PREVIOUS ARTICLENEXT ARTICLE
NEWS
By 7 December 2017 | Categories: news

0

If you've been snapping up as much Bitcoin as you can, take note of the latest announcement from Steam. The gaming platform has declared that it will no longer support the cryptocurrency, with Steam citing the rising costs of fees associated with Bitcoin, as well as the "volatility" of its valuation.

The past few months have seen Bitcoin's momentum continue to gather pace, having recently surpassed the $8 000 mark and showing no signs of slowing down. Steam is also acutely aware of the rise, which has affected the fees for processing transactions on the Bitcoin network. To that end, Steam notes that fees cost roughly $0.20 when they first began accepting the cryptocurrency, but last week skyrocketed to $20.

The cost of fees is something that Steam's parent company Valve cannot regulate, which means gamers could be paying for additions that are outside of the online platform's control. Added to this, considering the fluctuating nature of Bitcoin's value and its transaction fees as a result, it means there is no consistency in terms of how much a Steam customer has to pay from week to week.

"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," noted the Steam team in a blog post.

USER COMMENTS

Read
Magazine Online
TechSmart.co.za is South Africa's leading magazine for tech product reviews, tech news, videos, tech specs and gadgets.
Start reading now >
Download latest issue

Have Your Say


What was the top tech news story of 2017?
Bitcoin's surge (6 votes)
The rise of A.I. (2 votes)
The WannaCry ransomware attack (0 votes)
#DataMustFall (2 votes)
The iPhone X gets unveiled (6 votes)
All the new VOD Streaming options (0 votes)
The Nintendo Switch is released (1 votes)
The success of SpaceX (3 votes)