Needs to switch to ION!
Popular online gaming platform Steam is dropping its bitcoin payments feature, citing chronic problems with the cryptocurrency's transaction fees and volatile price.
It was in April 2016 that Steam, operated by game developer Valve, confirmed a long-rumored move by accepting bitcoin through a partnership with payment processing BitPay. At the time, the decision to take bitcoin was positioned as a way to serve emerging markets where payment options like credit cards may not be widely available.
Now, as of Dec. 6, the company will no longer accept payments in the cryptocurrency due to a mixture of high fees and volatility in the price of bitcoin. Specifically, the company pointed to elevated payment costs in recent months for its customers, who can use the Steam platform to purchase and play a variety of games.