While Bitcoin, everyone’s favorite digital cryptocurrency, has been in headlines recently for heights in value, it has never been known for stability. Turns out, retailers choosing to accept Bitcoin have been struggling with things like transaction fees. As a result, Steam has just opted to pull support entirely of Bitcoin, no longer accepting the currency at all.
In making this decision, Steam points quite specifically to the volatility of fees and timing involved with trading Bitcoin. According to Steam, Bitcoin is more unstable than ever, with value shifts sometimes changing 25% in a matter of days. The value of Bitcoin is also reflected in transaction fees, which started at roughly 20 cents when Steam started taking it, to as much as $20 now.
Since Bitcoin is so unstable, according to Steam, the value can and will change in the time it takes between a transaction to start and a transaction to clear through the Bitcoin network. That means that, by the time a Bitcoin transaction is cleared, the customer could end up being overcharged or Steam could end up under-charging. Steam generally addressed this with additionally invoicing or refunds, but value changes could happen during that process as well.
Steam says that for now, Bitcoin is “untenable,” but the company will continue to address pending issues with customers.