Steam accepting bitcoin for purchases soon

[bcredeur97]

Hi all! I almost never post news but I ran across this on Twitter and thought it was important enough to post. 

 

Apparently valve will will be allowing bitcoins to be used for purchases soon. This will allow you to well, use bitcoins to buy games. This is perhaps good news for the currency which has been seeing negative effects lately because of the whole network not being able to handle high amounts of transactions. (Which supposedly will also be fixed soon enough). Maybe valve has a lot of volume from people redeeming their bitcoins for steam cards from other third parties? 

 

Anyway here is is the link I found this at: https://www.reddit.com/r/Bitcoin/comments/4fuknl/steam_games_accepting_bitcoin_is_this_real/

 

will be be following this and will post it from an official news site whenever that comes up.

 

edit: post from PC gamer

http://www.pcgamer.com/steam-is-reportedly-planning-to-accept-bitcoin/

 

hold of your bitcoins! They may still yet have a use. It seems to me that really the only thing the entire community is waiting on is widespread adoption.

 

 

[suicidalfranco]

Good, good. Make bitcoin more widespread and one day i'll be using it to shop for groceries (eagerly waiting for a world without fiat currencies)

[The Benjamins]

Nice something to spend my fake money on.

 

Edit: I was sad when Massdrop droped BTC.

[ManIkWeet]

1 hour ago, bcredeur97 said:

This is perhaps good news for the currency which has been seeing negative effects lately because of the whole network not being able to handle high amounts of transactions.

Negative effects? If I look at the graph it's not been that bad for the last 6 months...

Some usual fluctuations but it certainly didn't drop like a rock!

[Boobies Sprinkle]

What is Bitcoin? Another type of debit or credit card?! 

[bcredeur97]

20 minutes ago, Boobies Sprinkle said:

What is Bitcoin? Another type of debit or credit card?! 

bitcoin is a currency that is entirely based online. It uses cryptography and many peers around the world to process transactions, as well as miners who "print" the limited amount of currency. It's pretty neat.

recommend you read about it here:https://bitcoin.org/en/

also here's a wiki page: https://en.bitcoin.it/wiki/Main_Page

[bcredeur97]

24 minutes ago, ManIkWeet said:

Negative effects? If I look at the graph it's not been that bad for the last 6 months...

-snip- Some usual fluctuations but it certainly didn't drop like a rock!

By negative effects, I was referring to all the chatter about how the network will be unable to handle itself and one of the core developers leaving and calling it a failed project. But despite all this, you are right the price has been fairly steady, actually a nice slow climb. 

 

Im not sure whether this is due to the upcoming block halving yet though. which we are approx 11 weeks or so away from. People tend to get excited around block size halving time.

 

also, I prefer Bitcoinwisdom btw

[bcredeur97]

updated the post with the original steam screenshot from the reddit post. Useful info in the screenshot including how the prices will be based off of bitcoins value in relation to the price of -insert game here- in your area.

[ChineseChef]

2 hours ago, suicidalfranco said:

(eagerly waiting for a world without fiat currencies)

But, bitcoin is a fiat currency. 

 

@bcredeur97 @ManIkWeet  I though the "negative" effects were that as the network grows (more transactions) the current design can't keep up, and people will be waiting longer and longer times to get their transactions cleared?  And this would end up discouraging real growth and mass adoption.

[The Benjamins]

1 hour ago, ManIkWeet said:

Negative effects? If I look at the graph it's not been that bad for the last 6 months...

Some usual fluctuations but it certainly didn't drop like a rock!

Here is a site that tracks volatility over 30 days and 60 days. in the past month its beaten gold. and in the past year its getting a lot more stable.

https://btcvol.info/

 

 

[suicidalfranco]

50 minutes ago, ChineseChef said:

But, bitcoin is a fiat currency. 

 

@bcredeur97 @ManIkWeet  I though the "negative" effects were that as the network grows (more transactions) the current design can't keep up, and people will be waiting longer and longer times to get their transactions cleared?  And this would end up discouraging real growth and mass adoption.

To me BTC will always be more worthy than other fiat due to the fact that it's limited in number and it has a physical value

[Beskamir]

59 minutes ago, suicidalfranco said:

To me BTC will always be more worthy than other fiat due to the fact that it's limited in number and it has a physical value

Wait how does it have a physical value? At least printed money can be used as toilet paper.

[Dabombinable]

So...I should try mining them again? Despite only having a GTX 970 (I know its compute performance sucks), and when I get it back a GTX 650ti?

[Dabombinable]

4 minutes ago, ElfFriend said:

Wait how does it have a physical value? At least printed money can be used as toilet paper.

Um...not all countries are stuck in the past and use paper money like the US.

[mach]

I know what bitcoin is but I don't know how they work. So the minimum amount you spend with bitcoin is 1 bitcoin?

