Streaming giant Twitch may just be re-enabling crypto payments, months after phasing it out. A Canadian user of the hugely popular online streaming service is reporting that Bitcoin and Bitcoin Cash payments have been re-enabled on the platform.
CCN outlined earlier this year how the Amazon subsidiary quietly ditched all crypto-related payments presumably due to tax-related issues.
Crypto payments seem to be re-enabled, at least in Canada. Source: Reddit.
There has been no official announcement from Twitch regarding the move and this contributor was not able to choose cryptocurrency in the “More Payment Options” suggested by users of the thread.
Supposedly both Bitcoin and Bitcoin Cash have been re-enabled. Either the user is trolling or Twitch is quietly re-enabling cryptocurrency payments in select countries to test its viability once again.
Gaming Still Unsettled by Bitcoin’s Volatility
This isn’t the first time gaming-related platforms have removed payment options in crypto. Steam announced it would no longer support Bitcoin payments in 2017 as cryptocurrency prices spiralled out of control.
At the time, the Bitcoin blockchain came under heavy strain as users flocked to buy and sell Bitcoin among the frenzied speculation. Steam reported transaction fees that sometimes cost more than the actual game being purchased.
For example, transaction fees that are charged to the customer by the Bitcoin network have skyrocketed this year, topping out at close to $20 a transaction last week
And while Twitch is all about streaming, the price points are very similar. Many contributors like tipping small amounts to their favorite channels. How viable will that be if transaction fees spike again?
One Bitcoin volatility index suggests that Bitcoin is fluctuating around 3.5% a day. This makes any stable comparison with fiat currencies extremely difficult.
Bitcoin volatility index. Source. BitVol.info.
Appealing to the Masses
The move may also be linked to Bitcoin’s solid price gains this year as it recaptures the $200 billion market cap and the hearts of speculators everywhere. Cryptocurrency like any other trend shifts in popularity particularly when prices are grabbing double-digit gains.
The Reddit thread is heavily debating the practicality of crypto payments in such an environment.
How can anyone think btc is a good currency when it fluctuates so much. Are we just that arrogant?
Twitch clearly faces a problem. Push back on new tech for stability or embrace it in the name of a demographic that is completely comfortable growing up with it. Is Twitch re-enabling crypto payments? We’ll keep you posted as the story unfolds.