Latest in Gear

Image credit: Getty Images

Steam no longer accepts bitcoin for game purchases

It's too unstable and costly.
430 Shares
Share
Tweet
Share
Save

Sponsored Links

Getty Images

Have you been stockpiling bitcoin to go on a Steam shopping spree? You'll need to change your plans. Valve has stopped accepting bitcoin due to a combination of high transaction costs (up from 20 cents in the beginning to $20) and "volatility" in the cryptocurrency's value. While the virtual cash has never been especially stable, its worth has taken a roller coaster ride over the past few months. Its value has been skyrocketing lately (one bitcoin is worth $13,300 US as of this writing), but it has also crashed hard -- Valve cited a 25 percent drop "over a period of days" as an example. That fluctuation creates a huge problem if you make a purchase and it doesn't complete before the usual bitcoin price guarantee elapses, as you may have to pay an outstanding balance and a second transaction fee.

Valve isn't completely ruling out a return to bitcoin in the future, although it's clear that won't happen unless bitcoin settles down. There's no mention of opening the door to Ethereum and other digital currencies, either. And no matter what, this underscores a very real problem for cryptocurrency no matter the format. Retailers need predictable costs and payments to run their businesses, and they may be loathe to support technology like bitcoin if it leads to unpaid debts and unhappy customers.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
430 Shares
Share
Tweet
Share
Save

Popular on Engadget

Engadget's Guide to Privacy

Engadget's Guide to Privacy

View
iPad Pro leak suggests tablet photography just won’t die

iPad Pro leak suggests tablet photography just won’t die

View
Apple's latest AirPods and wireless charging case are $30 off on Amazon

Apple's latest AirPods and wireless charging case are $30 off on Amazon

View
Google Fi now offers an unlimited plan

Google Fi now offers an unlimited plan

View
Get a glimpse of SpaceX's orbital Starship prototype under construction

Get a glimpse of SpaceX's orbital Starship prototype under construction

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr