Steam refuses to accept payments in bitcoin

They have persistent problems with the passage of crypto-transactions and the changing price
07 December 2017   510

The popular gamer online platform Steam reported the problems with crypto transactions and the unstable price of crypto currency, including bitcoin, as well as that it refuses crypto payments.

In range of cases, customers send moneys only to come up short due to the U.S. dollar conversion. If company would asked to send the  transaction to cover the difference, this user would have hit with another fee. That's why the bitcoin payment option has become "untenable" for Steam. But the company promising to continue working to resolve any pending issues for customers.

For example, transaction fees that are charged to the customer by the bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week (compared to roughly $0.20 when we initially enabled bitcoin). Unfortunately, Valve has no control over the amount of the fee. These fees result in unreasonably high costs for purchasing games when paying with bitcoin. The high transaction fees cause even greater problems when the value of bitcoin itself drops dramatically.


From the Steam’s statement

Also in the future Steam promised that it could move to accept the cryptocurrency again. It is noteworthy that after this announcement, BTG offered Steam to accept Bitcoin Gold instead of BTC as payment and promised that the commission for the transaction would be less than 0.01.

Twitter CEO: BTC to be Single Currency in Decade

Jack Dorsey has a strong belief in the future potential of bitcoin
22 March 2018   20

CEO Twitter Jack Dorsey believes that after 10 years bitcoin will bypass the importance of the US dollar and become the most relevant currency in the world, which will be used by billions of users around the world. The businessman said this in a commentary to the British edition of The Times.

The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.As more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable.

Jack Dorsey

CEO, Twitter

Despite the fact that at the moment the bitcoin continues to experience certain problems that, according to Dorsey, prevent him from becoming an "effective currency," further development of the protocol, he believes, will inevitably lead to necessary changes.

The last thought of Jack Dorsey, who is also the founder of the payment start-up Square, seems to refer to the Lightning Network technology - the second layer of bitcoin scaling, which allows for instant and exceptionally cheap microtransactions.