Bitcoin Forum

Steam was one of the biggest merchant that accepted bitcoin, now it has officially stopped supporting it because of high fees and high volatility.
You can read it here, http://steamcommunity.com/games/593110/announcements/detail/1464096684955433613

What is your thoughts on this, do you think steam should start accepting some other crypto maybe BCH or ETH?

Unfortunately, Bitcoin has decided to be a simple speculative asset. A tool to get rich quick.

There will be more of these kinds of bad news (BitPay and similar services very likely are having a bad time, too) until we correct and deflate the speculative bubble - and everybody thinks that "Bitcoin is dead" again ;)

The world revolution has to wait a bit.

(And the saddest thing is that most of these get-rich-quick noobs do very likely not even own Bitcoins. They own a Bitcoin IOU on an exchange. So the next Gox is only a matter of time ...)

Well, Bitfinex's trading volume has increased massively over the past week or so, and since they promised an audit which wasn't delivered and USDT has been created en masse over the last couple of weeks, it's perfectly possible that they are the next Gox.

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BTC's adoption has largely been during bear markets or moderate bull markets (2014-2015).

The price increasing like this is doing nothing good for BTC's use, and if anything is impeding legitimate discussions (and yes, criticisms) of BTC.

Wow, I have to admit I failed to consider the repercussions the drastic price increase would have on the actual usage.

the same discussion was opened early today , check it out
https://bitcointalk.org/index.php?topic=2539384

I hope that steam will add other alts , or even create their own alt cause I only care about funding the wallet no matter how  :)
gift cards aren't available in my country  , so now I have to find some sellers here in the forums who sell steam gift cards

I think its right decision for Steam, high fees will make very big trouble for bitcoin and this volatilty. I think for purcashe Tether will be right decision for companies also customers with fixed price.

I think steam should change payment with another cryptocurrency, maybe change bitcoin with litecoin, bitcoincash, ethereum, etc

yes now the problem is the fee of its transacation, because the btc price is so high
and could be a purchased item is cheaper than the transaction fees are so high

Steam Stops Accepting Bitcoin Payments Citing Extreme Volatility

More Information here:
https://cointelegraph.com/news/steam-stops-accepting-bitcoin-payments-citing-extreme-volatility-fees

And who decided that? You? far as i know bitcoin is an speculative asset, but a lot of people are using bitcoin in their normal life.


If you are worried about the fees and the high cost of them, just order a bitcoin debit card, they are super fast, and if you are smart you will choose the cheapest card with the lower fees.

That is how it works, you are going to pay with bitcoins, with no more than 0.5% of fees over every transaction that you make.

Steam decided to take bitcoin out of there because of the fees, six dollars just for a single deposit was not worth it for their customers

that was expected. i wonder why they haven't done it earlier. sending bitcoins cost higher than an average game on steam, and there's no near-term solution. it is sad, but i don't think any merchant is happy to use bitcoin as a payment method wit these high fees.

I think this is a reasonable decision for the company and I can understand the problems experienced by the company so decided to stop accepting Bitcoin as payment but I hope Steam does not stop supporting cryptocurrency , it would be interesting if Steam accepts Litecoin

It's a reasonable decision, BTC is becoming a store of value not suitable for small payments due to the big fees...

They should accept other cryptocurrencies with smaller fees and faster transactions (before crypotokitties ETH would have been a good solution  :))

I think this is the snow ball. Sooner other big companies will follow. I heard MC Donald's is gonna accept Bitcoin in 2018, and they will soon regret due volatility, as it happened with Steam.

It is reasonable to a point where is the fees are so high you forced to buy quite a few games but they should plan something to take it over like bch or bcg or eth or something. Taking crypto currency off completely is just ridiculous. I really needed btc because I use to use btc to buy games now I'm not sure what I'm going to do. These fees are crazy high I don't think bitcoin was meant to be worth this much.  Sure hope bitpay doesn't do the same thing.

