Steam refuses to accept payments in bitcoin

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

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.

US Government to sell seized BTC and BCH

Government attorneys from Utah to sell the 513.1490393 BTC and equal amount of BCH, that were seized during anti-drug operation in 2016
15 December

The U.S. authorities is planning to sell off confiscated bitcoins seized during an drug case that are now worth almost $10 million. This is reported by the CoinDesk. 

Government attorneys in Utah are now working to sell the 513.1490393 bitcoins (BTC), worth approximately $8.7 million at current prices. An almost equal number of bitcoin cash (BCH) will also be sold (512.9274588), with value near to $949,000.

The BTC and BCH have been transferred to a government wallet. Due to the volatile market for cryptocurrencies, the BTC and BCH risk losing value during the pendency of the forfeiture proceedings ... For these reasons, the United States seeks an interlocutory sale.

US Government court order


Cryptocurrencies will be sold and converted into US dollars using one or more commercial cryptocurrency exchanges in increments of 50 coins or less. Proceeds will be deposited into the Treasury Forfeiture Fund Suspense account.

Dale Kimball, U.S. district judge, approved the sale of confiscated cryptocurrencies on Dec. 12 after the prosecutors in the case filed a request for the sale on the same day.

The drug crime case involves a Aaron Shamo, who was charged with running a multimillion-dollar opioid drug ring out of a Salt Lake City suburb in Nov. 2016. It was one of the largest busts of this kind in the country.