In an announcement earlier today, Steam once again confirmed they will be integrating Bitcoin payments on the platform in the next official client update. No official date has been revealed just yet, but considering how this client has been in beta for quite some time, a release should be imminent.
As users have come to expect, Bitcoin payments will be integrated throughout the entire Steam platform. This gives users the ability to buy games directly with Bitcoin, as well as buy and sell goods on the Steam Marketplace with Bitcoin. A global currency for a global community of gaming enthusiasts will help boost cryptocurrency awareness for sure.
There is no denying Bitcoin is becoming a global trend all over the world, and Valve does not want to miss out on this golden opportunity. Frictionless global payments at a fraction of the cost are beneficial to both the Steam platform and all of its users. Moreover, the company is using an external Bitcoin payment processor – BitPay, as leaked earlier – to accept and convert all payments to local currency on the spot.
What makes this integration so appealing is how existing Steam users have nothing to set up, as everything will be built into the client itself. All countries will be supported, as there are no agreements with financial players needed, nor is there any specific legislation that would prevent them from using the service.
Moreover, users and game publishers looking to sell items do not need to set a standard Bitcoin price, as all of this will be handled through BitPay API integration. Valve has no intentions to hold or receive Bitcoin right now, but depending on how well the integration is received, that situation might change in the future.
