Steam stopped accepting bitcoin cause of its 25% loss in value

>Steam stopped accepting bitcoin cause of its 25% loss in value

cryptofags btfo

they stoped support because of the fees you mong

They literally cited the "volatility" of the currency.

yes and the problems is still the fees because the value would change and suddenly the user has to pay the fees again or steam has to pay fees because of a refund

currency risk is a real thing and I'd say a company like valve has some idea of how to manage it.

The fees really are a problem though.

Steam exchanges it for cash instantly so volatility is a non issue. Fees and the fact that people prefer hoarding bitcoin rather than spending it.

Bitcoin started pretty well but it's become an absolute shit currency, bitcoin isn't actually used by anyone it's just a bunch of speculators jerking each other off.

>buy game
>That'll be 60 bucks plus tip (20 bucks)

I don't think anyone would accept it

>currency
It's not a currency anymore. I think this is very sad. I really don't like that it's turned into some kind of digital gold. Comparing it to tulips isn't unreasonable. The only thing Bitcoin's got left is a limited supply and predictability of new supply.

I bought some Christmas presents for my nieces this month with Bitcoin. The astronomical fees don't matter that much if you have a bunch of BTC from years and years ago and you're buying a few iPhones for your nieces, it's not that big of a deal. But that's basically the price-point where the fees don't matter as much. Accepting Bitcoin makes absolutely zero sense for steam or anyone else who's not selling $1k+ items.

Just to remind you of a factor that many forget and quite a few people who unrealistically defend Bitcoin's sky-rocketing fees forget: Bitcoin's fees are based on transaction size in bytes - not the amount. What this means for someone like Steam is that if they sell a bunch of games for say 0.02 BTC each and they want to cash out when they have 1 BTC in total then the transaction fee for that 1 BTC will be GIGANTIC because it would have 50 different inputs and one output. You wouldn't know or notice if you withdraw 1 BTC from an exchange and later send someone 1 BTC. But if you're accepting minor amounts of BTC regularly then you'll quickly realize that it's extremely expensive to move or spend it.

Wrong, they stopped accepting bitcoin because the value skyrocketed, so with just a fraction of bitcoins you could buy loads of games and the transactoin fees would be too high for valve get any decent profit over it.

They literally cited the fees increasing from 20 cents to 20 dollars in the time they've been accepting it.

I was so hopeful bitcoin could be a real international currency but it was not to be.

kys nocoiner

>graph y axis: cost to send 1 transaction in USD

I personally more than quadrupled money that "invested" since summer. So I don't care much about fees at this point. I'm not planning to waste it on some shitty games.

>I don't care that the thing I'm "investing" in has no fundamentals because I got lucky

>graph y axis: cost to send 1 transaction in USD that also pays for itself if you keep BTC in your wallet for enough time

>25% loss in value
It's the fees that made them stop accepting it, you retarded primate.

>says the retard with .000001 bitcoin
sent :^)

send yourself out of window.
stay salty.

and then it went back up..

>using bitcoin
that's the problem you get. what are the fees now like $75 per fucking transfer

no thx
long live monero

Where do I cash my bitcoins out at?

>monero

There are lots of methods....but it highly depends on country you live in.
I heard that people in usa use coinbase.

but you should not cash out now.
fork (free money) incoming. just don't be stupid and never input your private key to some site :-D or shady unofficial program

>stability through obscurity
There is only one Bitcoin and he does not share power.

They used a 3rd party service to pay them. Steam never touched BTC themselves. They stopped taking it because nobody was using BTC to buy shit. Only a retard would pay $70 dollars in fees to buy a $19.99 game.

Modern BTC is used for large transactions only. You don't buy a $5 dollar hamburger and pay $70 USD in fees. You put $10,000 USD on a prepaid credit card, pay a single transaction fee, then use the credit card for multiple small purchases.

Monero is best coin, buddy.

>I really don't like that it's turned into some kind of digital gold.
um, it was *always* "digital gold"? or at least, it was always meant to be that way. Right from the start, Satoshi made it clear it was going to be a gold-like deflationary asset, leading to much of the effects we're seeing now. I don't know where this meme of wanting bitcoin to act like inflationary cash came from, but it's a bit silly considering it was always going to end up this way right from the get-go.

what did buttcoiners mean by this?

>lost USB stick with 2 BTC on it eons ago

>He doesn't buy kids and guns off internet black markets with Monero

Omae wa mou pathetic.