With the worth of several hundred dollars per bitcoin it does not seem very convenient to buy games...

[KuJoe]

2 hours ago, ChineseChef said:

I though the "negative" effects were that as the network grows (more transactions) the current design can't keep up, and people will be waiting longer and longer times to get their transactions cleared?  And this would end up discouraging real growth and mass adoption.

Yeah, this is the number one complaint I get from my clients. Sometimes it takes over 2 hours for their payment to be verified but on average it's well over an hour before I see the payment hit my account, I'm sure the same complaints will be seen when Valve starts accepting it unless they don't wait the full 6 confirmations.

 

EDIT: I've also been getting more and more of these e-mails lately:

Quote

A payment arrived but has not been confirmed by the bitcoin network after 1 hour. This payment may be invalid. Delays and invalid payments are usually caused by problems with the bitcoin wallet or service being used to send the payment.

 

Some delayed payments can take days or longer to be confirmed. We will continue to monitor this issue; if the payment is confirmed in the future, you will notified via email.

 

[SeriousDad69]

3 hours ago, Dabombinable said:

Um...not all countries are stuck in the past and use paper money like the US.

I can use my dollars/euros/pounds/etc to purchase goods without access to the internet or a computer lol. At least dollars used to have the gold standard, I'm still scratching my head as to why bitcoins are worth anything at all.

[TetraSky]

So only a small minority of people will even benefit from this since Bitcoin mining isn't worth it for everyone who has to pay ridiculous prices for power.

I stand with @SeriousDad69 on this one. I still have no idea why Bitcoin is worth anything. If it at least served a good purpose like F@H, I'd understand, but Bitcoin is literally a waste of power mining imaginary stuff.

[suicidalfranco]

6 hours ago, ElfFriend said:

Wait how does it have a physical value? At least printed money can be used as toilet paper.

the energy required to dig out one and the hardware required to mine it

[suicidalfranco]

5 hours ago, mach said:

I know what bitcoin is but I don't know how they work. So the minimum amount you spend with bitcoin is 1 bitcoin?

With the worth of several hundred dollars per bitcoin it does not seem very convenient to buy games...

BTC can be broken up into decimals

[suicidalfranco]

2 hours ago, SeriousDad69 said:

I can use my dollars/euros/pounds/etc to purchase goods without access to the internet or a computer lol. At least dollars used to have the gold standard, I'm still scratching my head as to why bitcoins are worth anything at all.

and now the dollar doesn't have a gold standard (also the dollar never had a gold standard, it was silver) making it even more worthless 

[suicidalfranco]

41 minutes ago, TetraSky said:

So only a small minority of people will even benefit from this since Bitcoin mining isn't worth it for everyone who has to pay ridiculous prices for power.

I stand with @SeriousDad69 on this one. I still have no idea why Bitcoin is worth anything. If it at least served a good purpose like F@H, I'd understand, but Bitcoin is literally a waste of power mining imaginary stuff.

Just because BTC are generated by mining doesn't mean everyone who wants one as to mine for it. You can exchange services for BTC (like current currecies), sell goods for BTC (like current currencies), work and be paid in BTC (like currrent currenies) cause BTC is a currency

[bcredeur97]

7 hours ago, mach said:

I know what bitcoin is but I don't know how they work. So the minimum amount you spend with bitcoin is 1 bitcoin?

With the worth of several hundred dollars per bitcoin it does not seem very convenient to buy games...

Nah, bitcoin is designed to have a maximum value of $1 million per coin. There are 8 decimal places.

 

generally you will spend "pieces of bitcoins" for small purchases. The believe the term "micro bitcoin" and "bits" are used for the smaller values. As well as "Satoshi" for the smallest value (0.00000001 BTC)

[bcredeur97]

As others have said, mining is pretty much a rich mans game these days. Most people should focus on simply using the currency and if you want to make money with it, just look into trading other crypto's with it. (Or start a business that accepts bitcoin)

[The Benjamins]

8 hours ago, Dabombinable said:

So...I should try mining them again? Despite only having a GTX 970 (I know its compute performance sucks), and when I get it back a GTX 650ti?

Mining is pointless with out a asic miner. 

 

4 hours ago, SeriousDad69 said:

I can use my dollars/euros/pounds/etc to purchase goods without access to the internet or a computer lol. At least dollars used to have the gold standard, I'm still scratching my head as to why bitcoins are worth anything at all.

 

Its better to look at bit coin as a ledger. as in the number represents the value of "work" provided to get it.

 

like I make a burger (estimated value $5) and sell it and get 1 BTC you could then say the value of 1 BTC is a burger or its USD value of $5. Its a tool to transmit value just like any other currency. and just like most other currency their "physical" value is almost nothing. currencies are the middle man and them it in it self are valueless, the value we think they have is the value we put on them in our minds/words.