Steam is no longer supporting Bitcoin

[vv181]

http://steamcommunity.com/games/593110/announcements/detail/1464096684955433613

As of today, Steam will no longer support Bitcoin as a payment method on our platform due to high fees and volatility in the value of Bitcoin.

What do you think the largest game platforms stop using Bitcoin?
And how it will affect the Bitcoin acceptance on others services?

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[GrannyC]

Bitcoin miners have transformed the coin in a reserve currency. I think that paradoxically that lowers its value.

[ninche]

btc high fees will force people to stop using it

[radmoreos]

The reason it seems steam has stopped using it because it is to volatile atm man! by the time the transfer goes through the price has changed so people are being charged twice in a lot of cases so in till the transactions are quicker or the price has become more stable steam will stay out ^^

[HeRetiK]

The reason it seems steam has stopped using it because it is to volatile atm man! by the time the transfer goes through the price has changed so people are being charged twice in a lot of cases so in till the transactions are quicker or the price has become more stable steam will stay out ^^

Let's be real here, although volatility has been cited it definitely is the smaller issue. The transaction fees are currently too prohibitive for Steam purchases, especially since they strike twice once refunds are considered. At least lightning network seems to be progressing well, it is indeed much needed right now.

[...]

What do you think the largest game platforms stop using Bitcoin?
And how it will affect the Bitcoin acceptance on others services?

I wouldn't be surprised if other services soon follow suit as well, but it won't be because of Steam. I guess Steam is more heavily affected by transaction fees than some of the other services, due to relatively small purchase amounts mixed with a very permissive refund system.

[2fresh]

More will follow suit. The holders and the fee's have caused btc to be a store of wealth, it's no longer a viable currency.

[PX-Z]

http://steamcommunity.com/games/593110/announcements/detail/1464096684955433613

As of today, Steam will no longer support Bitcoin as a payment method on our platform due to high fees and volatility in the value of Bitcoin.

What do you think the largest game platforms stop using Bitcoin?
And how it will affect the Bitcoin acceptance on others services?

It's obviously said and that is actually true that the fees was too high now to send btc, imagine of 3-5 dollars for the fees only lol
Anyway acceptance of Steam with bitcoin as payment method last year dont give a huge impact and this was discussed to many times already and will never brings down bitcoin, look the current price now, 14k$ was reached via coinmarketcap

[Sadlife]

I dont think steam has stop using it because of it's volatile nature but because of it's high fees especially when steam has a small price in their products that will take to long to process in bitcoin that is conflicting with their refund system. Miners has transformed bitcoin as a digital asset not for micro transactions.

[shield132]

http://steamcommunity.com/games/593110/announcements/detail/1464096684955433613

As of today, Steam will no longer support Bitcoin as a payment method on our platform due to high fees and volatility in the value of Bitcoin.

What do you think the largest game platforms stop using Bitcoin?
And how it will affect the Bitcoin acceptance on others services?

I already said for many times that it's fees can affect bitcoin's popularity and usability in a bad way but no one was listening to me and some shitposters were repeating or copy/pasting: current fees (when fees were more than 400 satoshis/byte) are very fair. Let's say goodbye to steam with bitcoins and other services too, amazon and bitcoin together will be infinitive dream for you.
But bitcoin only could make biggest profit for them because price increased amazingly, seems their bitcoin services related team failed.

[k@suy]

http://steamcommunity.com/games/593110/announcements/detail/1464096684955433613

As of today, Steam will no longer support Bitcoin as a payment method on our platform due to high fees and volatility in the value of Bitcoin.

What do you think the largest game platforms stop using Bitcoin?
And how it will affect the Bitcoin acceptance on others services?

I already said for many times that it's fees can affect bitcoin's popularity and usability in a bad way but no one was listening to me and some shitposters were repeating or copy/pasting: current fees (when fees were more than 400 satoshis/byte) are very fair. Let's say goodbye to steam with bitcoins and other services too, amazon and bitcoin together will be infinitive dream for you.
But bitcoin only could make biggest profit for them because price increased amazingly, seems their bitcoin services related team failed.

Yes,its the fees that will affects the adaptability of bitcoin. I just read this morning from my facebook wall being shared by gamers.Yes its bullish now but when the fees when sending it is high ,this will turn off people of using it and possibly will affects its support base.People will always looks for a cheapest and reliable alternative.

