Steam to start accepting Bitcoin payments

Steam to start accepting Bitcoin payments
Matthew Jarvis

By Matthew Jarvis

April 22nd 2016 at 11:30AM

Support for virtual currency coming soon, with Valve promising it has ‘a system that insulates partners from risk and volatility ‘ in place

Steam users will soon be able to pay for digital purchases in Bitcoin.

As posted on the Steamworks dev page, and subsequently shared to Reddit, support for the virtual currency will be handled by a third-party company.

Prices will be converted into Bitcoin based on a daily exchange rate, with no extra effort on the part of developers or consumers needed.

"You do not need to take any action," Valve explains.

"If customers choose to pay via Bitcoin, they’ll still be charged the price already set in the local currency.

"There is no need to set a Bitcoin price or keep track of Bitcoin valuation. The purchase price of your product does not change."

The firm added assurance that it would introduce “a system that insulates partners from risk and volatility while still providing value to the end customer”.

It also confirmed that "at no time does Valve receive or hold Bitcoin", pre-empting concerns over the murky use of digital tender for illegal activities such as money laundering.