Steam to start accepting Bitcoin – report

Valve will soon implement Bitcoin as a form of currency on the Steam store.


The Steam storefront is going to start accepting Bitcoin payments in the near future. Initially reported by PCGamesN, Valve has revealed the move to developers on the Steam developer forums.

These forums are not accessible to the public, but a screenshot of Valve’s post has since appeared on Reddit. The company is using an “external payment provider” to process Bitcoin payments, according to the post.

“Bitcoin is becoming an increasingly popular online payment method in some countries, and we’re enabling a system that insulates partners from risk and volatility while still providing value to the end customer,” wrote Valve.

Customers who wish to use this option will be charged the price already set in their local currency. The mediator will then convert that amount into Bitcoin based on a daily exchange rate.

“So the user pays [the amount] in Bitcoin, and the [payment provider] pays [Valve] in traditional currency. At no time does Valve receive or hold Bitcoin,” continued the post.

According to Valve, this process removes the need for developers to keep track of Bitcoin prices, while

Read more ... source: TheBitcoinNews