Steam co-founder and president Gabe Newell, made to the platform between 2016 and 2017. Bitcoin (BTC) of payments 50% ofof the fake declared that. This has caused Steam to reduce support for Bitcoin payments.
On the other hand, the platform, citing bad actors NFT and banned games with crypto integration as well. Stating that distributed ledger technology is interesting but still has a compelling use case, Newell also clarified why they decided to stop Bitcoin payments with his statement.
Stating that the customers who carry out the fraudulent transactions in question are the kind of customers they do not want to have, Newell stated that volatility also poses a separate problem.
Volatility of the problem Newell said that it causes users to under- or over-pay for games, and suggested that this also creates problems for other merchants.
Despite all this, Newell does not completely ignore Blockchain technology. On the contrary, the Co-Founder believes that there is still a lack of compelling use cases for the technology.
The topic of how to implement blockchain is based on a very interesting technology. But I don’t think people have figured out why they still need a distributed ledger.
said.
“We Will Not Allow NFTs!”
Earlier this year, news emerged that Steam would not allow NFTs on its platform. Newell states that this is based on the fact that most of the people involved are bad actors.
NFT fraud is indeed one of the biggest hurdles in the industry today. This makes it necessary to do something to improve user protection.