Steam Will No Longer Accept Bitcoin "Due to High Fees"
https://twitter.com/SteamDB/status/938459631449493504?s=17
As of today, Steam will no longer support Bitcoin as a payment method on our platform due to high fees and volatility in the value of Bitcoin.
shows how little mainstream people understand about bitcoin
essentially there are no set fees
https://bitcoinfees.21.co/
https://blockchain.info/charts/mempool-state-by-fee-level
you could pay $1 to send $100 and would only take a few hours
$1 is still too much for buying games, and "a few hours" is way too long to wait. There is no practical advantage to the merchant or purchaser using Bitcoin over other options at that price level. Further, even the median fee understates the cost, because the merchant will also have to pay to consolidate their own transactions. Steam also has to look forward, if Bitcoin has millions of users then median fees inevitably must rise. The "solutions" to this will require even more work on their side, and at this point why bother? So much effort and cost for so little gain.
$1 was only an example but currently for purchasing anything bitcoin is no good but due to consistent upward mobility is best store of value hands down and once lighting network is running will be able to handle millions of transactions a second with fees as low as 1 sat.
for a merchant to accept is very practical as bitcoin is continuously rising so they will get more value per sale.
why they need to consolidate? they could designate selling items to wallets and would provide clear inventory and audit at the same time.
Games are a ridiculous overpriced market anyways so not surprising they would try to cut costs,
currently best crypto for everday transactions is DASH and once next upgrade is complete will only take a few seconds and another upgrade coming in early 2018 will allow for more transactions than mastercard
Careful drinking the Blockstream koolaid. I've been hearing promises about Lightning for years. I don't trust them (but I don't trust Bitcoin "Gold" or "Cash" for that matter, either...)
I haven't heard about this but I'll look it up. Whatever currency ends up being best for payments will ultimately win in the long run I think. Right now Bitcoin Core is being pumped and propped by Tether printing, IMO.
Sounds like your taking too much FUD in your tea (´・ω・`)
lighting network isnt controlled or dictated by anyone but the buyers and sellers whoever runs nodes for payments will charge whatever fee they like and users will choose fee to use.
on recent upgrade
https://steemit.com/crypto/@isacoin/dash-partners-with-uphold-for-94-world-coverage-activates-2-mb-blocks
https://www.dash.org/2017/06/27/roadmap.html
TL;DR
Dash partners with exchange to offer on-boarding through FIAT, US bank transfer E.U SEPA and soon credit cards.
Mobile intergration for any mobile device to process Dash payments.
I disagree i think bitcoin will have most value as reserve for the rest as its strength of security and potential for utility is currently top,
On bitcoin being pumped i think is natural as is about to enter markets with 100 times the liquidity and is one of the hottest topics online in Tech Business Finance.
Also will give access to many mainstream investors who would have been interested but skeptical of using crypto exchanges or peer to peer purchases.
Developers Release Lightning Protocol 1.0; Perform Successful Interoperability Tests
https://bitcoinmagazine.com/articles/developers-release-lightning-protocol-10-perform-successful-interoperability-tests/
Smart businesses have already moved away from Bitcoin, it's not a practical currency for commerce.
Fine by me this is why people buy and store bitcoin and why its holds the value
Aww no! I haven't had the chance to buy with bitcoin there yet. Luckily I bought a couple of games for SBD here on Steemit :-)
Ooooo, i guess the war has officially begun. Steam is a rather large platform, losing the ability to pay with btc could easily spiral things downward.
Well i understand the inconvenience of bitcoin high fees and all that... Personally its frustrating how moving bitcoin is so expensive these days, and yet the price keeps skyrocketing to the moon...
But Steam" should not take such a hard stance in rejecting bitcoin payments...
Lets hear what other steemians have to say about this...
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Steam are running a business. They have to look out for their business first, if it is hurting it they have to stop accepting Bitcoin transactions.
Man, it is really disappointing Steam is no longer accepting BTC. The infrastructure does not support the price right now.
I understand that, however its a better business strategy, to leave bitcoin as a more costly payment alternative, while providing easier, faster and simpler payment methods... And leave it to their customers to decide if they will pay in bitcoins or other alternatives.
Leave the customers to decide which payment options they prefer, instead of turning their back on a leading cryptocoin altogether... Who knows how it may affect their bottomline in the long run?
Accepting Bitcoin incurs costs both on the merchant and the customer. Fees on consolidating transactions, customer support services and training etc. Leaving it to the customer would be ideal but those costs can't be ignored. They will be aware of their own costs better than you or I.
Is steem has its twitter account with steamDB just wanted to confirm.
Ok so it's completely diff than steem it's steam a gaming platform