Dubious bitcoin purchases allowed Valve to remove the cryptocurrency from Steam

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Valve President Gabe Newell says half of Bitcoin purchases on Steam are fraudulent.

In April 2016, Valve began allowing Bitcoin as a purchase option on Steam. Although the support did not last long, as in December 2017 the company announced that it was removal of bitcoin support.

In a further interview with Gamer on PCValve President Gabe Newell has revealed that fraud played a huge role in Steam’s abandonment of Bitcoin, and it appears he’s not a fan of cryptocurrency in general.

“The problem is that a lot of the actors that are in this space aren’t people you want your customers to interact with,” Newell said. “We had problems when we started accepting cryptocurrencies as a payment option. 50% of those transactions were fraudulent, which is a staggering number. These were customers we didn’t want to have.

These comments from Newell coincide with the launch of Valve’s Steam Deck, which is hand delivery to some early adopters.

All of this partly explains Valve’s ban on any NFT Games and Cryptocurrency from Steam Last year. Newell claimed the technology is not without merit, though he didn’t mince words about some people’s intentions with NFTs.

“There are a lot of really interesting technologies in blockchains and how to make a distributed ledger, [but] I think people have misunderstood why you actually need a distributed ledger,” Newell continues. “There is a difference between what it should be and what it actually is in the real world right now. And that’s kind of where we were with the blockchain-based NFT stuff: a lot of it was scamming customers.

Newell has similar reservations about the metaverse.

Written by Kyle Campbell on behalf of GL HF.

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