Best P2E Games

Bitcoin And NFT Gabe Newell Talks

Bitcoin And NFT Gabe Newell Talks

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Gabe Newell Talks about Bitcoin and Why he Banned NFT and Bitcoin.

While on a promotion spree of Valve’s newest venture and product Steam Deck, Gabe Newell has shared thoughts on several subjects. In one such interview, Gabe Newell talked about the history between Vale and Bitcoin and how it fared out.

 Bitcoin And NFT Gabe Newell Talks; Why he Banned!
Bitcoin And NFT Gabe Newell Talks; Why he Banned!

Valve is one of those companies that didn’t take long to leave the Bitcoin bandwagon. Back in April 2016, Steam introduced Bitcoin as a payment method, and soon after in December 2017 it removed it.

The decision was surprising to many, but what lead to Steam’s decision to offload Bitcoin?

According to Valve at that time, the volatility of Bitcoin’s price and “a significant increase in the fees to process transactions on the Bitcoin network,” resulted in the decision.

Moving forward, Valve banned NFT and crypto games from its platform and invited further criticism from crypto enthusiasts.

However, Gabe Newell shed further light on Valve’s approach regarding Bitcoin and crypto games.

Talking to PC Gamer, Newell said, “The problem is that a lot of the actors who are in that space are not people you want interacting with your customers.”

He further added, “We had problems when we started accepting cryptocurrencies as a payment option. 50% of those transactions were fraudulent, which is a mind-boggling number.

Gabe Newell On Metaverse And NFT's
Gabe Newell On Metaverse And NFT’s

These were customers we didn’t want to have.”

According to him, the massive fluctuations in Bitcoin price were “a complete nightmare” – this led to ridiculous situations where a game would cost $10 one day and $100 the next.

This was something that caused confusion and problems for both the company and its consumers.

Gabe Newell’s opinion isn’t welcoming to NFTs and crypto alike, and his view hasn’t changed since then.

There’s a lot of really interesting technology in blockchains and figuring out how to do a distributed ledger, [but] I think that people haven’t figured out why you actually need a distributed ledger,” Newell said.

 Bitcoin And NFT Gabe Newell Talks; Why he Banned!
Bitcoin And NFT Gabe Newell Talks; Why he Banned!

“There’s a difference between what it should be and what it really is currently in the real world. And that’s sort of where we were at with the blockchain-based NFT stuff: so much of it was ripping customers off.

And we were like, ‘Yeah, that’s not what we want to do, we don’t want to enable screwing large numbers of our customers over,’ so that’s what drove that decision. There’s nothing inherently about distributed ledgers that makes them problematic.

It’s just so far that’s almost always what our experience has been.”

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Bitcoin And NFT Gabe Newell Talks

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Best P2E Games list 2024

Bitcoin And NFT Gabe Newell Talks

P2E News, short for “Play-to-Earn News,” is a category of updates and information within the broader spectrum of Crypto News, Web3 News, NFT News, and Blockchain News. These terms are all interconnected and represent various facets of the rapidly evolving digital landscape.

Play-to-Earn (P2E) is a gaming model that has gained immense popularity within the crypto and blockchain communities. In P2E games, players can earn cryptocurrencies or NFTs by participating in the game, often through activities like completing quests, collecting items, or trading assets. P2E News covers developments, announcements, and trends related to these innovative gaming experiences that allow players to monetize their in-game efforts.

Crypto News, on the other hand, focuses on the broader world of cryptocurrencies, including Bitcoin, Ethereum, and a multitude of altcoins. This category encompasses news about market trends, regulatory changes, new blockchain technologies, and updates related to various tokens. Crypto News is a fundamental aspect of the blockchain ecosystem, as cryptocurrencies serve as the primary means of value transfer and exchange within the Web3 space.

Web3 News is an umbrella term that refers to the next-generation internet, often characterized by decentralized applications, blockchain technology, and smart contracts. The Web3 ecosystem seeks to provide a more user-centric and decentralized internet experience. This category of news covers developments in decentralized finance (DeFi), non-fungible tokens (NFTs), and various other applications built on blockchain technology. For the ultimate and best play to earn games list, check our friends of playtoearngames.com.

NFT News focuses on Non-Fungible Tokens, unique digital assets that are indivisible and represent ownership of a specific item, artwork, or collectible. NFTs have gained prominence in the art world, gaming industry, and entertainment sector. NFT News keeps enthusiasts informed about NFT sales, new projects, and partnerships within the NFT space.

Blockchain News pertains to the foundational technology behind cryptocurrencies and Web3 applications. Blockchains are decentralized ledgers that record transactions across a network of computers, ensuring transparency and security. Updates in this category might include innovations in blockchain consensus mechanisms, interoperability between different blockchain networks, and industry applications beyond cryptocurrencies.

In summary, P2E News is a niche subset of Crypto News, Web3 News, NFT News, and Blockchain News. It focuses on gaming experiences where players can earn cryptocurrencies or NFTs, while the other categories encompass a broader range of topics within the decentralized digital landscape, including cryptocurrencies, web3 technologies, NFTs, and blockchain advancements. Collectively, these categories shape the landscape of the digital economy, offering insights into how technology is revolutionizing various aspects of our lives.