Less than two years after adopting Bitcoin as a payment option on Steam, Valve has announced that it is dropping support for the virtual currency. The decision to eliminate the option comes as a result of both the extremely high transaction fees charged by Buying steam games with bitcoin, and recent, also-extremely-high levels of instability in its value. 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. 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. Super-high service fees and wild fluctuations in value have made the cryptocurrency ‘untenable. The price of Bitcoin is currently soaring. When the same happened with Ethereum earlier this year, it led to soaring graphics card prices, as miners bought up all the hardware they could find. Bitcoin valuation has become a problem recently as well, as the value fluctuates wildly over very short spans of time. Bitcoin values are only guaranteed for a certain window of time, and if for some reason a transaction isn’t completed within that window, the amount required to complete the purchase can change. 1000 in just 24 hours—and Valve said that “we’ve seen increasing numbers of customers get into this state” this year.