Popular online streaming giant, Twitch, could be accepting crypto payments yet again, months after stopping the service. According to the platform's Canadian user, the site is reportedly going back into accepting BTC and BCH payments.
Early this year, CCN first broke the news, saying that the Amazon subsidiary had silently stopped accepting payments made in crypto. This, the report said, was ostensibly informed by “tax-related issues.”
On the platform's “More Payment Options,” Twitch removed the choice of using “Cryptocurrency” to pay, doing all that without issuing any explanation whatsoever. This effectively disabled all crypto-related payments and underscored the platform's ban on crypto.
But months later, it seems they have reconsidered their decision and accepted Bitcoin and Bitcoin Cash related payments. Everything about this at the moment is unsubstantiated, although the user is either trolling the platform, or indeed it is true. Maybe Twitch is silently doing it in specific jurisdictions, testing the viability of the decision.
Gaming Yet To Fully Embrace Crypto Amid Volatility
Twitch's decision to do away with crypto wasn't anything new. Several gaming-related platforms had done it before, including Steam whose decision in 2017 stopped Bitcoin payments.
At the time, the price of BTC was spiraling out of control, and everyone was seemingly going crazy about crypto. But according to Stream, the decision had been informed by the BTC blockchain coming under heavy scrutiny given the then high transaction fees. Some users could incur more on the charges compared to the game bought.
The situation hasn't changed much today, and many agree. In fact, almost throughout the year, the costs have remained high, even topping at about $20 per transaction.
Twitch isn't a gaming platform, even though its price points aren't very different. Also, contributors are fond of tipping their favorite channels as a token of appreciation. But the fact that crypto and especially Bitcoin are notoriously volatile makes cryptocurrency payments a lot impossible to compare with fiat.
Do The Masses Motivate The Move?
Twitch could also be accepting Bitcoin payments in the wake of the coin's substantial price gains maintained throughout the year. BTC recently achieved an incredible $200 billion market cap, something which has left speculators jostling with excitement. Its price has been hitting double-digit gains too, a testament to its growing fame.
But even as there's no certainty in Twitch re-accepting Bitcoin and Bitcoin Cash again, a debate is going on. Some Redditors aren't convinced on the practicality of crypto payments in the streaming environment while others are. Those opposing its choice base their arguments on the digital currency's turbulent fluctuation.
If Twitch is doing a silent test on the coins' practicality, then it certainly faces a considerable problem. It has to choose between pushing back on new technology for stability or simply accept it, given that the streaming environment seems comfy with crypto. As for now, though, it will remain a matter of wait-and-see!