Just under two years ago Valve adopted Bitcoin as a payment option on Steam. If you invested in Bitcoin a few months ago you most likely would have gotten a good few “free” games so to speak since Bitcoin’s value has just been rising. However, it looks like Valve decided the cryptocurrency is a bit too volatile and will stop accepting it. The decision to eliminate the option comes as a result of both the extremely high transaction fees charged by Bitcoin and instability in its value.
A Bitcoin transaction used to cost $0.20 when first implemented by Valve. Last week the transaction climbed to $20 per transaction, with sudden changes in the value of Bitcoin causing Valve to refund the excess or charge for the shortfall, thus incurring another transaction fee.
When it comes to cryptocurrency it’s hard to know what best practice is and if it is worth the investment. However, having a company as big as Valve drop Bitcoin as a payment option after two years is certainly not a good thing. Only time will tell if the Bitcoin bubble will eventually burst.
Source: PC Gamer