Less than two years after adopting Bitcoin as a payment option on Steam, Valve has announced that it is dropping support for the virtual currency. The decision to eliminate the option comes as a result of both the extremely high transaction fees charged by Bitcoin, and recent, also-extremely-high levels of instability in its value.
„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. 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),“ Valve explained.
„These fees result in unreasonably high costs for purchasing games when paying with Bitcoin. The high transaction fees cause even greater problems when the value of Bitcoin itself drops dramatically.“
Bitcoin valuation has become a…