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CS:GO Skins: Should you use crypto to buy, sell, and trade?

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CS:GO Skins: Should you use crypto to buy, sell, and trade?

CS:GO Skins: Should you use crypto to buy, sell, and trade?

Fri Jul 16 2021 02:00:00 GMT+0000 (Coordinated Universal Time)

Video games were viewed differently when Valve Corporation launched the ‘Arms Deal’ update in Counter-Strike: Global Offensive in 2013. It was the birth of cosmetic items called ‘skins’, which have now become a giant staple in the video gaming industry because it’s an opportunity to express oneself in games.

The huge success of Valve’s skins update led to the creation of the Steam market, an inbuilt system where gamers could buy, sell, and trade their CS:GO skins securely in an instant. Yet as they have become more vital and worthwhile—dubbed as ‘quasi-currency’ for activities like CS: GO gambling—players couldn’t find the market with the best services when it came to their interests. Some problems included network issues and transaction costs i.e. not allowing gamers to withdraw funds back to their bank accounts.

Fast forward to now, CS:GO skins have multiple third party marketplaces, rectifying the problems in Steam market. However, there is one alternative that we’ll give light to, which is buying, selling, and trading skins with Bitcoin and other crypto. 

CS:GO skins for crypto 

Gamers are looking to crypto as an alternative currency for their CS:GO skins because of how convenient it is. Here are a few more reasons why gamers are shifting to trading CS:GO skins using Bitcoin and other cryptocurrencies:  

1. Security and transparency

Just because third-party marketplaces claim to have better services, it doesn’t instantly guarantee your security. Always bear in mind you are dealing with non-regulated cyberspace and there are tons of scams out there that will try and trick you into giving your skins away. 

With cryptocurrencies such as Bitcoin, Litecoin and Ethereum, rest assured you are safe due to their strong cryptography. All recorded transactions in hash functions are well protected and thus can’t be changed nor tampered.

2. Borderless transactions

While buying, selling, and trading are done online, marketplaces’ limited support of fiat currencies affects some gamers’ access to proceed with their desired transactions. With cryptocurrency, you can transact for CS: GO skins anytime and anywhere since crypto is decentralised, peer-to-peer, and borderless.

3. Transactions are cheaper

The core idea behind Bitcoin is to solve double-spending within transactions. So, when you decide to buy, sell, and trade with it, expect little (i.e. low withdrawal and deposit costs) to no transaction fees.

4. Anonymous but not private

All Bitcoin transactions are publicly and permanently stored in the Bitcoin network. The only anonymity it provides is that features like addresses, private and public keys are read in text strings.

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How to value CS:GO skins

Part of the scams that gamers experience is dealing with overpriced insignificant skins. Protect yourself by considering the following: 

1. CS:GO Skin wear

While skins are digital assets, they are also subject to quality. This also explains why they are priced differently because of their varying wear levels. Ranging from best to worst, here’s how their exteriors rank: 

  • Factory New: 0.00 to 0.07
  • Minimal Wear: 0.07 to 0.15
  • Field-Tested: 0.15 to 0.38
  • Well-Worn: 0.38 to 0.45
  • Battle-Scarred: 0.45 to 1.00

2. CS:GO Skin rarity

This is where prices go up in CS:GO skins — the rarer it is, the more valuable it is. Like the wear and tear, there are also different types of rarity represented by a colour. Ranked from highest to lowest, the six types are as follows:

  • Contraband Grade Skins (Yellow)
  • Covert Grade Skins (Red)
  • Classified Grade Skins (Pink)
  • Restricted Grade Skins (Purple)
  • Mil-Spec Grade Skins (Blue)
  • Industrial Grade Skins (Light Blue)
  • Consumer Grade Skins (White)

Recommended sites to buy, sell, and trade skins with Bitcoin

Market research company SuperData reported that gamers spent $10.5 billion on video games in April 2020 alone. The leading ones are League of Legends, Fortnite, and CS:GO, which, although are free-to-play, make loads of money on skins. If you want to check the reliable sites to buy, sell, and trade CS:GO skins for crypto, see the list below:

  • Skinport
  • SkinBaron
  • LootBear
  • SkinCashier

Ready your skins for the ESL Pro League 14 this coming August

The premier professional league ESL Pro League is back again for its 14th season this coming 16 August 2021. Now that you know why Bitcoin is the ideal payment for CS:GO skins and reliable platforms to make transactions, find out why everyone is so excited about the ESL Pro season 14 and why you should be too.

Words by: Antoinette Laraze

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CS:GO Skins: Should you use crypto to buy, sell, and trade?