Yeah kinda agree with your opinion that bitcoin slowly changed/ already changed became quick tool that could make you rich through its coin pump and dump phase. Kinda sad to hear that kind of sad news  :-\

Although this is not the best news, I think we are all aware that bitcoin has ceased to be a viable option to cover our daily expenses and today is only a useful tool as a store of value. That's not all bad, because there are many other altcoins that can perfectly be useful to buy cigarettes or burgers.

Fortunately the news clarifies that the company does not close the door to bitcoin, but that in the near future it could reconsider the possibility of accepting it again. A good decision in these moments of great volatility.

Well, it is understandable given the actual situation. I personally struggle with this high transaction fees and volatility...basically i am forced to be a hodler :D
Steem has gained some power in the last period and could soon atempt to pass the all time high. I think everything will come to normal after the water clears a little bit.

The high cost of transfer fees and delay in confirmation is one of the reason that the fork of 16 December 2017 is eminent. After the exercise the fees will drop and confirmation will be comes faster.   

This is news from the right source. Sadly, I like steam to play games and also have been using bitcoin to do some purchase transaction items there. Steam must have serious consideration. Steam has become one of large merchant who receives bitcoin as his payment ways. Hopefully this step is not followed by other merchants, since price bitcoins was raising so fast, causing huge costs for each transaction this could be worse exactly.

refuse bitcoin when it is expanding, I confess not to understand the strategy ...

Wait so what happens to the bitcoin in your steam wallet? Or do they convert it to $ when you transfer?

They are moving on to Litecoin instead, since LTC provides more value when doing micro transactions.
Probably that has moved the value for Litecoin as steam will let them have more users.

I think if the big profit, then you should still receive payment with bitcoin, and if many consumers who find it difficult with high transaction costs, I think ETH can be used as a replacement

I think steam community won't be accepting any cryptocurrency as a payment in the near future because of their volatility. Cryptocurrency right now is still improving and updating so its price will never settle and this is a big gamble steam don't want to participate.

It is a sad news but I was expecting something like that to happen.
That is only the beginning, I think more companies will do the same not because of Bitcoin volatility (Volatility can be a plus)
but essentially because of high fees.
Paying many bucks to get a transaction confirmed while you are sending just few dollars does not make any sense.

It is bad news that Steam who has been supporting bitcoin for the longest time decided to stop. It’s because of the changing ways people use btc.

If you guys don't think the sub which will not be mentioned has not been brigading their support with bogus fee complaints, I've got news for you. This is a war after all...

i am not sure what you are talking about but there has never been anything bogus about transaction fees. for about 2 months or more the fees have been somewhere between 400 and 600 satoshi per byte which is completely unacceptable for bitcoin.

and that is why places like Steam are dropping bitcoin payment option.

Dream of getting rich by saving and trading bitcoin makes bitcoin very bad.
network, fee and high volatility make companies stop supporting bitcoin
I expect more sites to stop supporting Bitcoin network, but this will be for a short time.
Over time, we will notice either the establishment of intermediate payment gateways or the price to stabilize.
bitpay is good example for intermediate payment gateways

Wow Really ? , quite shocking though , steam is not supporting the bitcoin , and I think or my thoughts is steam should start accept the other crypto currency like the eth. But still quite shock about the news of it.

I have expected this earlier, imagine steam taking Bitcoins cost higher than average game, yet no quick solution. This is sad news to steam, with those higher fees, which merchant will be happy to use Bitcoin as a payment method? None! I particularly will not try it, would rather continue to keep or hold my bitcoin.  :)

Just wait for the lightning network (and read about it). There are serious testing going on on the mainnet too, but you have to wait for it. It will solve the fee and the speed problem, but the project needs time to get fully tested and working. What I'm waiting for is some merchants to test it (maybe in online webshops) because the more testers are joining the project, the sooner we'll have the solution delivered. So the solution is arriving but don't hold your breath.... It's better to implement something later then to implement it sooner with bugs still in the system...

The reason steam stopped accepting bitcoin is because people must have complained to them because they had to pay a fee again to resent their payment because they never spent enough the first time and the price of the fee and the fact it was so volatile made it hard to justify a $40 game when you paying $12-$16 fee.