Over a year the relationship between Steam and Bitcoin has lasted.
Why has the most popular entertainment platform just cut a bond with the most popular cryptocurrency?
In April 2016, the one of the biggest platform that distributes games and manages digital rights started to accept payments in Bitcoin. Steam was created by Valve Corporation. What’s more, Steam isn’t only a platform to buy computer games. It is also a social media and platform for distribution multimedia and software.
In that case, when Steam announced a possibility of payments in crypto – most of the users were not only surprised but also glad.
After an over a year from that decision, Valve Corporation is resigning. Why? The main reason for this decision is an exchange rate that is changing rapidly. Platform admits that this is a big obstacle for an online store. What’s more, with a rapid change or exchange rate is connected another problem. A fee. Last year, when paying in Bitcoin on Steam was something new, the fee was about 20 cents. Now the same fee is about 20 dollars!
As the Steam announced in its statement yesterday:
“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 the Steam community at a later date.
We will continue working to resolve any pending issues for customers who are impacted by existing underpayments or transaction fees.”
In a comment section under the press release users reacted with sadness, proposing other cryptocurrencies. Let’s remember that Bitcoin isn’t the one and only. There are many altcoins which can provide the payments without any big delays or dramatic fees. Maybe some of the Steam’s crew will check the comment section and will take the subject under scrutiny?
Last modified: December 7, 2017
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