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Author Topic: Steam is no longer supporting Bitcoin due to high fees  (Read 105 times)
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December 12, 2017, 03:48:09 AM
 #1

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

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December 12, 2017, 04:17:06 AM
 #2

Another example of bitcoin failing as a real world currency, this also happened with some other businesses in the past, currently it's too volatile, slow and has high fees, this is the reason why it's been perceived as commodity other than currency lately, time will show where btc will be placed in that crypto world, but it already has some good rivals with lightning fast transactions and much lower fees..
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December 12, 2017, 05:39:40 AM
 #3

No problem, we have LITECOIN to fix it!
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January 16, 2018, 05:47:56 PM
 #4

High fees are clearly hurting Bitcoin but we just have to wait for Lightning Network.

The transactions would be instant and faster than Litecoin.

LN is truly a revolutionary concept. Hope it comes out as fast as possible.
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January 16, 2018, 06:05:35 PM
 #5

It will be a huge below for the btc as the network fees are continuously rising instead of it being getting reduced. But with the time it takes to transfer and fees one pays it is not much worth left now and people already ready started switching to other coins for transfer.

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January 16, 2018, 06:09:24 PM
 #6

This is really old news by now. It's inevitable that bitcoin can't really be a viable payment option until the huge volatility is no more. Crashes like the one we're experiencing right now make it very difficult for both buyer and seller to understand exactly the price they're receiving.
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January 16, 2018, 06:26:47 PM
 #7

This is really sad, I guess the more the transaction fees get high the more bitcoin will be rejected as  a payment method. Bitcoin has really been helpful for Steam players and users but with the transactions fees getting higher it is also causing a problem. I don't know but if some people are taking an advantage with the huge increase of users and the number of transaction request then it has not been very helpful. I really hope that this matter will be put to a concern since there is possibility that the population of bitcoin users will increase in the near future.

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January 16, 2018, 06:34:39 PM
 #8

I do seriously think that the high fees on bitcoin transactions is been manipulated by the enemies of bitcoin in other to kill it. Most times the fees are highly unbelievable. How can some one paid above 30 to 40 percent as a transactions fees? There is no bank in the world that charge that as a fees on any transaction. Most of this gaming companies charge little for the investors and their need little fees which PayPal can easily be use.

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January 16, 2018, 07:19:26 PM
 #9

I think they did not remove it because of a higher fees instead thy remove it because bitcoin ia going to the soil again. Bitcoin is on a critical stage right now qt any momwnt it could collapse and drop its value. Bitcoin's value is around $13000 and still counting down. Steam sees it coming so they sell their bitcoins and remove that payment method to avoid price equities.
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January 16, 2018, 07:26:22 PM
 #10

Steam isn't and that sucks but when Lightning Network gets added to the network watch how many vendors are going to be lining up to take bitcoin I bet in the thousands. However, when one door closes another opens and that seems to be the case here. KFC is now accepting Bitcoin for their "bitcoin bucket" read here: https://www.thesun.co.uk/tech/5343653/kfc-bitcoin-bucket-cryptocurrency/. Pretty dope Wink

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January 16, 2018, 07:34:25 PM
 #11

Well it's a bit offtopic, but Microsoft restored Bitcoin as a way of payment... so we are getting slowly back on track
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January 16, 2018, 07:37:07 PM
 #12

I think they did not remove it because of a higher fees instead thy remove it because bitcoin ia going to the soil again. Bitcoin is on a critical stage right now qt any momwnt it could collapse and drop its value. Bitcoin's value is around $13000 and still counting down. Steam sees it coming so they sell their bitcoins and remove that payment method to avoid price equities.
you have to read the article before making statement here and this is actually bad news because more big companies denied bitcoin then the chance to bitcoin to more famous will decrease and it's true that they did it because high fees and volatility in the value of Bitcoin so this is apparently official statement from them and they will re-evaluate this conditions soon if this volatile makes sense for them but very unfortunate volatile will always be a part of bitcoin and it does happened again today that the price of bitcoin dropped rapidly

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January 16, 2018, 07:37:22 PM
 #13

Actually these rates are cutting off various btc alternatives in the real world but as quoted when LN arrives it will solve most problems and probably many people will stick to the currency.
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January 16, 2018, 07:38:53 PM
 #14

This is old, and you can still buy on Steam using your credit card pre-loaded with cryptos, that is what i have been doing for more than months, just load a card (like wirex, epayments or tenx) and then use it for paying on there.

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January 16, 2018, 08:57:02 PM
 #15

No problem, we have LITECOIN to fix it!
Nice answer and it is confirmed by reality. Always the Biggest and most powerful is under atac but in any scenario lite coin can change the rules.

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January 16, 2018, 09:43:54 PM
 #16

The timing is interesting.

Steam, microsoft and many others who previously accepted bitcoin dropped support for btc before this latest crash which could indicate it was planned and orchestrated on a large scale. The large majority of short orders across crypto futures exchanges could also indicate many knew this recent drop was coming months ahead of time.

I hope people realize bitcoin's price decline has nothing to do with it being a bubble. The price decline has other causes: high transfer fees, south korea and china proposing to ban crypto, DDoS attacks on places like bitconnect and so on. Bitcoin would appear to be under attack from a number of different avenues. Maybe its not too farfetched to say bankers are the ones pulling the strings, using their influence to attack bitcoin, which happens to be their biggest competition at the moment?

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January 16, 2018, 09:49:10 PM
 #17

Just a minor setback that STEAM dropped out.. But I believe BTC will increase it's value over the upcoming time and will even be more valuable then we have seen it. Smiley
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January 16, 2018, 09:54:45 PM
 #18

Just like Microsoft, right?  They both really should support coins like LTC and others
where you don't have to pay outrageous network fees.  This isn't surprising in the
least, because someone has to take a loss when transactions take 5 days to
complete.  It's not you or me, but payment processors who get bit in the ass.  They're
smart to bail out if you ask me.

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January 16, 2018, 10:48:52 PM
 #19

This unsupporting is only temporary because of the Lightning Network that will soon be put in motion. We just must be patient and wait for the final release. Right now many of the investors are backing off from the Bitcoin because the transactions are demanding high fees. Noone is pleased with the current situations and many of the traders are turning to the segwit addresses which aren't fully supported by all. I think that within the 3 months this problem with the fees will be solved and  many investors will try to buy Bitcoin again because the new transaction capabilities will for sure pump the Bitcoins price and popularity in the crypto market.

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January 16, 2018, 10:56:55 PM
 #20

I think one of the reason why bitcoin falling is due to high fees of transaction.
If bitcoin have small fees per transaction many people will be attracted to investbecause if they wanted to buy something in steam they can have more items rather than there bitcoins will go to fees of bitcoin.

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