{"id":122525,"date":"2017-12-07T10:50:13","date_gmt":"2017-12-07T08:50:13","guid":{"rendered":"https:\/\/mygaming.co.za\/news\/?p=122525"},"modified":"2017-12-07T10:51:17","modified_gmt":"2017-12-07T08:51:17","slug":"steam-drops-support-for-bitcoin-payments","status":"publish","type":"post","link":"https:\/\/mygaming.co.za\/news\/pc\/122525-steam-drops-support-for-bitcoin-payments","title":{"rendered":"Steam drops support for Bitcoin payments"},"content":{"rendered":"<p><a href=\"https:\/\/steamcommunity.com\/games\/593110\/announcements\/detail\/1464096684955433613\" target=\"_blank\" rel=\"noopener\"><strong>Steam will no longer support Bitcoin<\/strong><\/a>\u00a0as a payment method due to high fees and volatility in its value.<\/p>\n<p>\u201cIn the past few months, we\u2019ve 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,\u201d said Steam.<\/p>\n<p>It said customer transaction fees have skyrocketed this year, topping out at close to $20 a transaction last week.<\/p>\n<p>This is in comparison to roughly $0.20 when Steam enabled Bitcoin payments.<\/p>\n<p>\u201cUnfortunately, Valve has no control over the amount of the fee. These fees result in unreasonably high costs for purchasing games when paying with Bitcoin.\u201d<\/p>\n<p>It said the high transaction fees cause problems when the value of Bitcoin drops dramatically \u2013 with the volatility of Bitcoin another concern.<\/p>\n<p>\u201cThe degree of volatility has become extreme in the last few months, losing as much as 25% in value over a period of days.\u201d<\/p>\n<p>This creates problems for customers purchasing games with Bitcoin.<\/p>\n<p>\u201cWe may re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date.\u201d<\/p>\n<h4><strong>Now read:\u00a0<a href=\"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/240572-bitcoin-futures-trading-set-to-launch.html\">Bitcoin futures trading set to launch<\/a><\/strong><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>Steam will no longer support Bitcoin\u00a0as a payment method due to high fees and volatility in its value.<\/p>\n","protected":false},"author":226,"featured_media":112553,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[3],"tags":[13160,85,17480],"class_list":["post-122525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pc","tag-bitcoin","tag-steam","tag-support"],"_links":{"self":[{"href":"https:\/\/mygaming.co.za\/news\/wp-json\/wp\/v2\/posts\/122525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mygaming.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mygaming.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mygaming.co.za\/news\/wp-json\/wp\/v2\/users\/226"}],"replies":[{"embeddable":true,"href":"https:\/\/mygaming.co.za\/news\/wp-json\/wp\/v2\/comments?post=122525"}],"version-history":[{"count":0,"href":"https:\/\/mygaming.co.za\/news\/wp-json\/wp\/v2\/posts\/122525\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mygaming.co.za\/news\/wp-json\/wp\/v2\/media\/112553"}],"wp:attachment":[{"href":"https:\/\/mygaming.co.za\/news\/wp-json\/wp\/v2\/media?parent=122525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mygaming.co.za\/news\/wp-json\/wp\/v2\/categories?post=122525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mygaming.co.za\/news\/wp-json\/wp\/v2\/tags?post=122525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}