It was a huge boon to the cryptocurrency community when Valve began accepting payments in Bitcoin on its game distribution platform Steam over a year ago. But this is all coming to an end – at least for the time being.
In a blog post from yesterday, the company announced it will no longer support the popular cryptocurrency as a payment method “due to [its] high fees and volatility” in price. While transaction rates used to be as low as 20¢ last year, Valve says the fees topped out at $20 last week.
“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,” the post read. “Unfortunately, Valve has no control over the amount of the fee.”
This is clearly a problem for both the company and its users.
“Historically, the value of Bitcoin has been volatile, but the degree of volatility has become…