Twitch Removes Option for Payments by Bitcoin and Bitcoin Cash
Twitch, the popular video-gaming streaming service has removed the ability for users to make payments with Bitcoin. The Amazon-owned service, which predominantly appeals to ayounger audience, saw its addition as a move that would increase the acceptance of cryptocurrencies. However, the more resulted in uproar on Reddit requesting for the feature to be returned.
Cryptocurrency enthusiasts were first given the option having to use cryptocurrencies as payment in January 2018. However, following the same move by Steam, Twitch pulled the option from its available payment methods.
This option is now removed – at least for the interim. Twitch, when asked to comment failed to respond at time of publication. While it may not be an issue for some, the reality is Twitch is a massive platform. Those who are top earners have the ability to generate millions in revenue through the use of ads, affiliate marketing and various models relating to subscriptions. Those popular who use the service can often generate tens of thousands of followers, and in time, see videos generating millions of views.
Therefore, the removal of cryptocurrencies, especially to those who are fans of this payment option, it is a low blow. While it was a shock to some, it was not the first to reverse its decision to offer cryptocurrencies. In December 2017, video gamer service Steam pulled its acceptance of cryptocurrencies in a move that was based on market volatility, delayed processing of payments and the cost of transaction fees.
After the move, Steam stated it would be willing to reconsider their positon, however, as of this point, they have chosen not to do so. The move highlights the problems that those using bitcoin may have difficulties overcoming. The slower and more expansive payments make using cryptocurrencies inferior to that of credit and debit card payment.
As for Twitch, and those that wanted to process reoccurring subscriptions, Bitcoin is simply not viable. While some options remain for cryptocurrencies payments, it is a challenging one. If companies and cryptocurrency users wish to begin using digital assets as a methods of payment, they need first to overcome these problems. If not, companies will simply not accept their funds. Source: Tamara Smith
Haydn Franklin
