Valve removes Bitcoin as a payment option from Steam

Emoclaw

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Activity: 420

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Quote from: Red-Apple on December 07, 2017, 07:50:57 AM

that is sad to hear and terrible for bitcoin to lose adoption like this. we took a big step when we got Valve to accept bitcoin payment after a couple of years of asking for it. and now it was all undone in one day because of the scaling issue that bitcoin has been facing for a while and nothing is fixing it for all this time.

this year was good and bad for bitcoin. we finally got a scaling solution (SegWit) but nobody is using it! and blocks are barely above 1.1 MB
you say Lightning Network but we are a long way from that. there was a test today on mainnet for LN but it is still far away and things have not been looking good in the mempool for a long time this time Sad

They said that they will consider re-adding Bitcoin as a payment option at a later date. It will presumably be viable again once the Lightning Network is implemented.
It is indeed sad to see this happening but they're not wrong either. Bitcoin is definitely not looking attractive as a currency right now both for businesses and customers.

davis196

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Activity: 3178

Merit: 937

Quote from: Emoclaw on December 07, 2017, 07:21:47 AM

As the title says, you can no longer buy games from Steam using Bitcoin. According to valve, this is because the fees are extremely high to be used in such transactions resulting in a much higher cost to the consumer than intended.

“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,” the company explained in its post. “For example, transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin).”
Source: http://www.ign.com/articles/2017/12/07/steam-is-no-longer-accepting-bitcoin

This is another indication that we need the Lightning Network. Although Bitcoin's fees have remained stable over the past few months in terms of satoshi, the value of Bitcoin has increased so much that you can seriously feel the impact of each transaction.

I hope that this news will help for stoping the market madness and the bitcoin price will return back to normal.
I think that even the big online casinos will stop using bitcoin because of the fees.I can`t say wether or not LN or Segwit are the solution for the high transaction fees problem,but i was expecting something like this.
Companies will refuse to use bitcoin as a currency and they will replace it by adopting altcoins,like ethereum.

Red-Apple

hero member

Activity: 1470

Merit: 655

that is sad to hear and terrible for bitcoin to lose adoption like this. we took a big step when we got Valve to accept bitcoin payment after a couple of years of asking for it. and now it was all undone in one day because of the scaling issue that bitcoin has been facing for a while and nothing is fixing it for all this time.

this year was good and bad for bitcoin. we finally got a scaling solution (SegWit) but nobody is using it! and blocks are barely above 1.1 MB
you say Lightning Network but we are a long way from that. there was a test today on mainnet for LN but it is still far away and things have not been looking good in the mempool for a long time this time Sad

Emoclaw

sr. member

Activity: 420

Merit: 251

As the title says, you can no longer buy games from Steam using Bitcoin. According to valve, this is because the fees are extremely high to be used in such transactions resulting in a much higher cost to the consumer than intended.

“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,” the company explained in its post. “For example, transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled Bitcoin).”
Source: http://www.ign.com/articles/2017/12/07/steam-is-no-longer-accepting-bitcoin

This is another indication that we need the Lightning Network. Although Bitcoin's fees have remained stable over the past few months in terms of satoshi, the value of Bitcoin has increased so much that you can seriously feel the impact of each transaction.

Topic: Valve removes Bitcoin as a payment option from Steam (Read 205 times)