Valve’s Steam drops bitcoin support, cites high fees, volatility

Gabe Newell, right, co-founder of video game developer as well as distributor Valve.

Ethan Miller | Getty Images

Gabe Newell, right, co-founder of video game developer as well as distributor Valve.

Gamers can no longer pay with bitcoin on the gaming platform Steam.

Steam, which will be owned by developer Valve Corporation, said in a blog post Wednesday of which the idea could no longer support the virtual currency because of its “high fees” as well as “volatility”.

“inside past few months we’ve seen an increase inside volatility inside value of bitcoin as well as a significant increase inside fees to process transactions on the bitcoin network,” Steam said.

All bitcoin transactions are recorded on a huge decentralized record of transactions known as the blockchain.

To keep the network ticking, voluntary bitcoin “miners” have to work out complex mathematical solutions to add a transaction to the distributed ledger. In return for their ongoing maintenance of the network, miners are paid transaction fees.

The average transaction fee currently costs $7, according to data coming from BitInfoCharts. as well as Blockchain.info data shows of which miners have made more than $3 million dollars in transaction fees.

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