Valve made a decision to suspend the use of bitcoin as a payment method for its PC gaming platform Steam. The company said that it will no longer accept the cryptocurrency as a payment due to “volatility and high fees”.
Commenting on the “high fees,” the company stated the fees charged for customers rose from 20 cents at the beginning to $20 at present. Though Valve has no control over the fees, it is unhappy with customers paying more over a period of time.
Commenting on the volatility of value, which reached over $15,000, the company outlined that the exponential rise is problematic. The price of bitcoin is assured for a certain period of time.
Valve said, “So if the transaction doesn’t complete within that window of time, then the amount of Bitcoin needed to cover the transaction can change. The amount it can change has been increasing recently to a point where it can be significantly different.”
Some financial experts believe bitcoin is a bubble and would burst in the future. Few executives and economists are calling it the biggest bubble and huge risk to invest. On the other hand, some of the experts opined that bitcoin’s value would reach $40,000 by the end of 2018.
Valve added that it has become impossible to support bitcoin as a payment method for now. The company may analyze bitcoin again in the future, and determine if it will be favorable for it and the Steam community.
The company decided it would either refund the payment or charge more fees to cover the remaining payment.