News

Steam Stops Using Bitcoin as Payment Method

Valve announced on Wednesday that its online game retail platform Steam will no longer use Bitcoin as a payment method. The company cited the increasingly large transaction fee and volatility of the cryptocurrency as factors in the decision.

In recent weeks, Bitcoin has seen dramatic spikes and dips in value, sometimes over 24 hour periods. With processing time for the currency also taking upwards of 24 hours in some cases, the currency may have dramatically changed in value by the time the transaction is processed.

Transaction fees have also risen to as high as US$20 recently. Valve stated that the transaction fee for Bitcon was only US$0.20 when it first began supporting the cryptocurrency.

[Via VG24/7]