Microsoft joins Steam and stops accepting Bitcoin payments

[fabiofem]

Developers come together to solve the problem of slow transactions please and lower costs !!
https://www.reddit.com/r/Bitcoin/comments/7or2i6/microsoft_joins_steam_and_stops_accepting_bitcoin/

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[LisaOrange]

Paxful still accepts Steam Cards for Bitcoins... You can still trade with them

[player514]

Developers come together to solve the problem of slow transactions please and lower costs !!
https://www.reddit.com/r/Bitcoin/comments/7or2i6/microsoft_joins_steam_and_stops_accepting_bitcoin/

It makes sense that they've stopped accepting bitcoin. If these big companies are getting paid in bitcoin, and the bitcoin value is going down, they technically lose money on a product that they're trying to sell vs if they were to have sold using fiat. The conversion issues is a whole other story. I can't imagine that it's easy for the corporations to convert the currency into fiat for their own uses.

I understand why bitcoin makes a good payment option for peer to peer transactions in general. Large scale corporations though, I'm not too sure about.

[mirawantirinjana]

why microsoft prefer steam rather than bitcoin? is the transaction faster than bitcoin? or for security reasons?

[audaciousbeing]

Developers come together to solve the problem of slow transactions please and lower costs !!
https://www.reddit.com/r/Bitcoin/comments/7or2i6/microsoft_joins_steam_and_stops_accepting_bitcoin/

It makes sense that they've stopped accepting bitcoin. If these big companies are getting paid in bitcoin, and the bitcoin value is going down, they technically lose money on a product that they're trying to sell vs if they were to have sold using fiat. The conversion issues is a whole other story. I can't imagine that it's easy for the corporations to convert the currency into fiat for their own uses.

I understand why bitcoin makes a good payment option for peer to peer transactions in general. Large scale corporations though, I'm not too sure about.

Any company that would accept bitcoin or any other crypto currency are doing with one sole purpose that when the value increases then they make more money because they would have sold a particular commodity at a higher price than yesterday. Let us all forget the excuse they are giving about falling in line with the current technology or they want to tap into some markets. These companies are multi nationals that dont run after consumers again rather you run after them. If I need an Apple laptop, I am the one that would look for how I am going to convert my bitcoin to fiat that btc accepts not the other way round that that have to ensure they accepts btc for them to sell.

The moment this objective is not met as you have said, they are losing and they will stop but let things take shape, you just read a memo of them reviewing their policies and saying all sort of reasons why they are now accepting.

[drachman]

Developers come together to solve the problem of slow transactions please and lower costs !!
https://www.reddit.com/r/Bitcoin/comments/7or2i6/microsoft_joins_steam_and_stops_accepting_bitcoin/

It was only a matter of time, we know the fees are not cheap and things were even worse a few weeks back, but the developers already did their job, the solution was already created and it has been approved already in the previous year, segwit has been activated and the costs of segwit transactions are lower but still high, that is why the second part of the plan to reduce the fees the lightning network was devised, it is still not fully tested but we expect it is working in this year.

[BitHodler]

For those wondering, Microsoft corrected its 'mistake' and re-enabled Bitcoin payments. I don't really believe it was an actual mistake, because it's not the first time Microsoft stopped accepting Bitcoin temporarily.

It's the second time they have done so, and each time it was a mistake according to them. The only mistake was that they stopped accepting Bitcoin. After social media exploded, they quickly put the Bitcoin option back online again.

I don't even understand why they removed it in the first place. It's not that they lose anything if people don't use it to pay with Bitcoin. There are no monthly subscriptions nothing, so it doesn't make sense to ditch it.

[passwordnow]

For those wondering, Microsoft corrected its 'mistake' and re-enabled Bitcoin payments. I don't really believe it was an actual mistake, because it's not the first time Microsoft stopped accepting Bitcoin temporarily.

