Reinvesting the Bitcoin Or Converting To Cash? from jackpoker's blog

The Reddit posted explains how the in-game CS: GO items are sold on the Steam marketplace, but he looks for p250 skins buyers willing to pay in Bitcoin. Considering how many people play CS: GO, there is a large market for skins, upgrades, and other in-game items that are not bound to one particular account. Selling these goods is perfectly legal, and some people make good money from doing so.

In this story, the person selling the goods makes roughly US$150 worth of Bitcoin every one to two days, which adds up to a nice sum of money over a month’s time. There is another bonus for only accepting Bitcoin payments, as the digital currency is not refundable, removing any worries about potential credit card fraud or chargebacks. Not too shabby for playing CS: GO occasionally.

Furthermore, because all of these transactions are fully paid in Bitcoin, there is no third party taking a cut of every sale. Transaction fees for Bitcoin transfers are paid by the sender, and the process costs next to nothing when comparing it to traditional payment solutions. Plus, due to its global reach, Bitcoin is accessible to and by everyone in the world.

It goes without saying that a 16-year old making so much money by doing what he loves is a major success story for both video gaming and Bitcoin. At the same time, the topic arises as to how these earnings should be invested further. There is an option to reinvest it in trading and turning a bigger profit, or it can be converted to cash.

Both options have their advantages and disadvantages. Converting Bitcoin to cash could become subject to taxation if large amounts of funds are earned on a monthly basis. Keeping things in Bitcoin somewhat limits the user to spending digital currency for purchases, which is not something that can be done for just about anything.

Previous post     
     Next post
     Blog home

The Wall

No comments
You need to sign in to comment


By jackpoker
Added Apr 1 '16



Your rate:
Total: (0 rates)


Fatal error: Allowed memory size of 67108864 bytes exhausted (tried to allocate 72822161 bytes) in /home/shadowlancer/public_html/ on line 103