Valve President Explains Why They Removed Bitcoin As a Payment Method on Steam


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Recently, Gabe Newell, Co-Founder and President of video game company Valve Corporation, the developer of the software distribution platform Steam, explained why his firm had to stop accepting Bitcoin as a payment method on Steam.

Steam is “a video game digital distribution service by Valve” that was “launched as a standalone software client in September 2003 as a way for Valve to provide automatic updates for their games, and expanded to include games from third-party publishers.” It has “also expanded into an online web-based and mobile digital storefront.”

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According to a report by PC Game, “Bitcoin was introduced as a payment method on Steam in April 2016” and according to Valve, it was removed in December 2017 “due to the volatility of Bitcoin’s price and ‘a significant increase in the fees to process transactions on the Bitcoin network’.”

Last October, Valve has quietly updated its guidelines for game developers to include a new crypto-related rule. The “Onboarding” section of the Steamworks documentation had a new rule (#13) that stated games developers should not publish on Steam “applications built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs”.

According to a report by The Verge, this change was first pointed out on October 14 by the developer of an NFT-based game (“Age of Rust”), which he says was removed from the Steam platform because of this new rule.

Around two weeks, Wes Fenlon, a report for PC Gamer, asked the Valve President to share his thoughts on crypto.





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