the internet and free information is now being sold to the highest bidder.

Hall of Fame QB Warren Moon facing lawsuit for sexual harassment Hall of Fame QB Warren Moon facing lawsuit for sexual harassment Moon has had several public scandals with women and was sued by a Minnesota Vikings cheerleader for sexual harassment in 1995 . In 1989, he received the NFL's Walter Payton Man of the Year award for his charitable works and excellence on the field.

Ed Sheeran, Pink, Alicia Keys join Eminem's 'Revival' Ed Sheeran, Pink, Alicia Keys join Eminem's 'Revival' " Revival " will complete a trilogy of albums from Eminem , joining 2009's "Relapse" and 2010's "Recovery". Revival is Eminem's eighth studio album and his first since 2013's The Marshall Mathers LP 2 .

London honours the 14 women killed at Ecole Polytechnique London honours the 14 women killed at Ecole Polytechnique To create change, it is essential to recognize that the issue of violence against women knows no frontiers. Fourteen candles were lit, one for each woman murdered 28 years ago at École Polytechnique in Montreal.

Five things we learned from the Champions League Five things we learned from the Champions League He will miss the first leg of Liverpool's round of 16 tie for an accumulation of bookings throughout the group stage. For every exhibition of fluid, free-scoring football, it has been offset by needless and inexplicable capitulation.

Goodell signs contract extension Goodell signs contract extension NFL Commissioner Roger Goodell has reportedly received the extension that he has been looking for from the league. Throughout the rocky moments in Goodell's tenure, the league is still generating a $14 billion annual revenue.

Exposure to air pollution counters exercise benefits Exposure to air pollution counters exercise benefits Blood flow and heart rate also increased after a walk in the park, blood pressure decreased, and arteries became less stiff. The study added: " These beneficial responses were attenuated after walking on Oxford Street ".

Hackers Hit North Carolina County Government and Demand Two Bitcoin Ransom Hackers Hit North Carolina County Government and Demand Two Bitcoin Ransom A couple county commissioners declined to talk about the attack, saying they don't fully understand the ins-and-outs of it. Each county department is activating its continuity of operations plan, which is designed for situations such as this.

Flynn said that Russian Federation sanctions would be 'ripped up,' whistleblower says Flynn said that Russian Federation  sanctions would be 'ripped up,' whistleblower says Democrats revealed the whistleblower's account in a letter sent by Rep. He added, "This is going to make a lot of very wealthy people".

17 million babies breathing toxic air worldwide 17 million babies breathing toxic air worldwide Air pollution potentially affects children's brains through several mechanisms. A further four million are at risk in East Asia and the Pacific.

Most detained agree to cash settlements Most detained agree to cash settlements They have also not released any details of the charges they faced, and are not believed to have given them access to their lawyers.

Pope Francis defends Jerusalem 'status quo' Pope Francis defends Jerusalem 'status quo' Pope Francis said he was "profoundly concerned" and appealed for the status quo of Jerusalem to be respected and for "wisdom and prudence" to prevail.

Only 4 British retailers make Glassdoor's top 50 places to work Only 4 British retailers make Glassdoor's top 50 places to work The winners are determined using Glassdoor's proprietary algorithm and are based on reviews and ratings employees shared during the past year.