Video Game Platform ‘Steam’ No Longer Accepts Bitcoin

Video Game Platform 'Steam' No Longer Accepts Bitcoin

Video Game Platform ‘Steam’ No Longer Accepts Bitcoin


Well, the price of the popular cryptocurrency Bitcoin has seen a massive growth this year. However, now according to the latest reports from reliable media sources, the digital distribution platform, Steam announced that it will stop accepting payments in bitcoin.


Video Game Platform ‘Steam’ No Longer Accepts Bitcoin

It is not by chance that so many people have been talking about the popular cryptocurrency, of course, Bitcoin. The cryptocurrency Bitcoin broke all historic records in 2017, and many people believe that it will not only continue this exponential rise, as one day it may replace the currency we have.

As recently, we reported that the bitcoin was over $16,000, and by the time I write that text, the CoinMarketCap, which does an average of quotations, shows that the cryptocurrency is already worth more than $16,800. On the day when we reported, the high came to almost $17 thousand.

What is Bitcoin?

We can refer in generic terms that it is a virtual currency created in 2009, based on the peer-to-peer (P2P) system. P2P is a system that does not provide for centralized authority to control currency or transactions, as with other currencies (for example, the INR. is controlled by the RBI). Instead, money creation and transfers are based on an open-source network in encrypted protocols that form the basis of Bitcoin’s security and freedom, making transactions instantaneous among users.

The invention of a mysterious computer guru, who referred to his pseudonym Satoshi Nakamoto, this coin is created by means of a very complex mathematical formula.

Because of this high volatility, in addition to high fees, Steam, a digital distribution platform developed by Valve Corporation, which offers digital rights management, multiplayer gaming, video streaming and social networking services, has announced that it will stop accepting payments in bitcoin.

According to the digital distribution platform, Steam, the well-known and popular crypto-currency Bitcoin has always been very volatile, but in recent months Bitcoin has lost 25% of its value in a matter of days. In the year, the virtual currency was 1500% more valuable and broke records in a matter of hours.

In addition, it may not seem like it, but the costs to operate with bitcoin have increased significantly this year. Steam explains that crypto-currency transaction fees have risen to as low as $20 from $0.20 that was charged when Valve began accepting bitcoins.

Because of this, games can cost a lot more money for cryptocurrencies, and because it is volatile, it may not be enough to cost the game a few hours or minutes later.

Steam further explains that it can not compensate for this difference by returning the money or charging again since the fee to operate with bitcoin has gone up so much. And yet, risks are not completely avoided.

To avoid these problems, the trend is for more companies to make similar decisions. For now, the tech giant Microsoft continues to accept bitcoin in the Windows and Xbox store, where the user can buy games, movies and applications; but you can not use cryptocurrency to pay for a Surface Book 2 in the Microsoft Store, for example.

So, what do you think about this? Simply share all your views and thoughts in the comment section below.

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