The Unprecedented Relationship Between Bitcoin And In-Game Gold Lives On


The Unprecedented Relationship Between Bitcoin And In-Game Gold Lives On

There is no denying that most people are already aware that digital tokens such as BCH and BTC can be easily and quickly traded in for euros, yen or dollars. However, not very many people are familiar with the fact that virtue items such as in-game gold amasses from many of the common role-playing games such as Guild Wars, Runescape and World of Warcraft have exchanged for cryptocurrency such as Bitcoin for more than five years now.

The Art Of Exchanging Gold Farming Profits With Bitcoin

You may have noticed the soaring demand for in-game gold and virtual items from some of the most played RPGs over the past ten years or so. In fact, a recent survey by Global trade places the estimate at around $50 billion per year. And this explains why ‘Gold Farming' or the art of selling virtual items amassed from playing MM0 (multi-player online games) for several hours on the end is quickly becoming a favorite pastime among many webpreneurs. If anything, in developing countries, there has been a proliferation of businesses that are specifically structured to cater to the accumulation of such tokens where people are even hired as full-time gold farmers. You will be even surprised that the relationship between cryptocurrency sales and gold farming harks as far back as 2012.

Closer still, cryptocurrencies and gold farming have been in the headlines in the past few months when it emerged that some Venezuelans have taken to selling in-game currencies in exchange of crypto amidst a collapsing economy. The scale of this kind of trade was to the extent that the price of Runescape Dragon collapsed when there was a massive nation-wide blackout in the country. There have been reports that it is quite a normal occurrence for Venezuelans to sell in-game gold for cryptocurrencies in a bid to escape poverty.

Last year October, Amazon had a discounted version of Runescape and more than 66% of those who were quick to grab the deal were Venezuelans. Renuescape Gold is one the most popular in-game tokens that ‘gold farmers' in this South American nation exchange for BTC. Others include World of Warcraft, Tibia and Guild Wars.

Despite this thriving trade, most people still don't understand that there are more than a dozen marketplaces and online platforms that sell and buy Runescape gold OSRS, RS3, WOW gold and an array of other in-game tokens for digital currencies. Some of these marketplaces include Boglagold, Food4rs, Papusgold Wowhead, Gran Mercado and many more. And specialized exchanges like this have been in existence for several years now.

The Exchange Rate

Back in the day, it was common for people to sell virtual items such as WOW gold on a majorly-bitcoin marketplace such as Bitmet.net. In February of 2012, a user on Bitmet.net was exchanging 1BTC for more 10,000 WOW and people would flock to buy it. Of course, price correction presently dictates that now 10,000 WOW is worth just a paltry $0.3 cents.

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