Last week, some big news came out that I feel will have huge impactions on Steam and ethereum. The world’s largest gaming shop Steam has decided to drop Bitcoin. Up until this point, Steam would accept Bitcoin as payment for its services. For those that may not know what Steam is, it’s the largest online gaming platform for PC gaming. Steam was reported to have a 75% market share in 2013 and purchases totaling over $3.5 billion dollars and an active 150 million registered accounts. They are the major player in the PC gaming world.
Users of the Steam network had become upset with Bitcoin and did not like the high costs of accepting the cryptocurrency as payment. When Steam first adapted the coin it was worth far less in value and the cost to complete a transaction was reasonable.
Fees reached about $20 per transaction last week, compared with about 20 cents when Bitcoin was first enabled last April.
It seems that the high transaction fees are here to stay and will likely only get higher as it becomes even harder to mine the coin. Many users of the Steam network don’t have credit cards and want a fast way to complete transactions and purchase their titles.
How does Ethereum fit in?
Users of the community upon hearing the news that Bitcoin is no longer being accepted decided to suggest, that Steam choose ethereum as the new coin. When I visited the Steam forum I found a thread that had 50 pages of comments and the consciences was, the members wanted ethereum as the new cryptocurrency. The users liked the fact it was far cheaper to complete transactions, much quicker, not as volatile as Bitcoin and just as easy to acquire.
If or when Steam does decide on a new coin to accept, I feel it will set record highs for that coin. It will be a payment option for very computer savvy users who have already been introduced to cryptocurrency in the past and would easily adapt to the new coin. Oh yeah, and there is again, 150 million of them. If ethereum is chosen, and I can’t see why it wouldn’t be, I can only dream of all the benefits and exposure it would provide ethereum.
Steam did release a statement on why it decided to drop Bitcoin but did not mention what or when it would have a replacement. I will follow this story and will update once further news is released.