[Tyrantt]

fees probably... Today I've tried to buy some coins on a private wow server from the spare btc I got left over in my wallet... I can just say it didn't go too well. I've payed for them coins 1$ and  I've spend another 4$ on a fee... and didn't get even one confirmation after few hours and if you ask me, fees are a little over the top right now and all over the place. If they we're fixed amount, that would be amazing.

[stompix]

I dont think steam has stop using it because of it's volatile nature but because of it's high fees especially when steam has a small price in their products that will take to long to process in bitcoin that is conflicting with their refund system. Miners has transformed bitcoin as a digital asset not for micro transactions.

Yeah, micro transactions via BTC suck.

And most importantly, the thing that everybody forgets is that the receiver has also to pay fees when they deal directly with coins.
They have to collect all the payments from the addresses and send it to a col wallet or exchange.

Yeah, I pay 5$ fee  for a coffee, that is what I choose , but the coffee shop owner will have to pay another 2-3$ dollars for each payment when he collects the dust.

This news is pretty hard to swallow sincerely especially with the bull ride we're having.
We need LN usage to overcome this.

[gentlemand]

It's unfortunate but unsurprising.

Though it's very useful, merchant acceptance is ultimately a sideshow at best. Even if fees weren't an issue, spending will always be very limited as people will never want to spend something that might be worth more in the future. Lightning networks won't make any difference to that attitude.

There must be Steam game collections now worth more than a nice house if you could get the BTC spent on them back.

[brotherwood12]

i think its not surprising at all because of the price bitcoin right now and the fee of bitcoin transaction ,if you want buy cheap game , the value of fee will be higher than the game itself
maybe that the reason why steam stop using bitcoin as payment 

[gujbvtij]

I think this is just a temporary situation. There are many players who have the need to use bitcoin, but the high cost of bitcoin restraining this demand. Maybe steam will use another kind of encrypted currency instead of this service

[mk4]

It really just shows how we really really need a solution as soon as possible. We cant really achieve mass adoption with these transaction fees and transaction times. Right now, we currently have what? 117,000 unconfirmed transactions? If this goes on longer I really won't be surprised if bitcoin gets kicked out of the #1 spot to be honest.



https://blockchain.info/unconfirmed-transactions

I think this is just a temporary situation. There are many players who have the need to use bitcoin, but the high cost of bitcoin restraining this demand. Maybe steam will use another kind of encrypted currency instead of this service

How is "high cost of bitcoin" restraining this demand? Shouldn't it be more beneficial for them if they're accepting a currency that goes up in value? And how is removing a payment method a "solution"??

[gentlemand]

It really just shows how we really really need a solution as soon as possible. We cant really achieve mass adoption with these transaction fees and transaction times. Right now, we currently have what? 117,000 unconfirmed transactions? If this goes on longer I really won't be surprised if bitcoin gets kicked out of the #1 spot to be honest.

For better or worse I think the Digital Gold role is winning out in which case its number 1 position is cemented forever.

That also means fees will never return to alt levels. Let's see if lightning networks deliver anything before completely giving up on currency usage, but despite what some people would tell you, no one's ever going to use it as a true currency, just the occasional spending of gains.

And Bitpay agree - https://twitter.com/bitpay/status/938572385346899970

[darklus123]

http://steamcommunity.com/games/593110/announcements/detail/1464096684955433613

As of today, Steam will no longer support Bitcoin as a payment method on our platform due to high fees and volatility in the value of Bitcoin.

What do you think the largest game platforms stop using Bitcoin?
And how it will affect the Bitcoin acceptance on others services?

This is really sad. Especially  that I am one of those peopld who are taking advantage of their service. Now that they are now not supporting bitcoin as one of their payment option, I also loses my profit. Hopefully we could find a ways for this rridiculous fees(it actually destroys the purpose of why bitcoin created)

[Sachinist]

Not surprised at all but no big deal. It will be back when lightning strikes.

[scout5]

Not surprised at all but no big deal. It will be back when lightning strikes.

It is a big deal. Steam is one of the best (if not the best) gaming platforms out there. Lightning network doesn't guarantee them accepting bitcoin again. One of their reasons of removing bitcoin is due to the volatility, not purely on the transaction fees and times.