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Steam stops accepting Bitcoins for payments, citing high fees and volatility

Due to volatility/instability and high fees involving transactions

If you’re not living under the rock, perhaps you already know about Bitcoin and how it makes noise nowadays due to its rising value (in this time of writing, 1 BTC = ~$14,000).

And probably you are now regretting that you didn’t invest on its earlier days, so much because Bitcoin was that cheaper before compared to nowadays.

On a blog post, Valve made the announcement citing ‘significant increase in the fees to process transactions on the Bitcoin network,‘ topping out at close to $20 a transaction last week (compared to roughly $0.20 when Bitcoin was initially enabled).

Valve also cited that Bitcoin’s degree of volatility has become extreme in the last few months, losing as much as 25% in value over a period of days

“The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically.” – Valve

Valve began accepting Bitcoin on its Steam service in 2016 to accommodate international users who might not have access to traditional payment options.

What do you think of this move by Valve? Should they return Bitcoin as a payment medium? Let us know in the comments section below!

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Written by Bryan Snow

Bryan Snow

Editor-in-Cheap of SnowTechStuff. Currently studying at Polytechnic University of the Philippines – Manila as a Computer Science student.

Loves to mingle and write about tech, tho when he’s not working, he’s watching K-Dramas, or videos on YouTube. And he’s always on a budget.

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