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

Gamers can’t give with bitcoin on the gaming platform Steam.

Steam, which is owned by developer Valve Corporation, said in a blog content Wednesday that it could no longer support the virtual currency because of its “high service fees” and “volatility”.

“In the past few months we’ve seen a rise in the volatility in the worthiness of bitcoin and a significant increase in the service fees to process transactions about the bitcoin network,” Steam said.

All bitcoin transactions are recorded on an enormous decentralized record of transactions known as the blockchain.

To keep the network ticking, voluntary bitcoin “miners” have to work out complex mathematical answers to add a deal to the distributed ledger. In substitution for their ongoing protection of the network, miners happen to be paid transaction fees.

The average transaction fee currently costs $7, according to data from BitInfoCharts. And implies that miners have made more than $3 million dollars in transaction fees.

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