Steam suspends Bitcoin support due to high fees

Steam-Logo 610

Bitcoin has risen in value for years, but the increase in the past several months has been especially explosive.

Bitcoin's network is struggling to keep up with the number of transactions that are being processed, pushing up transaction fees as miners prioritize transactions which pay a higher fee.

In a statement, development studio Valve, which runs Steam, said "high fees and volatility" had driven it to stop accepting them.

Valve explained why surges like that can have an impact on purchases through Steam.

Valve notes that transaction fees have risen drastically throughout the year, and as we head into 2018, those fees are closing in on $20 per transaction. Those fees then have to be shouldered by gamers making purchases on Steam, and the total cost to consumers could be even higher if the value of bitcoin dips in the meantime.

"In the past few months we've seen an increase in the volatility in the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network", wrote Chinn.

More news: North Korean missile threat forced Singapore Airlines to reroute flights

The moment-by-moment shifts in value were a problem, Valve said, because of the narrow window customers had to complete a purchase using bitcoins.

For these reasons, Steam's post ends stating that "at this point, it has become untenable to support bitcoin as a payment option".

The PC-centric platform, which is owned by the developer Valve, made the announcement on Wednesday (6 December), the same day that the value of bitcoin spiked at an all-time high of more than £11,000.

When a Steam customer paid with Bitcoin, they would transfer a certain amount for the cost of the game and then another amount to cover the fee.

For example, transactions can often get bottlenecked, so some users have suggested expanding the network's capacity. "The amount it can change has been increasing recently to a point where it can be significantly different", the blog post reads. "The normal resolution for this is to either refund the original payment to the user or ask the user to transfer additional funds to cover the remaining balance".

Valve's decision comes as crypto-cash mining market NiceHash reported a "security breach" had meant hackers had accessed its Bitcoin wallet, which had contained about $60m in bitcoins. "We may re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date", the post adds.

Related News:

  • A New Tomb Raider Game To Be Revealed in 2018

    A New Tomb Raider Game To Be Revealed in 2018

    The official Facebook page announced the following message: " Square Enix is excited to share some big news with you next year". Take for example, the very first capital letter from each sentence in the statement and you get "Shadow" as a word.
    Trump will call on Saudi Arabia to end Yemen blockade

    Trump will call on Saudi Arabia to end Yemen blockade

    Photos and Videos of the brutal assassination went viral on social media, shortly after announcing his death by the rebel militia. Saudi Arabia, accusing Iran of backing the rebels, intervened in Yemen on behalf of the government the following year.
    Jimmy Smith suspended four games for PED violation

    Jimmy Smith suspended four games for PED violation

    But they got some bad news on cornerback Jimmy Smith , who is now out for the season with a torn Achilles. Smith would have lost $2 million if he hadn't restructured his deal in August.
  • Eating cheese every day may help to protect heart health

    Eating cheese every day may help to protect heart health

    It's possible that these results are at least slightly skewed, and this preliminary research is by no means a well-accepted fact. The relationship, however, was U-shaped rather than linear-meaning that higher quantities of cheese were not necessarily better.
    Lionel Messi Talks Newell's Old Boys 'Dream,' Argentina World Cup Hopes

    Lionel Messi Talks Newell's Old Boys 'Dream,' Argentina World Cup Hopes

    According to Marca , City also offered the 30-year-old a mouth-watering £850,000-a-week to reunite with former boss Pep Guardiola. Messi, speaking to TyC Sports , said: "If we do badly at the World Cup, we all have to disappear from the national team".
    JAL invests heavily in supersonic Boom

    JAL invests heavily in supersonic Boom

    The payoff for the investment is likely years away when Boom doesn't expect the first aircraft to enter service until 2023. The Franco-British jet traveled at twice the speed of sound, crossing the Atlantic in just three and a half hours.
  • American and Other Airlines To Ban Smart Bags

    American and Other Airlines To Ban Smart Bags

    If a fire starts there, the crew can use fire suppression bottles to fight it, "but you can only deploy them once". But the heydays of electronic luggage are at an end, at least for smart bags with built-in Lithium-Ion batteries.
    Flu shot predicted to be less effective this year

    Flu shot predicted to be less effective this year

    Children, pregnant women, and those 65 and older are at particular risk, as are those with chronic lung conditions. According to the department's reports , it was child who did not get their flu shot this year.
    Pope, UN, EU, others criticize Trump for recognizing Jerusalem as capital

    Pope, UN, EU, others criticize Trump for recognizing Jerusalem as capital

    Although the embassy move will take several years, Trump has directed the US State Department to "start the process". Former presidents Bill Clinton and George W.
  • Google pulls out Youtube from Amazon devices, spat turns ugly

