There would be no one who isn’t familiar with the boom of cryptocurrencies. Nowadays, Bitcoin is on trending and everyone wish to have at least one bitcoin in their wallet. Similarly, the boom of game currencies has been increasing day by day; and huge marketplaces are dealing with in-game items and currencies with players to earn money. People have witnessed a massive increase in bitcoin; therefore, taxation is currently a hot topic in the ecosystem. The cryptocurrency brokers are confirming that it has been legally obligated to add the information of almost over thirteen thousands users to the USA “Internal Revenue Service.”
Are in-game Currencies known as Digital Currencies?
As you know, every game has its unique currency that players use to purchase in-game items like weapons, magic spells, and other stuff. Similarly, you have to purchase in-game currency first using the real-world money, like you want to buy OSRS Gold then you should use real-world cash to grab some according to the package you choose. In-game currencies are known as the Digital Currencies that nowadays are on trending between players and the source of making money. Usually, players deal with third-party game marketplaces where they sell their hardly earned in-game money in exchange of real money.
Old School RuneScape
As you know, Old School RuneScape has millions of active users and every one wish to earn in-game cash by spending cash because they have an option of purchase OSRS currency without any specific requirements. Therefore, considering both Cryptocurrency and Game Currency as the digital cash won’t wrong, though some game currencies won’t able to turn into real world cash.
World of Warcraft
Upon comparing the cryptocurrencies with other game currencies you will clear your concept. For sure, you will be familiar with World of Warcraft – the most popular MMORPG game. The primary currency of the game is Gold that you can purchase using the fiat cash.
Firstly, you can purchase the in-game gold using the real world money either to keep in your wallet or use to unlock premium stuff. Secondly, you can convert the World of Warcraft Gold back into real money using the game marketplaces like Eldorado.gg. It works similar to Cryptocurrency, but the difference appears when we talk about the increment in rates. Like the Cryptocurrency, the rates of in-game currencies can’t increase – at least with the high ratio.
In-game Currencies are controlled, Unlike Cryptos
Moreover, platforms like Eldorado.gg let users to sell their WoW Classic Gold in a fully secured environment where players can also purchase items of different games at reasonable prices. Besides that, in-game currencies are fully controlled by several parties, including game studio and other authorities so no one can perform any illegal action like money laundering.