It’s tempting, isn’t it? Get the money out of the system, into the grey area – which is also another system, but let’s not get all ontological here. Even if you’re not a great cryptocurrency enthusiast it seems like a decent idea to take your share of skins and use them to buy any given e-coin, be it for future investments or to expand your methods of paying.
One of the first currencies that come to mind is the favorable Bitcoin – widely implemented and transparent in its technicalities. In this brief article, we’ll see how to sell CSGO skins for Bitcoin and use it as a starting point of a discussion about overall trade between skins and cryptocurrencies.
Should you sell CSGO skins to Bitcoin?
Let’s get this out of the way first – it depends. We’re neither playing the devil’s advocate nor judging from the high throne here. We’ll try to go through that as crisp as possible – for the sake of you making your own informed decisions. If you’re able to do so with profit, then you should sell CSGO skins to Bitcoin. But let’s see how exactly you can profit from it.
When you’re looking at a down-to-earth gain, it depends on several factors. If anything, any of the popular cryptocurrencies is much more useful than a frozen Steam Wallet balance. Changing CSGO skins to Bitcoin or Ripple allows you to use their worth outside Valve’s trading system. However, if you think you’ll gain some money that way, that’s a long way coming. Usually, all transfers to Bitcoin and any other crypto shave off a commission. Additionally, if you happen to go for it at a bad time on downward flux, you will lose more of the potential value. That shouldn’t be a worry for a long time plan, but if you’re thinking about getting even fast, it’s probably not the best way.
Still, this might be a good idea to use your virtual goods to try getting into Bitcoin or other cryptocurrencies without a conventional currency input from your real-life funds. Like, it’s already digital, so why not fiddle around with it?
How to convert CSGO skins to Bitcoin?
It’s not that difficult. You just need to find a service that buys skins or facilitates skin trade using some sort of intermediate balance, like a straightforward dollar balance or a credit system. Such services will usually require you to log in with your Steam account (remember all the safety measures), configure an account of the payment service provider of your choosing, deposit the skins and then pay out (there’s always a safety procedure for that too, so make sure to stick to the guidelines). For example, Skin.Cash allows you to sell skins for Bitcoin among other payment methods. On the other hand, we at Skinwallet allow you to cash out via Payeer and then move the funds to Coinbase, which then extends your realm of e-coin possibilities greatly.
Noteworthy – the plethora of third-party marketplaces and services (e.g. SkinBaron or Loot.Farm) will also allow you to charge your service balance with cryptos, so to work the other way around you can easily change Bitcoin to CSGO skins if you’re out of funds for cosmetic shopping.
What skins should you sell for cryptocurrencies?
You can apply two strategies here. A more reasonable one would be to sell middle-tier skins that are worth enough to charge things up, but not expensive enough to substantially lose value if the tides of the inflation hit hard. On the other hand, you can fling something expensive into the Coinbase to get some worth to manipulate with. Whatever you choose, remember to deal with skins that are not prone to value increase and rather get rid of those which are about to get cheaper.
Things to consider
It surely consumes some time to get around Bitcoin and other cryptos, but given that you don’t have much to lose, a couple of transactions should get you into the groove of things. The value of skins changes, the value of most cryptocurrencies change, so with some practice, it’s possible to ride the waves and even make some money this way. However, if you don’t practice some caution, the smoke and mirrors will leave you lost and poorer.
May the unfortunate Skincoin serve as a cautionary tale. Its creators had a very ambitious idea of creating a cryptocurrency with a value closely related and dependent on the fluidity of the skin market. The old saying goes – start small, grow big; start big, go broke. Not long after its launch, the digital economy proved more ruthless than the developer expected and those who sold skins for Skincoin had to swallow the hard pill and count their losses as soon as 2018. Skincoin’s site now hangs online, unresponsive, like a shame trophy on the wall of the global market.
With those few paragraphs, we’ve discussed cryptocurrencies like Bitcoin and how they can be used to monetize CSGO skins. Also, we’ve briefly recalled how to buy CSGO skins with Bitcoin and other such e-coins. Hopefully, with the technical tips on how to perform the transactions and what to look out for when evaluating the trades, you’ll be able to learn to use cryptocurrencies to your advantage.