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Steam stops accepting payments in bitcoins

From BBC - December 7, 2017

Online game service Steam has stopped accepting payments made with the Bitcoin virtual currency.

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

It said that fees to process Bitcoin payments had "skyrocketed" in 2017, making the virtual currency much less attractive as an option.

It said it may re-evaluate Bitcoin as a payment possibility in the future.

Losing loop

In its statement, Valve said although Bitcoin had always been volatile, the rapid changes in value it had seen during the past few months had been "extreme".

Steam started accepting payments in bitcoins in April this year.

At that time, each Bitcoin was worth about $450 (335). Now, each coin is worth about $14,800.

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