This is not good news for cryptocurrency supporters. Steam is one of the largest game distribution platforms which can inspire other systems based on electronic payments. Steam introduced the possibility of paying BitCoins in 2016. However, this option has not survived the test of time. The company issued statements about immediate cancellation of this form of payment.
BitCoin is not the only cryptocurrency. We also have other on the market, but they are much less popular. In practice, it boils down to the fact that when someone extracts or invests, for example, in Ethereum, the final transaction for which the actual product is obtained (e.g. a computer game) is carried out using previously purchased BitCoins. That is why the entire cryptocurrency market is sensitive to the volatile exchange rates of this single virtual currency.
Steam has given up BitCoin because it is a very unstable payment method.
The whole problem boils down to two factors. The first of them are commission fees incurred for transactions carried out in cryptocurrencies. In the case of BitCoin, in the last two years they have gone from 20 cents to 20 dollars, that is up to 100 times. The second problem is the variable BitCoin exchange rate, which additionally extends the duration of the transaction. The value of this cryptocurrency is guaranteed only for a certain time, then it changes. If the BitCoina course dropped before the order was made, the player had to cover the resulting difference by means of an additional transaction for which another fee is charged. Throughout all purchases on the Steam platform using BitCoins ceased to be profitable. Therefore, the website owners have decided to give up this form of payment. Valve points out that perhaps later, when the situation on the cryptocurrency market calms down, they will consider restoring it.