After drowning in negative publicity from all corners of the world, Bitcoins have finally found some saving grace. Steam, the digital gaming portal, is now letting gamers pay for their purchases using Bitcoins.
Valve, the software company which developed Steam, has decided to enter into a partnership with Bitcoins, the international cryptocurrency to include additional modes of payment for people who do not have access to traditional modes of payments, reports CNET. This sort of makes sense since the company would want to expand their user demographic to include areas that are unable to pay through conventional means such as credit or debit cards.
Bitpay’s (Bitcoin’s payment service) director of business development in North America and APAC, Rory Desmond, stated: “Valve reached out to us because they were looking for a fast, international payment method for Steam users in emerging gaming markets in countries like India, China, and Brazil”. In a blog post, Bitpay also claimed that opting for Bitcoins, which is considered “internet’s universal currency” instead of normal ways of payment, would not only enable users from all parts of the world gain access to games on Steam but also help them avoid running the risk of chargeback or paying extra-high fees.
However, The Verge has expressed concern over the fact that while a greater number of people will be able to play games on Steam by way of Bitcoins, it also makes those people highly susceptible to the numerous frauds and wallet hacks that are doing the rounds on the internet when it comes to cryptocurrency. It is doubtful as to how many people will want to take up the option of paying through Bitcoins since everyone who is familiar with its concept are also familiar with the gaping holes in its security. Bitcoins has yet to make any advancement towards curbing these flaws that are fetching a bad reputation for its brand.
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