Gaming platform Steam has ceased to accept bitcoin as a payment method due to significant fluctuations of its value and high commissions.
«In recent years, fees for transactions in the Bitcoin network has increased dramatically. In particular, the Commission rose sharply, reaching the last week $ 20 per transaction (compared to 20 cents, kotoryh we started accepting bitcoins). Unfortunately, Valve can not affect the cost of commissions. They lead to high costs if the user is paying with bitcoin. The high cost of commissions causes even more problems, is sharply reduced when the exchange rate of bitcoin,» reads the company blog.
Steam notes that the rate of bitcoin has always experienced significant fluctuations, but in the last few months they have reached an extreme that has become a problem for users. So, if you pay by bitcoins, the buyer transfers the desired amount in BTC plus a fee per transaction.
«The cost of bitcoin is guaranteed only for a certain period of time, so if in the allotted time, the transaction will not be performed for payment for the number of bitcoins can change. The last time the volume changes is impossible not to notice», – emphasized in Steam.
Then the company is forced to either return the original payment to the user or ask him to transfer additional funds to cover the difference, what the user again need to pay a Commission.
«The fee is now so high that we feel it is inappropriate as a refund and the request for the transfer of the shortage, which is exposed to the risk of neoplasia because you don’t know how to change the price of bitcoin during the time of the new operation,» emphasizes Steam.
The team claims that for this reason the use of bitcoin as a payment method is unreasonable, but agreed to reconsider this decision later if you think that bitcoin will be the appropriate choice for the company and for the Steam community.