Steam removes btc
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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.
Next Up In News. Since Bitcoin is still extremely volatile, these swings are probably and likely have resulted in losses on the customer and business side of Bitcoin purchases. It's the Americans. And there are many online payments systems that are so easy to use and fast that they make bitcoin look silly. But it's not a common problem in the rest of the world and bitcoin needs more than mln of Americans to get traction. It's more than just America. 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.
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. 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.
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We will continue working to resolve any pending issues for customers who are impacted by existing underpayments or transaction fees. You can no longer use Bitcoin to buy games on Steam and with good reason Due to the high volatility and growing transaction fees associated with Bitcoin, Valve is no longer accepting the cryptocurrency as a payment method for purchases made on Steam.
This decision sheds some light on the economic ramifications of the rapid growth of a currency. Business Fail Gaming.
› business › valve-removes-bitcoin-payment-option-steam. Steam says it could reconsider this decision to remove bitcoin as a payment option in the future, if the currency finds more stability, but for now.
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Sam Medley, 7 Update: 7. I've been a "tech-head" my entire life. After graduating college with a degree in Mathematics, I worked in finance and banking a few years before taking a job as a Systems Analyst for my local school district.
Steam game pulled from store after allegations of cryptocurrency mining
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Online game service Steam has stopped accepting payments made with the Bitcoin virtual currency. In a statement, development studio Valve, which runs Steam, said "high fees and volatility" had driven it to stop accepting them.
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It said that fees to process Bitcoin payments had "skyrocketed" in , making the virtual currency much less attractive as an option. In its statement, Valve said although Bitcoin had always been volatile, the rapid changes in value it had seen during the past few months had been "extreme".
Bitcoin network too slow for Valve
The moment-by-moment shifts in value were a problem, Valve said, because of the narrow window customers had to complete a purchase using bitcoins. If a Bitcoin-based transaction was prolonged, the value of the coins being transferred could change "significantly", it said. In these cases, customers had to transfer more bitcoins to make the payment, or get a refund.
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Some customers adding bitcoins had even been caught out a second time as the value changed again. UK government mulls Bitcoin regulation. CryptoKitties cripple Ethereum blockchain. Valve 'comfortable' with VR failure.