This is what I know too, they disabled bitcoin payments and  they reenabled it afterwards. Microsoft is playing on their part but with this I can't believe it.

why microsoft prefer steam rather than bitcoin? is the transaction faster than bitcoin? or for security reasons?

STEAM = gaming platform not a crypto. Do you think its steemit?

[mrcash02]

Developers come together to solve the problem of slow transactions please and lower costs !!
https://www.reddit.com/r/Bitcoin/comments/7or2i6/microsoft_joins_steam_and_stops_accepting_bitcoin/

It makes sense that they've stopped accepting bitcoin. If these big companies are getting paid in bitcoin, and the bitcoin value is going down, they technically lose money on a product that they're trying to sell vs if they were to have sold using fiat. The conversion issues is a whole other story. I can't imagine that it's easy for the corporations to convert the currency into fiat for their own uses.

I understand why bitcoin makes a good payment option for peer to peer transactions in general. Large scale corporations though, I'm not too sure about.

Yes. During a pending transaction, Bitcoin's price can oscillate too much in a way when the transaction finishes the company receives less money than they should for the game. So it's necessary to ask the buyer more money to finish the deal. It's an embarrassing situation... Furthermore the buyer would have to pay expensive fees twice this way... It ended not being a good deal for both parts.

But I think we don't need to worry about it, they have already said Bitcoin can start being accepted again in a future date. Solving the scalability issue, everything comes back to the normal again.

[batang_bitcoin]

Developers come together to solve the problem of slow transactions please and lower costs !!
https://www.reddit.com/r/Bitcoin/comments/7or2i6/microsoft_joins_steam_and_stops_accepting_bitcoin/

You should start reading the updates on that reddit thread.

Edit 5: I've seen enough anecdotal claims that personally I'm convinced that Microsoft has indeed ceased accepting Bitcoin as payment. Maybe they goofed up again, but I doubt it. Can't say I blame them, although this is the sort of thing that should come from an official source rather than a tabloid site.

Statement coming from a Microsoft representative written on this article Microsoft Starts Accepting Bitcoin Payments Again

[Sadlife]

This was expected and only a matter of time until these corporation's stop the support of bitcoin it make sense since the fees are insanely high and the price keeps falling down when bitcoin was at its peak and with it's continues price surge they've decided to make it as payment processor. Now that they've no more to gain they bail out. The whole losing money on products thing because the price is falling is just an excuse.

[drachman]

For those wondering, Microsoft corrected its 'mistake' and re-enabled Bitcoin payments. I don't really believe it was an actual mistake, because it's not the first time Microsoft stopped accepting Bitcoin temporarily.

It's the second time they have done so, and each time it was a mistake according to them. The only mistake was that they stopped accepting Bitcoin. After social media exploded, they quickly put the Bitcoin option back online again.

I don't even understand why they removed it in the first place. It's not that they lose anything if people don't use it to pay with Bitcoin. There are no monthly subscriptions nothing, so it doesn't make sense to ditch it.

At this point it is an issue of public relations and nothing more, after all how many people pay with bitcoin, I suppose very few if anyone, so they are probably losing money by maintaining that option open but they realize that if that option is not present they are going to receive a lot of criticism especially since Microsoft is one of the most recognized companies about technology around the world.

[BitHodler]

so they are probably losing money by maintaining that option open but they realize that if that option is not present they are going to receive a lot of criticism especially since Microsoft is one of the most recognized companies about technology around the world.

As I pointed out in my previous post, which you ignored for whatever reason, Microsoft doesn't lose anything if people aren't making use of Bitcoin as payment option. Their payment processor charges on a per transaction basis.

Meaning, if people don't end up using Bitcoin as payment option, there are no fees involved at all. It's not a credit card or a banking service where annual or monthly fees get charged.

They just ditched that option because at their level, the revenue it generates is just too insignificant. Even if they aren't losing anything by keeping that payment option active, they want to get rid of it anyway.

But of course, they reverted back after loads of rightfully justified criticism.