Steam stops accepting Bitcoin payments

Online game service Steam has stopped to accept payments using the Bitcoin virtual currency.

In a statement, development studio Valve, who runs Steam, said: “high fees and volatility” was driven, to stop it, and accept it.

He said that the fees had to process Bitcoin payments, “exploded” in the year 2017, so that the virtual currency much less attractive as an option.

He said that it may be new, Bitcoin as a payment option in the future.Lose Loop

In its opinion, Valve said, even if Bitcoin has always been volatile, the rapid changes in the value that it had seen during the last few months, were “extreme”.

Steam payments in bitcoins accept started in April of this year.

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

The moment-to-moment shifts in the value of the goods to be a problem, Valve said, because of the narrow window, customers had to make a contract of purchase with bitcoins.

If a Bitcoin could change based transaction has been extended, the value of the coins to be transferred, “significantly”, it said.

In these cases, customers had further transfer of bitcoins to make the payment or get a refund. And either option would result in customers paying more in exchange fees, currently at about $20.

Some customers to add bitcoins, had even been caught a second time, as the value is changed again.

“This year, we have seen that increasing number of customers, in this state,” valve said.

Bitcoin continues to rise in value this week, and seems to break, the $15,000 barrier soon.

Valve’s decision comes as a crypto-cash mining market NiceHash reports of a “security breach” had meant hackers had accessed your Bitcoin wallet, which had contained about $60m in bitcoins.