What if Steam accepted Bitcoin?

[Hyena]

So far new merchants adopting Bitcoin has not have very strong impact on the price. However, now that there are solid examples of known companies accepting Bitcoin there could be a real chance that Steam starts to feature it too, don't you think? For that reason, I created this support ticket today:
https://support.steampowered.com/view.php?ticketref=1948-TUPB-3999

In case the link does not work for others except myself, here's the content:


Now the question is, would this event be any more significant than for example Overstock accepting Bitcoin? To me it would be obviously more significant as I'm a video game developer and occasional player. But then again, it would be just another possibility to dump bitcoins as Valve probably converts them to dollars right away.

This is the customer service dialogue so far:

1 Message by you on Mon, 16th Jun 2014 5:51 am
When will you integrate Bitcoin payments? I can see Paypal and other parasitic middle men listed as payment methods you accept but no Bitcoin. I am tired of paying to other people so that they would gift me the game I want to play on Steam.

In case you did not know, services such as bitpay.com can handle bitcoin payments for you and your company will immediately receive the transferred value in dollars. This way I get to pay for your games with Bitcoin and you will still receive dollars.

Erich

2 Message by Support Tech Jax on Tue, 17th Jun 2014 11:11 am
Hello Erich,

Thank you for contacting Steam Support.

We accept the following forms of payment:

Credit/debit cards
Visa
MasterCard
Discover
American Express
JCB
PayPal
For more information on PayPal, please visit http://www.paypal.com/

ClickandBuy
For more information on ClickandBuy, please visit http://www.clickandbuy.com/

Visa Electron
Please contact your card issuer to ensure that your Visa Electron card is enabled for online purchases before attempting to purchase games on Steam.

Gift Cards
It is possible to order through Steam with a gift card from one of the credit card issuers listed above, however, we require that the address information and CVV2 information for the card be an exact match to the gift card or virtual card issuer's system.
We recommend that you inquire with the card issuer to ensure you have the correct address and CVV2 information to complete the transaction.

PaySafeCard
For more information on PaySafeCard, please visit http://www.paysafecard.com/
Please Note: PaySafeCard Junior cannot be used to purchase video games of any kind. If you are over 18, you may contact PaySafeCard and exchange your card for one without this restriction.

Carte Bleue
Please contact your card issuer to ensure that your Carte Bleue card is enabled for online purchases before attempting to purchase games on Steam.
For more information on Carte Bleue, please visit http://www.carte-bleue.com/

iDEAL
For more information on iDEAL, please visit http://www.ideal.nl/consument/

Sofortüberweisung
For more information on Sofortüberweisung, please visit https://www.payment-network.com/

WebMoney
For more information on WebMoney, please visit http://www.wmtransfer.com/

Skrill/Moneybookers
For more information on Moneybookers, please visit http://www.moneybookers.com/

Steam Wallet Codes
For more information on Steam Wallet Codes, please visit https://support.steampowered.com/kb_article.php?ref=1122-RTSC-0478#whatcodes


If you have any further questions, please let us know - we will be happy to assist you.

3 Message by you on Wed, 18th Jun 2014 3:56 am
I know what forms of payment you accept but that was not the question at all.

The question is: When will you integrate Bitcoin payments?

You might be interested in knowing what the Bitcoin community thinks about such a move:
https://bitcointalk.org/index.php?topic=654752.0

There are several good points brought out in the discussion, explaining why Steam would be a perfect use case for Bitcoin payments, outperforming all the others by the new possibilities it introduces to the gaming world.

For example, with Bitcoin it would be possible to make in-game purchases (unlock special abilities during the gaming session on demand). The latter IS NOT POSSIBLE with Paypal and others but Bitcoin supports it natively. In fact, it was one of the suggested main use cases for Bitcoin when it was created. Why is it so? Because Bitcoin transaction fees are so small that they are practically for free. With Bitcoin, one can make micro payments such as paying only 0.01 dollars worth of Bitcoins in order to unlock some special feature in the game and the transaction fee would be 0.001 dollars in that case.

Next time, please don't give me a copy-paste answer but instead make it plausible to assume that you have actually read what I have written. If you as a customer service worker feel incompetent to continue this discussion then please consider forwarding the issue to a higher level of your company's reasoning.

Erich

4 Message by Support Tech Jax on Thu, 19th Jun 2014 10:35 am
Hello Erich,

No information is currently available for this payment method.

Please refer to the Steam News section for the latest news and updates.

Steam News
http://store.steampowered.com/news/

Thank you for your interest.

5 Message by you on Fri, 20th Jun 2014 3:39 am
Will you forward this as a new feature request? Is it already in the queue?

Erich

6 Message by Support Tech Jax on Fri, 20th Jun 2014 3:37 pm
Hello Erich,

I will forward your comments onto the appropriate department.

Please note, if you wish to share an opinion, idea or suggestion, please visit the Steam for Mac section of the Forums, found here:

http://steamcommunity.com/discussions/forum/2/

This forum is regularly read by Valve's development team.

[Torque]

I think online gaming sites like Steam, GOG, and GameTap integrating bitcoin payment seems like a no-brainer and a win-win.  I predict it's just a matter of time before they will.

But a massive upward effect on the price?  I doubt it, as we've seen good news announcements don't really seem to move the market that much.

[criptix]

im 100% sure steam would be 10x as big as overstock.com accepting bitcoin.
steam+valve have a revenue of several billions per year and on top of that ~60+ million users (2013).
the userbase is also pretty much perfect for btc:
young, interested in pc-tech/internet, has money


but as far as i know steam/valve have no actual plans for accepting btc.