    Google pulls out Youtube from Amazon devices, spat turns ugly

    Amazon did not immediately respond when asked if Apple TV will return to Amazon's online store now that it supports Amazon Prime. As the world's largest online retailer, it's no surprise that Google is so keen to be featured on Amazon's stock list.
    Russian Federation  'will not bar athletes' from Games

    Russian Federation 'will not bar athletes' from Games

    The IOC accused Russian Federation of systematic violations of anti-doping rules, particularly during the 2014 Sochi Olympics. The IOC has already stripped Russia of 11 medals from the Sochi Olympics and banned more than 20 Russian athletes for life.
    A First Look at

    A First Look at "X-Men: Dark Phoenix"

    The film opens with Charles Xavier landing the cover of TIME magazine and the X-Men are seen as national heroes. Notably, the announcement does not include Evan Peters , who played Quicksilver in the last two X-Men movies.


Most liked

Drake, Moana Top Apple Charts in 2017
Game of Thrones , The Walking Dead , The Big Bang Theory and Rick and Morty topped the iTunes TV charts this year. Snapchat's 2016 crown was snatched from them, but only just, by the popular Bitmooji app, which is owned by Snap.

Fallen Kingdom' Plot Details And Parody Video Raise Anticipation For The Trailer
And yes, it is indeed a nasty piece of work, with one of its signature traits being that it actually ate other dinosaurs. EW reports that the sequel to Jurassic World will see Bryce Dallas Howard having changed her tune from the first film.

Senate confirms Trump's pick to lead Department of Homeland Security
A Virginia native, Nielsen attended the University of Virginia School of Law after graduating from Georgetown. Democrats complained that Nielsen lacks the experience needed to run a major agency with 240,000 employees.

Volkswagen manager gets seven-year sentence for dieselgate role
Schmidt's lawyers argued that his role only heated up in 2015, years after others at VW hatched the scheme. Both the imprisonment and fine were at the top end of sentencing guidelines.

Tennessee Vols Hire Jeremy Pruitt To Replace Butch Jones
The Seminoles defense also led the nation in interceptions with 26, while they allowed the third fewest yards per game (248.2). Prior to his time in Tuscaloosa, Pruitt served as the defensive coordinator at Georgia (2014-15) and Florida State (2013).

3 dead in New Mexico high-school shooting
Aztec High School is in the Four Corners region and is near the Navajo Nation , an expansive native American territory. Kyle Lincoln from the San Juan County Sheriff Department are clearing the building and actively searching the school.

Smith-Schuster, Iloka suspended one game in Steelers-Bengals aftermath
Asked if that comment was related to Burfict, Brown said, "I ain't talking about nobody". Smith-Schuster will miss the Steelers' home game against Baltimore on Sunday night.

England could face Scotland at Euro 2020 if both qualify for finals
Bilbao and Dublin have been paired together in Group E and Munich and Budapest will host Group F games. UEFA also divided host cities into pairs, with each pair sharing matches in a given group.

Al Franken announces resignation from the Senate
Amy Klobuchar tweeted a response to the news on Wednesday afternoon: "Sexual harassment is unacceptable. Mark Dayton will pick a successor who will serve until a special election next year.

Storm Caroline will pose 'danger to life' with 90mph gusts
The Met Office has a yellow "be aware" warning in force from 00:05 GMT on Friday to 18:00 on Saturday. Snow and falling temperatures are also forecast for parts of Britain later in the week.

A new Portal game will launch this month-Bridge Constructor Portal
The adaptation of the Bridge Constructor physics puzzle series launches December 20 for Mac, Windows, Android and iOS. Console versions are set to follow in early 2018 according to the developer.

Amazon Prime Video now available on Apple TV
You can watch Amazon Prime Video at home or on the go by downloading it onto your Android or Apple device. Amazon stopped selling Apple TV and Google Chromecast on its website after a year of launching Fire TV.

Nintendo's Super Mario Bros jumps into China for first time
He said efforts to bring its new Nintendo Switch hybrid console to China continues independently of its partnership with Nvidia. Wii and Punch-out! will be remastered with 1080p visuals, looking better than they do on original hardware.

Texas Democrat Al Green plans to force impeachment vote in House
The House has to approve the articles of impeachment by a simple majority before they would move on to the Senate. Steny Hoyer , the second-ranking Democrat in the House, are both expected to vote to table the motion.

Back Up, Curse Of Osiris Released]
Where can I buy Destiny 2 and the Curse Of Osiris DLC? Destiny 2 is an online role-playing game with a lot to do and experience. Curse of Osiris continues your Guardian's journey with all-new story missions and adventures set in a new destination, Mercury.