The co-founder of “Steam” explains the reason for stopping the acceptance of Bitcoin as a payment method!


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Gib Newell, co-founder and head of video game distribution platform Steam, spoke about why the company has stopped accepting bitcoin payments.

Newell revealed that 50% of Bitcoin transactions on Steam were fraudulent.

Which played a big role in the decision to stop Steam for bitcoin payments in December 2017.

Newell was speaking to a representative from PCGamer, and when asked about crypto payments, he said that 50% of the transactions were fraudulent and that these were customers we didn’t want.

He said volatility is another problem, as it means users are either overpaying or overpaying for games.

This has been noted to be a problem for merchants, although a recent Crypto.com report indicates a growing interest in crypto among merchants.

However, Newell was not completely against blockchain and crypto technology.

Instead, he believed that there was still a lack of convincing use cases for crypto technology, in other words, as he explained, blockchain is a solution looking for a problem, and he stated about this by saying:

There are a lot of really interesting technologies in the blockchain and knowing how it works, but I think people haven’t figured out why the blockchain is really needed.

Steam is not interested in “NFT” either:

Earlier this year, reports surfaced that Steam would not allow NFT to be used on its platform.

NFT has been very controversial in the gaming space, despite the fact that there is a large crowd of high-profile developers such as Ubisoft seeking to capitalize on it.

There is still a long way to go in the NFT market, Newell said.

It has proven to be very successful due to its pervasive appeal, collectible nature and something that has always attracted people.

But since NFT scams are plentiful and specifically affect those with little experience, something will have to be done to improve user protection.

Read also:

Ukrainian Deputy Prime Minister Asks Crypto Exchanges To Stop Serving Russian Users

Japanese company “Rakuten” launches market for non-fungible tokens (NFT)

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