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VegetableStu

Steam no longer accepts Bitcoin

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Posted (edited) · Original PosterOP

via /r/PCMR apparently o_o

So TIL Steam Accept(ed) Bitcoins ._.

 

Source: Steam Blog The Game http://steamcommunity.com/games/593110/announcements/detail/1464096684955433613

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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. 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). 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.

 

Coming from a complete cyptocurrency and Finance and Economics pleb: an example close to home like this makes the picture a little bit clearer somehow on the outlook of Bitcoin and whatnot. If a company stopped accepting a currency, I think it goes to show the near trend of things...?

 

I dunno. I don't have a PHD in this ._.

 

Also: the transactional side of things:

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Historically, the value of Bitcoin has been volatile, but the degree of volatility has become extreme in the last few months, losing as much as 25% in value over a period of days. This creates a problem for customers trying to purchase games with Bitcoin. When checking out on Steam, a customer will transfer x amount of Bitcoin for the cost of the game, plus y amount of Bitcoin to cover the transaction fee charged by the Bitcoin network. The value of Bitcoin is only guaranteed for a certain period of time so if the transaction doesn’t complete within that window of time, then the amount of Bitcoin needed to cover the transaction can change. The amount it can change has been increasing recently to a point where it can be significantly different.

 

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. In both these cases, the user is hit with the Bitcoin network transaction fee again. This year, we’ve seen increasing number of customers get into this state. 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).

So (if I understand this right) the main thing is not just because of the rapid devaluing, but because having to keep up with real value to actually complete the transaction as prices changes quickly (possibly a little Zeno-esque) is making buying things a little tedious (and expensive because each transaction has middlemen fees)

 

Would this happen to other shops in the street that accepts bitcoin or any other crypto? o_o

 

EDIT: I should mention the Never-Say-Never message at the end:

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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.

hexkey valve time

Edited by VegetableStu
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Huh I'm not large on crypto but this seems like quite a disadvantage to using it


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Posted · Original PosterOP
3 minutes ago, MyName13 said:

" losing as much as 25% in value over a period of days " wat :S Isn't Bitcoin's price increasing?

I think it works the reverse when it comes to currencies o_o

am I wrong?

3 minutes ago, MyName13 said:

How did Valve even convert Bitcoins to other currencies to pay developers and publishers?

mmm this needs a bit of research. maybe brb

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It is due to the instability of those currencies like bitcoin... 

 

The normal currencies we have, (fiat money) isn't fluctuating that much in price, while bitcoin may go up or down a thousand bucks worth in half a day.

 

So for a business calculating with those currencies is a dangerous thing. 

 

And still as I said over and over, those currencies are worthless in region that doesn't have interwebs... I still think they are a hobby but not a method to put your money into.


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As someone who's made a living out of Bitcoin for 4 years, I can't disagree with Valve on this.

 

The USP for Bitcoin was the ability to send money across the world for pennies, with how it's going at the moment, £10+ transaction fee's are too much.

 

As for the "it's too risky for businesses to calculate price with the volatility" stuff, Steam used Bitpay for payment processing, so they were protected from that, unless they chose to keep the Bitcoin instead of getting $ instead.

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because bitcoin has insane prices and always rising in value in time, there is always people cashing out. 

One friend of mine bought some a few years ago and he never expected it to keep rising, so one day he said enough and sold everything, that's why it always as those crazy spikes going down. Of course people that are in it for the long haul when it goes down buy more that it goes up again, and so on.


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3 minutes ago, huilun02 said:

How many games can you buy with just 1 bitcoin?

like 260 @ $50 US alittle less if you're charged a fee.


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people like to bring up the big value spikes of bitcoin to support it being strong and viable as a currency but that isnt a good thing


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1 hour ago, mach said:

The transaction fee is just way too expensive for small purchases like games. 

With the crazy price now a normal miner fee cost more than many games and paid content on steam.

It's just too expensive fullstop. Costing £10 A transaction here in the UK.

 

I love the idea of crypto  but Bitcoin isn't going to be the one. We need another coin that doesn't use Insain processing power to process transactions and where fees will remain small. 


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1 minute ago, vorticalbox said:

It's just too expensive fullstop. Costing £10 A transaction here in the UK.

 

I love the idea of crypto  but Bitcoin isn't going to be the one. We need another coin that doesn't use Indian processing power to process transactions and where fees will remain small. 

IOTA FTW!!

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Unstable currency, until it becomes more like a normal currency where fluctuations are very minimal. Bitcoin is not sustainable.


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6 minutes ago, sof006 said:

Unstable currency, until it becomes more like a normal currency where fluctuations are very minimal. Bitcoin is not sustainable.

How do you know it's not? I mean sure it's had it's ups and downs bit looking over the history it's on an upward trend at some point it should even out and stay stable like any other currency. 


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3 hours ago, vorticalbox said:

It's just too expensive fullstop. Costing £10 A transaction here in the UK.

 

I love the idea of crypto  but Bitcoin isn't going to be the one. We need another coin that doesn't use Insain processing power to process transactions and where fees will remain small. 

Lightning Network on bitcoin will make transactions virtually free and instant. It's getting close to ready

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5 hours ago, vorticalbox said:

How do you know it's not? I mean sure it's had it's ups and downs bit looking over the history it's on an upward trend at some point it should even out and stay stable like any other currency. 

Because a dip in the value can cause it to lose a drastic amount of value thus price increasing for products as a result.

 

Also look at the hacking problem that occurred just recently. 


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30 minutes ago, sof006 said:

Because a dip in the value can cause it to lose a drastic amount of value thus price increasing for products as a result.

 

Also look at the hacking problem that occurred just recently. 

That hack could have happened to literally any website ever. It has nothing to do with bitcoin, other than bitcoin is what was stolen.

 

And no, if steam is smart, fluctuations in value shouldn't matter or change prices. They probably convert to USD automatically. It's the fees that are killer.

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