By Luke Reilly Valve has confirmed that it will no longer support Bitcoin as a payment option on Steam. The decision is “due to high fees and volatility in the value of Bitcoin.”
“In the past few months we've seen an increase in the volatility in the value of Bitcoin and a significant increase in the fees to process transactions on the Bitcoin network,” the company explained in its post. “For example, 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).”
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