Steam is no longer supporting Bitcoin

[richardivan]

Even though steam support Bitcoin, steam use bitpay as third person for payment. Bitpay force us to pay transactions's incredibly high
Example: buy steam voucher around $7 bitpay ask to pay $15 it's double the price

[1714566124]

1714566124

[stompix]

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"??

https://blockchair.com/bitcoin/mempool/transactions?s=size(desc)



I'm pretty sure those are "normal" transactions , done by "normal" users, with absolutely no malicious intent.
Scroll down the list , about 10M of tx with the same size and number of outputs, and that before I got bored from scrolling.

Some are sitting there for almost one week...

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

I hate when I have to admit that the scenario above has about 99% +/- 1% chances of becoming true.

I hate the idea of digital gold.
I hate the idea of one coin for investments, one coin for large transactions, one coin as gold, one for small transactions, one for god knows what. But seems like step by step we're getting there.

[TheBusinessMan]

sad news for the community for sure.

[gentlemand]

I hate when I have to admit that the scenario above has about 99% +/- 1% chances of becoming true.

I hate the idea of digital gold.
I hate the idea of one coin for investments, one coin for large transactions, one coin as gold, one for small transactions, one for god knows what. But seems like step by step we're getting there.

It's conceivable that second layers will make Bitcoin all things to all people. That's always been the intention. We've yet to see one in operation so let's see if one pops up and what it can do before deciding fates are set in stone.

[Tux99]

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 is bad news and disappointing. However bitcoin acceptance and price will not get really big effect. People know the reason why steam no longer accept bitcoin as payment and most people involve not because bitcoin as currency but bitcoin as investment.

[Chris!]

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

Lol maybe if you spent like 20k on games. If you did that's really sad either way.

Steam only just start accepting bitcoin last year! I forget when, but it really wasn't that long ago.

[gentlemand]

Lol maybe if you spent like 20k on games. If you did that's really sad either way.

Steam only just start accepting bitcoin last year! I forget when, but it really wasn't that long ago.

You're right. I'm talking out my arse.

It was introduced in April 2016 when the price was around $450. If you'd splurged on a few top ten games that day you'd certainly be out a nice car right now. Houses will follow some day.

[Chris!]

Lol maybe if you spent like 20k on games. If you did that's really sad either way.

Steam only just start accepting bitcoin last year! I forget when, but it really wasn't that long ago.

You're right. I'm talking out my arse.

It was introduced in April 2016 when the price was around $450. If you'd splurged on a few top ten games that day you'd certainly be out a nice car right now. Houses will follow some day.

Okay if you spent enough to buy a nice car now that would be much more realistic haha. We can agree on that. Spending $500 on games would be completely normal.

[AngelJoshua]

Ohhh come on im planning to buy some account there using bitcoin but they not accepting it now  i think this is because of the ongoing bitcoin value increasing day by day , they cant afford it now in using as a game credits i think more of that will going to give up on bitcoin in using it or they will no longer other games will going to try it to their game.

[abbv21b]

It is unfortunate but completely understandable because of the volatility. I hope it will stabilize soon (meaning within a year from now) so more merchants will start treating it as a currency. Volatility, even rapid gains, is difficult to deal with.. just think about refunds/chargebacks etc. that merchant has to do.

[nc50lc]

They should (steam) at least change the the way they accept bitcoin.
They should develop an in-platform wallet that could be used by the user for purchasing their services. That way, there won't be any problems with refunds and (few from) transaction fees.
And is it final? Maybe they are open for suggestions.

[jseverson]

That's discouraging. Volatility and high fees have always been a barrier, but Bitcoin has grown so much over the past few weeks that they're getting more and more prominent. Satoshis are worth more than ever, transactions in the mempool are building up, all the while the price just keeps on growing. I can't really blame them. I hope the few others which accept Bitcoin doesn't follow suit.

Also, would you really use Bitcoins for transactions at this point? Even if you ignore the fact that it's way too volatile and the fees are too high for small transactions (which Steam falls under, sadly), the rate that it has been growing just makes it un-spendable. It's growing so fast that I would rather let it sit there.

[tinystone26]

I think the way we can do is buy to steam in our localcoins if you don't like a high fees on your buying game kits and that's what I'm doing better for the good sake and maybe they just test if bitcoin can do more than our fiat.