Steam stops accepting Bitcoin as payment

exstasie

legendary

Activity: 1806

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Quote from: btcjoin14 on December 09, 2017, 08:43:40 PM

Quote from: RealJoshuar on December 07, 2017, 03:43:14 PM

https://www.coindesk.com/steam-drops-bitcoin-payments-citing-high-fees-price-volatility/

I don't know of anyone that actually used Bitcoin to purchase games from steam so this doesn't strike my interest much.

I know several people that used Bitcoin to buy Steam games. In fact, Steam gift cards have always been sold in the marketplace on this forum, as there is significant overlap between Bitcoin's user base and gamers. But even if you don't do it yourself or know anyone that does, I think the point of the thread is that some merchants are dropping Bitcoin due to network congestion and transaction fees.

The bigger issue here is Bitpay. Rather than upgrading to Segwit to get an instant ~2x drop in fees, they've begun charging users a "network fee" that reflects current Bitcoin transaction fees. The spam attacks don't help, either.

bitofc

sr. member

Activity: 478

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to be honest, it is a very logical approach for the current situation.

btcjoin14

hero member

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Quote from: RealJoshuar on December 07, 2017, 03:43:14 PM

https://www.coindesk.com/steam-drops-bitcoin-payments-citing-high-fees-price-volatility/

I don't know of anyone that actually used Bitcoin to purchase games from steam so this doesn't strike my interest much.

Dodoymabs

full member

Activity: 602

Merit: 100

Quote from: ahmedjamal1998 on December 07, 2017, 04:15:53 PM

The price is going up like crazy every single day. It's insane and good for each and every person who owns and holds his money as btc.
Although this extreme rise in price is kinda totally unaccounted for, and will probably be followed by a huge dump I'm holding my coins.

Getting back to the topic, the extreme increase in price in that short span of time means more and more people are actually getting interested in joining crypto. We even have the big events of nasdaq and other wall street companies jumping into the game. If we want btc to actually succeed and become the universal currency we want it to be, the fees issue has to be solved at once.

It doesn't make sense to pay that much money on transactions. Especially if we aim to make it the easier method. The fees issue is actually kinda undervalued ? or I don't know you can say is too annoying to the community that no one talks or wants to talk about it. It's time the lightning network we've been hearing about come to reality and prove to the whole world that crypto CAN actually take the the steering wheel. Right now, it's just a huge drawback.

I'm a little bit scared of this extremely price hike causing the steam to stop accepting bitcoin, due to its transaction is pretty much getting higher. Many are affected right now and started to get frustrated as all of the transactions are stuck. Hope that the bicoin community will fixed this problem as soon as possible.

bob123

legendary

Activity: 1624

Merit: 2481

This is a very rational choice and it doesn't really suprise me.
To be honestly i don't really think its because of the transaction fees being so high. Its probably more the volatility of the price and the risk of a plunge coming.
Steam want to play it sure. Well, if they wouldn't always instantly cash out their BTC they would own some nice amount money by now.
Until the lightning network will come these high fees will still be present, considering the current price average.

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: RealJoshuar on December 07, 2017, 03:43:14 PM

https://www.coindesk.com/steam-drops-bitcoin-payments-citing-high-fees-price-volatility/

It's not surprising, really. They're making a fair business choice for the climate, and I probably would be doing the same. You could be spending $30 on a $10 game just to pay for fees if you really want to get your hands on it quickly, and that's not something I would want my business to be implicated in, especially since the long transactions times can lose money should volatility take a turn for the worst.

Quote from: ahmedjamal1998 on December 07, 2017, 04:15:53 PM

The price is going up like crazy every single day. It's insane and good for each and every person who owns and holds his money as btc.
Although this extreme rise in price is kinda totally unaccounted for, and will probably be followed by a huge dump I'm holding my coins.

I'm torn about this. Currently sitting on fiat since I think the market might be stagnating and gearing up for a dip soon, and it might be a bad correction at that. Worst case I buy less and continue riding the wave in the future, but for now I'm trying to expose myself as little as possible.

ahmedjamal1998

hero member

Activity: 728

Merit: 537

The price is going up like crazy every single day. It's insane and good for each and every person who owns and holds his money as btc.
Although this extreme rise in price is kinda totally unaccounted for, and will probably be followed by a huge dump I'm holding my coins.

Getting back to the topic, the extreme increase in price in that short span of time means more and more people are actually getting interested in joining crypto. We even have the big events of nasdaq and other wall street companies jumping into the game. If we want btc to actually succeed and become the universal currency we want it to be, the fees issue has to be solved at once.

It doesn't make sense to pay that much money on transactions. Especially if we aim to make it the easier method. The fees issue is actually kinda undervalued ? or I don't know you can say is too annoying to the community that no one talks or wants to talk about it. It's time the lightning network we've been hearing about come to reality and prove to the whole world that crypto CAN actually take the the steering wheel. Right now, it's just a huge drawback.

Fleshslasher

newbie

Activity: 47

Merit: 0

I saw it on a news site too. The fees got really high now and it is logical for Bitcoin to stop it for now. They are discussing it when to add back. I hope that after the fees are down that bitcoin will be added back.

Many people like me often buy games on steam, and some do it with Bitcoins. They must add it back because it will help Bitcoin also increase in popularity, and that people can buy with Bitcoins again.

RealJoshuar

member

Activity: 70

Merit: 10

https://www.coindesk.com/steam-drops-bitcoin-payments-citing-high-fees-price-volatility/

Topic: Steam stops accepting Bitcoin as payment (Read 286 times)