[An amorous cow-herder]

Several sites, e.g. Coingas, have been selling steam codes for BTC (and other cryptos) for ages.
What exactly would change if Valve would accept BTC directly? Pretty much nothing?...

[Hyena]

Several sites, e.g. Coingas, have been selling steam codes for BTC (and other cryptos) for ages.
What exactly would change if Valve would accept BTC directly? Pretty much nothing?...

To my understanding they lag behind. I have used such services in past and they did not have all the games listed and the waiting period was quite disturbing. I'd rather have Bitcoin supported directly because they already have like 12 payment methods so clearly there is no upper limit.

[Scott J]

Valve have an Economist-in-Residence - it might be worth getting in contact with him and seeing what he makes of Bitcoin.

Gabe is also known to reply to e-mails, but I'm sure he reads a load so make it creative 

[ArbatDeli]

Already many people buy/sell steam codes for BTC. Not sure how big an impact there would be. I wonder if there would be added sell pressure.

[blatchcorn]

Already many people buy/sell steam codes for BTC. Not sure how big an impact there would be. I wonder if there would be added sell pressure.

Typical bear response.

More merchant adoption is undeniably good

[Scott J]

Already many people buy/sell steam codes for BTC. Not sure how big an impact there would be. I wonder if there would be added sell pressure.

Typical bear response.

More merchant adoption is undeniably good

This.

Let's not forget that we want Bitcoin to be the go-to currency for online transactions - worrying about the sell pressure that comes from this becoming a reality just isn't logical.

[K128kevin2]

I don't think Steam accepting bitcoin would have a significant effect on bitcoin prices. The primary demographic of Steam is probably very close to the same demographic of people that use bitcoin. This means that they would probably earn a lot of money by doing it, but they wouldn't really draw in many new people to bitcoin. This is contrary to, for example, Overstock.com, whose demographic consists of a much wider audience than Steam's.

[ThatDGuy]

I don't think Steam accepting bitcoin would have a significant effect on bitcoin prices. The primary demographic of Steam is probably very close to the same demographic of people that use bitcoin. This means that they would probably earn a lot of money by doing it, but they wouldn't really draw in many new people to bitcoin. This is contrary to, for example, Overstock.com, whose demographic consists of a much wider audience than Steam's.

I disagree with the assessment of the Steam demographic.  I think the primary demographic lines up with -potential- users of Bitcoin, and those that are capable of using it in its current state.

However, of Steam users I know (and I am friends with probably 15, so this is largely anecdotal) none of them aside from myself have actually used Bitcoin for any sort of transaction.

Personally, Learning about Bitcoin was incredibly exciting, but I didn't become a real and true believer and user until I made my first few transactions and saw the simplicity of it.  I don't think BTC offers an immediately noticeable advantage over other payment methods for Steam right now, so while I'm not convinced adding it and using it would have the same effect on others that it had for me, I do think that actually using it is a crucial step towards individual acceptance.

[Hyena]

If steam accepted Bitcoin then many of the games they feature might also integrate Bitcoin payments individually. For example, you want to unlock some specific ability in the game and it will cost you bitcoins. Right now you pay for whole games and downloadable content but then you could choose to pay for even smaller scale aspects of the game. Seems like a perfect use case for Bitcoin.

[Don007]

If steam accepted Bitcoin then many of the games they feature might also integrate Bitcoin payments individually. For example, you want to unlock some specific ability in the game and it will cost you bitcoins. Right now you pay for whole games and downloadable content but then you could choose to pay for even smaller scale aspects of the game. Seems like a perfect use case for Bitcoin.

That would be great. I already use Bitcoin to buy Steam codes (from other people). It would be great that games will add "in-game payments" which can be paid with Bitcoin aswell as the game self can be bought with BTC. This will make it very easy to buy games and ingame stuff. 

It also has another advantage. When I was young my parents didn't want me to spend much money on games (and especially ingame content). They wouldn't have noticed if I used BTC instead of PayPal, which was linked to my bankaccount .   

[scarsbergholden]

If Steam accepted bitcoin.... well, that'd have to add some selling pressure to the market, eh (from people paying with BTC)? I'm sure the news would be a boost (more so if we are in the throws of a bull market), but I'm not sure it would have much long term effect.

[keithers]

I don't really play video games, but Steam seems like it would be one to seriously consider BTC since they were game changers in the gaming industry.  I actually would not be surprised at all if this comes soon.

[master-P]

I don't think this would have any effect on the price of BTC. Bitcoin goes up in value when fresh fiat buys into it. Why would people convert $10 or $20 to BTC just to buy a game, when they have a dozen other payment options on steam? It may be convenient for those who already hold bitcoin, but others won't have any incentive to make use of it.

[AuroraHF]

I think they'll be implementing Bitcoins very soon. Can't wait to spend my satoshis on games.

[scarsbergholden]

I think they'll be implementing Bitcoins very soon. Can't wait to spend my satoshis on games.

This is exactly what I meant by adding some selling pressure to the market. I'm just glad that Bitpay appears to do much of their selling either off exchange, or not immediately.

[J9901]

its only a matter of time my friend 

[An amorous cow-herder]

If steam accepted Bitcoin then many of the games they feature might also integrate Bitcoin payments individually. For example, you want to unlock some specific ability in the game and it will cost you bitcoins. Right now you pay for whole games and downloadable content but then you could choose to pay for even smaller scale aspects of the game. Seems like a perfect use case for Bitcoin.

Basicly thats one of the reasons Bitcoin was even invented (according to original papers).
However current payment schemes for block inclusion make micropayments below 1$ pretty unreasonable. If small micropayments are supposed to be the goal block size needs to be increased and fees reduced (probably to a percentage amount). But a percentage fee would make large transactions too expensive.
Choose your poison.