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Steam founder Gabe Newell said the video game marketplace stopped accepting bitcoin (EXANTE: Bitcoin) payments in December 2017 after the company realized that 50 percent of transactions were fraudulent.

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In an interview with PC Gamer, Newell added that another reason the Washington-based company behind the platform abandoned cryptocurrency was that "many of the players in the space aren't the people you want to interact with as customers."

“When we started accepting cryptocurrencies as a payment option, we ran into problems. Fifty percent of these transactions were fraudulent, which is an incredible number. These are the customers we don’t want to have,” he continued.

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Steam's CEO reiterated that Bitcoin's volatility has been a "complete nightmare" for the company. While there are many "very interesting" technical solutions in the blockchain market, Newell doubts that people have figured out "why you actually need a distributed ledger.

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