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What should be here ?
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Could it be due to how it calculates value on each title, especially one's on sale ? Seeing "0.0000000001" Bitcoin may not be comfortable.
 

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I bought a game through steam using btc to test out spending it. The game was $30. By rough estimates that $30 game has now cost me $120.
 

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Iconoclast
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Quote:
Originally Posted by Mand12 View Post

This is my not-shocked face. Cryptocurrency is pure bubble.
The reason for ceasing to accept Bitcoin is because of the massive increase in transaction costs and verification times.

It's not that Bitcoin, or cryptocurrencies in general, are bubbles (debatable for the former, obviously not for the technology as a whole), it's that Bitcoin is currently ill suited to spontaneous, low-value, transactions.
Quote:
Originally Posted by Chargeit View Post

I bought a game through steam using btc to test out spending it. The game was $30. By rough estimates that $30 game has now cost me $120.
My wife has a 700,000 dollar Kindle fire.

Yep, I bought it for her with BTC when BTC was sub-two-dollars each.
 
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Quote:
Originally Posted by Blameless View Post

The reason for ceasing to accept Bitcoin is because of the massive increase in transaction costs and verification times.
Quote:
For example, transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week
Can anyone confirm this claim? Just purchased some goods from PPCs on Sunday night and fee was only 4.62 which the OCN promo code
smile.gif
took care of nicely, and confirmation was within minutes.)
 

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Iconoclast
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BTC transaction fee cost isn't fixed.

Transactions are processed in order of the fee voluntarily paid. Each block holds about 2k transactions, so if you want your transaction processed in a reasonable period of time, the fee has to be quite high, on average. Higher the volume of transactions at a given moment, the higher average fee prices will be.

Way back when I used to be able to get away with paying no fee at all, because the blocks rarely even filled up. If I tried to pay a zero fee today, chances are the BTC would be stuck in limbo until hell froze over.
 

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Quote:
Originally Posted by Blameless View Post

The reason for ceasing to accept Bitcoin is because of the massive increase in transaction costs and verification times.

It's not that Bitcoin, or cryptocurrencies in general, are bubbles (debatable for the former, obviously not for the technology as a whole), it's that Bitcoin is currently ill suited to spontaneous, low-value, transactions.
My wife has a 700,000 dollar Kindle fire.

Yep, I bought it for her with BTC when BTC was sub-two-dollars each.
Ouch.
 

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Overclocker
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BTC... not surprised in the least, a centralized expensive to use crypto with wasteful proof of work.

Just refund that Kindle where you bought it
wink.gif
But then the price was probably set in USD etc. not in BTC so you would never get the BTC back even if they did a refund as no sensible shop will set prices in crypto at all, too unstable to be used.
 

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Nothing to do with them thinking it's a bubble. The average transaction fee isn't worth it for the average price of games. Cryptocurrencies are here to stay, but Bitcoin is not going to be the one that will be used as an everyday currency. Also, anyone spending Bitcoin and not immediately buying it back is likely going to be losing money for a very long time.
 

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Iconoclast
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Quote:
Originally Posted by JackCY View Post

BTC... not surprised in the least, a centralized expensive to use crypto with wasteful proof of work.

Just refund that Kindle where you bought it
wink.gif
But then the price was probably set in USD etc. not in BTC so you would never get the BTC back even if they did a refund as no sensible shop will set prices in crypto at all, too unstable to be used.
Plenty of sensible shops take BTC, but they all go through exchanges, with prices in whatever local currency is being used on the fly. Again, the problem here is with the climbing transaction times...price quotes are out of date by the time the transaction goes through. BTC sorta worked for these transactions when it wasn't so big, but it really wasn't designed with this sort of volume in mind.

Regardless, the Kindle it's more than five years old at this point...it's not even in warranty, let alone able to be refunded.
 

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I don't see how something whose price fluctuates so much can be used for general commerce. There needs to be some stability in value in order for cryptos to truly be used as currency.
 

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Quote:
Originally Posted by Blameless View Post

The reason for ceasing to accept Bitcoin is because of the massive increase in transaction costs and verification times.

It's not that Bitcoin, or cryptocurrencies in general, are bubbles (debatable for the former, obviously not for the technology as a whole), it's that Bitcoin is currently ill suited to spontaneous, low-value, transactions.
My wife has a 700,000 dollar Kindle fire.

Yep, I bought it for her with BTC when BTC was sub-two-dollars each.
I ate a $58,000 pizza back in 2012. It was okay.
 

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Yes, it will stabilize in time, along with other coins and tokens. This is just what early markets look like. Imagine how much money Steam has made in Bitcoin since they first started accepting.
 

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Love how the main complaint is the fees... if you use a wallet where you can set the fees it's cheaper than using credit card or PayPal because you can set a 30 cent fee on a $100 game, granted the network needs to accept it but you get the point, Bitcoin fees can be cheap if you do them manually.

It is funny though how Bitcoin skyrockets and now Steam says it's a bad currency for them, guess they cashed out and got a nice chunk of cash
rolleyes.gif
.
 

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Iconoclast
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Quote:
Originally Posted by Aussiejuggalo View Post

Love how the main complaint is the fees... if you use a wallet where you can set the fees it's cheaper than using credit card or PayPal because you can set a 30 cent fee on a $100 game, granted the network needs to accept it but you get the point, Bitcoin fees can be cheap if you do them manually.

It is funny though how Bitcoin skyrockets and now Steam says it's a bad currency for them, guess they cashed out and got a nice chunk of cash
rolleyes.gif
.
Currently, a 30 cent fee will mean a very long confirmation time.

Also, Valve never held BTC. They used Bitpay as an exchange to convert it on the fly.
 

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It only makes sense that they are migrating from internet gold over to what they call internet silver (speculation).. To be honest there are a lot of other vessels for transferring payment out there that they are probably experimenting with.

ps. people who have held bitcoin for a while probably realize that its going to be a store of value more so than the crypto that is used for daily transactions.
 

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Quote:
Originally Posted by umeng2002 View Post

Federal Government got to them. That's the real reason.
bingo.
 
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