Buying games with cryptocurrency

[Czech]

I understand in the past that Steam used to allow purchases with BTC, but Valve decided to remove this feature due to extremely high fees. Since then Bitcoin was successfully forked to create BCH which is a chain that is committed to low transaction fees, safe 0-confirmations transactions, and big blocks in order to become a world-wide currency for daily transactions.

Would Valve be so kind as to allow purchases with BCH (Bitcoin Cash) on this platform?

[Start_Running]

It wasn't the fees. It was the inherent volatility in crypto as a whole. when you have wild value fluctuations, it makes it a poor choice fior stable business.

[Czech]

Were they not using a service to instantly convert incoming cryptocurrency into USD or equivalent fiat? If not, they should have been.

According to this blog post ( https://steamcommunity.com/games/593110/announcements/detail/1464096684955433613 ) volatility is referring to the unreliable nature of BTC to confirm transactions coupled with high fees. Unlike BTC, with BCH transactions are almost always guaranteed to be in the next block with extremely low fees. The concerns in that blog post are addressed by Bitcoin Cash.

In addition, BCH performs exceptionally well on-chain, so there is no need to adopt second-layer solutions.

[Count_Dandyman]

โพสต์ดั้งเดิมโดย Czech:

Were they not using a service to instantly convert incoming cryptocurrency into USD or equivalent fiat? If not, they should have been.

According to this blog post ( https://steamcommunity.com/games/593110/announcements/detail/1464096684955433613 ) volatility is referring to the unreliable nature of BTC to confirm transactions coupled with high fees. Unlike BTC, with BCH transactions are almost always guaranteed to be in the next block with extremely low fees. The concerns in that blog post are addressed by Bitcoin Cash.

In addition, BCH performs exceptionally well on-chain, so there is no need to adopt second-layer solutions.

And there is no reason for them to take the risks and fees on using a 3rd party to do the conversions when they can simply refuse the unstable play money and let the people that want to buy things convert it into real money instead.

[Czech]

I must let my suggestion stand. I would hope Valve reconsiders their previous statement at this time.

[wuddih]

Potatoes would be a better payment method.

[Nx Machina]

Read why crypto is not a good option.

https://masterthecrypto.com/crypto-volatility-important-cryptocurrency-market/

[Czech]

Thank you for the information, but purchasing games with BCH would still benefit me. I understand if Valve does not want to do it and that would be something I cannot control. I like my suggestion.

[Nx Machina]

โพสต์ดั้งเดิมโดย Czech:

Thank you for the information, but purchasing games with BCH would still benefit me. I understand if Valve does not want to do it and that would be something I cannot control. I like my suggestion.

Every time one of these threads comes up it is either trying to sell the idea of crypto via a sales pitch or it is a benefit to the OP. Benefiting you is not how any business operates.

The current system uses stable currencies which benefits their business. Crypto is too volatile to be viable and needs to be stable to make it viable.

Ask yourself this question, what if the company you worked for paid you in crypto but each week or month your income varied where you could not pay your bills, pay your rent etc, would you then still favour crypto. Why then would Valve or their business partners accept it as a payment method.

[nullable]

โพสต์ดั้งเดิมโดย Czech:

Were they not using a service to instantly convert incoming cryptocurrency into USD or equivalent fiat? If not, they should have been.

If that's so trivial, one question. Why don't you just do that and buy games in cash? If it's inconvenient and problematic for you, how would it not be for Valve?

โพสต์ดั้งเดิมโดย Czech:

Thank you for the information, but purchasing games with BCH would still benefit me. I understand if Valve does not want to do it and that would be something I cannot control. I like my suggestion.

Everyone has the crypto currency they think is better/best and think Valve should support it. Maybe in the future, but it's still the wild west and Valve already lived in Dodge City for like 20 months and not that much has really changed. BCH might be a little different than BTC it just doesn't address all the issues that make crypto unattractive to a lot of businesses still.

In the span of the last 4 days BCH has fluctuated $150 in value. That volatility is fun for people invested in the currency I guess. Maybe not for everyone else though. There's value in stability. A lot of businesses are going to be "call us up when it's stable".

[Yzal]

โพสต์ดั้งเดิมโดย wuddih:

Potatoes would be a better payment method.

[Radene]

โพสต์ดั้งเดิมโดย wuddih:

Potatoes would be a better payment method.

That's my line!

...thank you for delivering it while I was not around.

[Aachen]

โพสต์ดั้งเดิมโดย Radene:

That's my line!

...thank you for delivering it while I was not around.

I truly was surprised you didn’t happen along to deliver it sooner.

[Czech]

Good points, and great discussion topics!

โพสต์ดั้งเดิมโดย Nx Machina:

Ask yourself this question, what if the company you worked for paid you in crypto but each week or month your income varied where you could not pay your bills, pay your rent etc, would you then still favour crypto.

I would love to live to the day where cryptocurrency replaces fiat and income is no longer varied in the way you're describing due to it no longer being compared to fiat. Unfortunately few employers offer this option of remuneration today; not even my own does.

โพสต์ดั้งเดิมโดย Snakub Plissken:

If that's so trivial, one question. Why don't you just do that and buy games in cash? If it's inconvenient and problematic for you, how would it not be for Valve?

I currently convert to fiat to buy games today, but adoption in the long-term is a far better way to benefit the majority of people in the world. It is neither inconvenient nor problematic to do this conversion, but having more payment options would make the process simpler.

[Start_Running]

โพสต์ดั้งเดิมโดย Snakub Plissken:

โพสต์ดั้งเดิมโดย Czech:

Were they not using a service to instantly convert incoming cryptocurrency into USD or equivalent fiat? If not, they should have been.

If that's so trivial, one question. Why don't you just do that and buy games in cash? If it's inconvenient and problematic for you, how would it not be for Valve?

This is the unspoken paradox. If crypto is so great and easy to convert to real money, then there shoud be no shortage of people or banks wiling to forward you money for your crypto....right?...right?

[Czech]

โพสต์ดั้งเดิมโดย Start_Running:

If crypto is so great and easy to convert to real money, then there shoud be no shortage of people or banks wiling to forward you money for your crypto....right?...right?

Correct, there is no shortage at the moment of entities willing to give you fiat for BCH.