It is no secret that Bitcoin opens up a lot of opportunities for anyone in the world to make some extra income. Regardless of how old you are, Bitcoin can be used by anyone in the world, and in some cases, a small business can be created without too much effort. One post on Reddit details how a 16-year old in Malaysia has started his own small Bitcoin empire.
Also read: Airbitz Wants to Bring Bitcoin To CS:GO eSports
Earning Bitcoin From Playing CS: GO
Depending on whom you might pose the question to, Bitcoin is either fake internet money or completely worthless. At the same time, there are tons of people on this planet looking to buy and sell physical or digital goods and services in exchange for Bitcoin, so there must be some valuable aspect to the digital currency.
Bitcoin has certainly changed the life of one 16-year old living in Malaysia, who – like most teenagers – enjoys playing video games. To be more precise, this person is a Counter-Strike: Global Offensive [CS: GO] player, who gains so many in-game items from competitive play that he decided to sell some of the goods.
By using the Steam platform – which has a built-in marketplace – it is not hard to find buyers and sellers for in-game items one might be looking for. However, Steam itself does not accept Bitcoin payments directly, as they only support traditional payment methods. Not all of these methods are available to everyone in the world, which creates a problem.
The Reddit posted explains how the in-game CS: GO items are sold on the Steam marketplace, but he looks for 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.
Reinvesting the Bitcoin Or Converting To Cash?
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.
Source: Reddit
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