In a recent blog post Steam has announced that they will no longer be accepting Bitcoin as a viable payment option for purchases in the Steam store. In the blog post Steam cites Bitcoin’s high volatility (the cryptocurrency very frequently sees swings in the order of hundreds of dollars in mere minutes) and high transaction fees (as much as $20) as the reasons Bitcoin has been removed as a payment method.
At this point, it has become untenable to support Bitcoin as a payment option. We may re-evaluate whether Bitcoin makes sense for us and for the Steam community at a later date.
Could this effect Bitcoin’s positioning as virtual gold? Could we see more companies that accept Bitcoin start to pull the cryptocurrency as a means of payment? I guess only time will tell.