Ninjastic
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Board Bitcoin Discussion
Re: As of today, Steam will no longer support Bitcoin as a payment method!
by
guillzini
on 07/12/2017, 12:30:54 UTC
Quote from: kokojie on December 06, 2017, 08:47:34 PM
Quote from: darkangel11 on December 06, 2017, 07:51:24 PM
Quote from: guillzini on December 06, 2017, 07:38:31 PM
I'm not really surprised. As it is now, Bitcoin is not a good option for payment services.. the tx fees are ridiculous and confirmations take too long. Even banks do "instant" transactions nowadays, so a solution needs to be found for this.

They are starting to compare Bitcoin to gold, which at the moment is a more accurate analogy investment-wise, if you ask me.

I call bullshit. Banks do it only between accounts within the same bank. You can't have an instant transaction between different banks and you can't have money sent during weekends and at nights. I have been doing it for many years and my last transaction sent on Monday needed over 24h to appear on the account of my friend in a different bank within the same country. My another transaction that was sent on Saturday arrived on Tuesday (!) because they don't work in the evenings, nights, on Sundays, and it takes up to 48 hours anyway.

Good thing you don't have to use your checking account to buy games from Steam, you can just use a debit card.

Bitcoin can not be gold if it loses its utility. Gold/Silver became store of wealth because they have huge amount of utility in jewelry and industrial.

You both have some valid points.

@darkangel11 I put "instant" in quotations, because I know they're not there completely yet. Banks in general don't work in the weekends and nights, but in my country if I send money from my bank to a different bank and it's made before 12 in the afternoon, the amount will show up in the other account the same day! I think it's a small step to achieving this all day and then weekends. Especially if they want to combat Bitcoin on that front.

@kokojie I do believe Bitcoin has some similarities to gold. I've seen it happen; when the stock markets dip, people move to gold and increasingly more to Bitcoin as well. In the crypto space, Bitcoin has a similar role of stability. People go back to Bitcoin to store profits or dampen losses. But you are right; if Bitcoin loses its utility, it will no longer be used as a store of value/wealth. It actually can never BE gold because BTC is what it is and gold can be refined as you said Smiley