Nick Chong · 1 hour ago · 2 min read
Twitch.tv, a live video streaming platform owned by Amazon, has quietly removed Bitcoin and Bitcoin Cash as payment methods for subscriptions. The news has many members of the crypto-community wondering whether cryptocurrencies, as a payment method, are experiencing negative adoption or if it was an isolated move from Twitch.
Twitch Silently Removes Crypto Payments for Subscriptions
One of the most popular live video streaming platforms in the world, Twitch.tv, has decided to ditch Bitcoin payment methods and remove support for cryptocurrencies.
The news about the streaming giant ditching its support for crypto payments spread like wildfire. The user found that the platform removed the option to pay through BitPay in the “last couple of weeks” and that it has affected all countries.
And while the Amazon-owned platform didn’t announce or explain its decision, many Twitch users believe that the move was the company’s response to the lack of demand. However, the feedback from the Twitch community has been anything but positive.
Many users on Reddit criticized the company for introducing such a major change without informing its customers in advance. Some have even claimed to have canceled all of their Twitch subscriptions and sent official complaints to the company.
Put those 🎁 💳 gift cards from grandma to good use by subscribing to your favorite streamer! We take these and more. Just click “Show More Methods” on the Payment Information screen. https://t.co/cyIJ4Fcnr9 pic.twitter.com/a1QmAg4A6R
— Twitch (@Twitch) January 12, 2018
There is currently no data available on how many subscriptions were paid via BitPay on Twitch. The company announced the integration with cryptocurrency payments back in January 2018, adding Bitcoin to the long list of available payment options, which included Apple Pay, PayPal, Amazon Pay, and even Coinbase.
What Does This Mean for Twitch?
Being the biggest streaming platform in the world, any change implemented by Twitch resonates far and wide among its user base. The company’s decision to implement cryptocurrency payments was regarded as a major move last year, as it meant that millions of users would be exposed to digital coins.
However, as many Redditors pointed out, very few Twitch users and streamers were actually aware that they were able to pay and accept donations in Bitcoin and Bitcoin Cash. The company’s lack of information on this topic might have contributed to the feature being sparsely used.
Another thing that might have contributed to Twitch opting out of crypto payments is the asset’s volatility. While the bearish market looks like it might be coming to an end, the world’s largest cryptocurrency is far from stable. Bitcoin’s high transaction costs and slow network speed make it one of the least desirable day-to-day payment method, unlike other smaller digital coins such as Dash or Ripple’s XRP.
Last January, Microsoft also suspended Bitcoin payments on its online store, citing “instability” as the reason behind the move. Steam, an online gaming platform, was among the first to adopt crypto payments but dropped its Bitcoin feature during the crypto boom of 2017.
And while Twitch is hardly the first company to add and then remove crypto payments, the move could have a much wider impact on its user base than its competitors did. The financial consequences of dropping cryptocurrencies are yet to be seen, but it’s unlikely that a platform the size of Twitch will suffer noticeable major damage.