Steam To Begin Accepting Bitcoin For All Purchases Including the HTC Vive

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You would have to have been living under a rock for the last couple of years if you haven’t at least heard of the word ‘Bitcoin’ yet. The cryptocurrency has been gaining traction among tech geeks and now seemingly some mainstream retail outlets as a means for cheap financial transactions. Well, today yet another mainstream online store, Steam, has unofficially announced that they would soon begin accepting the currency for all purchases, including that of popular virtual reality games, the HTC Vive headset, Steam controller and much more.

In a private Steamworks development forum post earlier today, forum user Kurtis made the announcement which read as follows:

“We are excited to announce that Steam is going to start accepting payments via bitcoin. We’re using an external payment provider to process bitcoin payments to help partners reach more customers on Steam. 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.

You do not need to take any action. If customers choose to pay via bitcoin, they’ll still be charged the price already set in the local currency. Here’s how it works:

– The user is charged the local currency price on Steam given their region (eg. £29.99)>
– The payment processor converts that £29.99 amount into bitcoin based on a daily exchange rate – so the user pays them in bitcoin, and the processor pays us in traditional currency. At no time does Valve receive or hold bitcoin.
– There is no need to set a bitcoin price or keep track of bitcoin valuation. The purchase price of your product does not change.

We’re looking forward to the update, and we think it makes Steam an even better place to buy and play games. If you have questions or concerns, let us know.”

While this is big news for the Bitcoin community, who constantly seeks mainstream adoption of the relatively anonymous cryptocurrency, it also could drive even more business to Steam, as the Bitcoin community is tightly knit and usually goes out of their way to support companyies who readily accept the currency. For those who use Bitcoin, this is definitely yet another move in the right direction, and for Steam they likely made a decision that will bring in many new customers.

Bitcoin’s price has risen significantly over the last 48 hours, of which a portion of this rise likely has to do with this news which began leaking a few hours ago. Let us know your thoughts on Steam’s decision to accept Bitcoin in the Steam / Bitcoin forum on VRTalk.com

  • Dr_I_Needtob_Athe

    This unnamed “payment processor” could be a problem. If the customer has no choice in who this processor is, and Steam washes their hands of the matter, then nothing prevents the processor from charging exaggerated exchange rates and excessive service charges.

    Steam: “That don’t confront me, Long as I get my money next Friday” (from One Scotch, One Bourbon, One Beer, sung by George Thorogood)