Steam is no longer accepting bitcoin as a payment method, game company and distributor Valve announced today. The company is attributing its decision to cryptocurrency’s “high fees and volatility.” In a blog post, Valve explained that bitcoin transaction fees have gone up to nearly $ 20 per transaction last week, “compared to roughly $ 0.20 when we initially enabled Bitcoin.” Those fees then have to be shouldered by gamers making purchases on Steam, and the total cost to consumers could be even higher if the value of bitcoin dips in the meantime.
Even if the value of bitcoin were to go up while the user completes the transaction, and Steam has to refund the difference to the user, the transaction fee must be paid by the user again for the…
After a hugely successful preorder launch, Apple on Tuesday updated a handful of international websites to reflect new iPhone X Reserve and Pickup options set to begin on Nov. 4, giving customers another route to purchase. AppleInsider – Frontpage News
The MTA (Metropolitan Transit Authority) Committee has announced a new contract for the New York City Transit system to receive a technological update. This $ 573 million deal would hire the same company who developed the London Underground and London Commute payment system to adopt a similar payment system in 500 subway turnstiles and 600 city busses starting late-2018. The new payment system would allow riders to pay the flat-rate fare with a contactless card, or NFC mobile payment service like Apple Pay, Android Pay or Samsung Pay. The full rollout of the new payment system is slated to…
The Lucerne University of Applied Sciences and Arts in Switzerland announced the decision to accept bitcoin payments this week, saying it is an indication of “its ability to disseminate knowledge on cutting-edge technologies such as blockchain, as well as its desire to gain experience in the practical aspects of this novel area.” The university offers courses focused on financing, economics, music, and more, meaning it was really only a matter of time before it invited bitcoin inside its walls.
Lucerne doesn’t handle the bitcoin transactions, instead entrusting all bitcoin payments to processing firm Bitcoin Suisse AG. The company will use a banking system similar to an e-banking portal, enabling the school to accept the digital currency without having to maintain possession of it. Bitcoin payments are converted into Swiss francs once a week, or once a day if more than 10,000 Swiss francs are acquired.
“Bitcoin Suisse AG bears the risk of any exchange rate losses and currency fluctuations,” explains Lucerne.
Students who use bitcoin for tuition will incur a 1% payment fee, which Bitcoin.comnotes is much less than traditional payment fees. Lucerne doesn’t expect many of its students to pay with bitcoin initially, but believes those who understand the currency will be among the first to take advantage of the option.
“Those most likely to avail themselves of this opportunity will either be already familiar with the concept of financial services and blockchain or interested in pursuing continuing and executive education opportunities in this subject area,” the university added.
As bitcoin and other cryptocurrencies become more popular and widely accepted, expect to see universities around the world to not only accept them as payment, but also introduce courses focused on blockchain technology. As reported by CoinTelegraph, the financial industry has a large demand for people with blockchain expertise, but the supply currently isn’t there. Fortunately, universities in the U.S., Europe, and Russia have incorporated such courses, including Duke University, Princeton University, UC Berkeley, the aforementioned University of Nicosia, and the National University of Science and Technology.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.
Are you among the many people who believe that Bitcoin is the new gold? Are you looking for ways to use this as a means of boosting your business? Have you come to find that some of your competitors are already taking advantage of this? Accepting Bitcoin can be a solid marketing play. This may not be as simple as it sounds, but it could go a long way in giving your company a leg up on the competition. A forward-thinking company There are companies that are still stuck in the past. You know who they are. They don’t accept…