Categories: CryptoNews

Steam Switched Back to Zero-Confirmation Bitcoin Transactions

When Steam announced they started to accept Bitcoin payments, the community was over the moon with excitement. This was yet another major player accepting cryptocurrency, further validating this revolutionary payment method. Now that the platform is once again accepting zero-confirmation transactions, all seems to be well with the world.

Steam Is Back In The The Bitcoin Game

For quite some time, the Steam platform insisted on having at least one Bitcoin network confirmation before a purchase would be completed. Albeit this is not a major issue for most people, it could take up to ten minutes until this happened. Keeping in mind how they rely on BitPay to process payments, this decision seemed a bit weird.

Lo and behold, things have shifted back to their standard procedure once again. Steam purchases are completed as soon as transactions hit the network, to much joy of Bitcoin community members. No one wanted to wait 10 minutes before a game starts downloading, a process that can take up quite some time as well.



For now, it remains unclear as to what has caused this transaction confirmation switch. There was no official communication from either Steam or BitPay regarding this change.It is possible the company was experimenting with some settings, although it seems a bit odd to do so.

Related Post

Requiring zero confirmations for transactions is often seen as a security risk. Bitcoin double spends may occur at any given time. This is why Steam has partnered with BitPay to process cryptocurrency payments. If a double-spend were executed, the payment processor would be responsible for any financial losses.

To be more precise, BitPay would be held responsible based on which risk settings Valve has set for the Steam platform. It is good to see the platform process Bitcoin payments quicker again. We can only hope to see some statistics regarding Bitcoin usage on the Steam platform in the future.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Top 5 Metaverse Coins to Buy on Crypto.com

Metaverse coins are all the hype in crypto these days. As traders are looking to…

6 hours ago

Decentraland Price Up 25%, Market Cap About to Surpass the #1 Metaverse Project

Decentraland price is up over 25% today, making it the biggest gainer on Crypto.com. With…

12 hours ago

3 Awesome Meme Coins You Probably Haven’t Heard Of

With the absurdly high amount of different meme coin projects on the market, it's hard…

13 hours ago

Why Decentraland Is the Best Metaverse Project on the Market

We've been covering a wide variety of metaverse coins the last couple days. There are…

16 hours ago

Ushering in a Brand New Ecology in Game: How Does HashLand Become a Vanguard to Guarantee Floor Value?

For some time in the past, Gamefi was criticized by many people as a lofty…

1 day ago

Robinhood Shiba Inu Listing Not Happening This Year, Especially After the Recent Security Incident

With Robinhood's recent security incident that leaked over 5 million users' names and email addresses,…

1 day ago

This website uses cookies.