This morning, Steam posted in their announcements forum that they are no longer supporting Bitcoin as a payment method on their game selling platform. They first started accepting Bitcoin back in 2016 – well before the Bitcoin and Bitcoin cash split. Citing issues with high transaction fees and the volatility of Bitcoin, Steam’s KURTIS said that ‘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).’
Steam will no longer accept Bitcoin payments
Since Valve has no control over the fee amounts, they have been incurring volatile and often exorbitant costs related to accepting Bitcoin as payment for games. Coupled with the fact that any bitcoin that they are in possession of could change drastically in value during drops, they’ve concluded that Bitcoin is not a viable method of payment for them to continue to support.
Historically, the price of Bitcoin has been somewhat volatile, but in the last few months that volatility has increased significantly, changing at times upward of 25% daily. Occasionally the value changes quickly enough that the customer is asked to make up the difference in price after the transaction has cleared, resulting in yet another transaction fee.
Steam has promised to re-evaluate the viability of using Bitcoin as a payment method in the future for the Steam Community and pledges to continue working to resolve any pending issues for customers who are currently impacted by market-related underpayments or transaction fees.