Steam Accepting Bitcoin: The Future of Financial Gaming Exchanges?
Every true gamer knows that Steam is like crack. It is addictive and dangerous. Wait, let me back that up. Steam can be a real danger to any genuine gamer because the plethora of games available and just how inexpensive those games are and easy to access. This can lead gamers down a dangerous rabbit hole of expenses. But for the best of us who have self-control, we know money spent on Steam is money well spent. Steam is a magical land of dreams for all gamers. But there has been some big news behind the scenes at Steam lately. Did you know Steam recently started accepting Bitcoin as virtual currency to acquire their games? Most don’t seem to be aware of it, and maybe we can help walk you through the process in case you find yourself curious but aren’t quite sure what to do.
Relax, it is easier than you think.
Steam’s Changing? WHY??!!
No, overall nothing is changing and you do not need to be scared. The reason Steam has decided to accept Bitcoin for games is to reach further and grasp more international customers who find it easier to accss Bitcoin than they do a card transaction or some other form of payment. If you look at it from the gamer stand point, you cannot even be mad. They just want their amazing gaming platform to reach even further, which is a great thing.
And Bitcoin works as a bridge, internationally, making it easier for all people, all over, to play and purchase the amazing library of games Steam has available.
How Do They Do It?
Conversion rates can be tricky, but studying up on them them first might be a good idea. Although there was a time when currencies could be gamed to get cheaper games, Steam soon put a stop to that back in 2014. Just be careful when you hit GPB to Eur conversion, that stuff is no joke. When it comes to fast currency conversion, there are some things that can help, but the first step is educating yourself. When making Steam purchases with Bitcoin now though, it’s simple. You don’t even need to worry about conversion. The user is charged locally based on price in their region. In Steam’s own words:
There is no need to set a Bitcoin price or keep track of Bitcoin valuation. The purchase price of your product does not change.
So that should instill a great deal of calm into most gamers. But for the few of you still concerned….
It Might Not Affect You (But is Good to Be Aware Of)
Just to make things more clear, at no point does Steam even have any Bitcoin, even if you buy your game that way. The behind the scenes is even more intriguing (yet deceptively simple). The user pays in Bitcoin, but the processor (who is he person or system in between we know very little about) then turns that into traditional currency, which is what is traded at exact same rate. Check this out to see how easy it really is (and see history in the making):
See, easy breezy. And to play it all out In even simpler terms, there is a middle party that takes your Bitcoin and turns it into real money for Steam. The only difference being ease of use (Yay, Steam just got even EASIER) and that Bitcoin has a far wider reach than just traditional currency right now in the world.
We know it sounds too good to be true, but we can confirm , it’s very true, indeed.
So What Does This All Mean to the Steam User?
It is quite simple and quite profound, actually. Nothing really changes on your end dependent on your location and how you have been paying and playing Steam thus far. But you need to understand this on a global scale. While you may hear Steam now accepts Bitcoins and shrug it off as you do not use digital currency yourself, but you have to think internationally about just how far reaching this will be for OTHER gamers. People who were closed off or didn’t have any way to access games on Steam can now use Bitcoin. Can you, as an avid geek and gamer imagine life without Steam? Heck no, but up to this wonderful change, many suffered just that.
But thankfully, that is all changing now.