Skincoin is a new digital currency which is relatively similar to Bitcoin and Litecoin. It is gaining popularity on the grounds that people can use it to purchase weapon skins in games such as Dota 2, CS:Go and Team Fortress. Being initially released in 2013, the currency can also be used for betting and gambling purposes, hence why some casino users showed a particular interest in it Just like Bitcoin, the new Skincoin is untraceable, so no one can find details about the account holder or break through a given wallet through hacking methods. Passwords that are initially set for the wallet can be extremely complex and there is no way of resetting them, so owners are recommended to note them down on a hard piece of paper or agenda, just in case they are unable to remember them. With this in mind, various Counter Strike players from all over the world have already purchased their favorite weapon skins and custom ammunition through Skincoin, and rejoiced from a hassle-free payment experience.
Skincoins can be purchased with Ethereum (ETH) currency, which can in turn be acquired through Bitcoin, Paypal or Credit Card. As always, clients are required to create a virtual wallet address and password at the beginning for storing the amount, everything else being smooth sale from there. As of June 2017, 1 ETH equals to 6000 skincoins. All the while, price of different weapon skins differ, from simple CS:GO gun skins being sold for 50usd (approx. 60 skincoins), while others get to cost as much as 1000 USD due to model complexity and texture design.
Fans of virtual betting and gambling can also find an ally in Skincoins. Different casinos and sportsbooks have announced their inclusion for this new virtual currency, which can be used for games of roulette, lottery and coin flipping, but also for eSports matches, raffles, black-jack, mystery boxes, 'rock paper scissors' and so on.
Another point which needs to be made is related to the value of Skincoins compared to nominal currency such as USD. While in the beginning of 2016 a regular user could purchase as many as 11,000 Skincoins with 1 Ethereum, nowadays the same user can only purchase 6,000 Skincoins. Moreover, the price of Ethereum has also increased since 2016, from 1 ETH being sold for 240$, to 1 ETH being sold for 322$. So purchasing this type of currency can also be seen as an investment, as its price can quickly soar with time.
It's also important to mention that players can also trade weapon skins with others, exchange them for Steam credit, or even trade them for cash through 3rd party websites. As for those interested in the gambling industry, a recent graph released by Narus Advisors shows that the traded value of Skincoins in online casinos can increase up to 36,262$ (in 2020), from its current value of 12,072$. Skincoins is definitely an important currency for those interested in custom gaming add-ons, weapons and munition, but those who enjoy gambling on the anonymous side should find just as beneficial. Finally, investors looking to expand their range of tradable assets should also have a look at Ethereum and Skincoins, since their volatile value, and high interest rate make them very profitable on the long term.