Steam no longer accepting Bitcoin

Lot's of online retailers now accept Bitcoin but already is seems like some are starting to question how good of an idea that is with Steam being the first to pull the plug on using Bitcoin for payment. Citing high fees and volatility, Steam has removed Bitcoin as a payment option. With the sharp fluctuations in the price over the last couple months I'm really not too surprised that vendors are getting concerned with accepting Bitcoin as payment only to see the value drop sharply in a matter of seconds. The Verge has the story.

Steam is no longer accepting bitcoin as a payment method, game company and distributor Valve announced today. The company is attributing its decision to cryptocurrency’s “high fees and volatility.” In a blog post, Valve explained that bitcoin transaction fees have gone up to nearly $20 per transaction last week, “compared to roughly $0.20 when we initially enabled Bitcoin.” Those fees then have to be shouldered by gamers making purchases on Steam, and the total cost to consumers could be even higher if the value of bitcoin dips in the meantime.