Because that's the cheapest way to obtain new Hats.
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Trading. It's the most commonly used trading currency.
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keys open boxes, boxes contains stoof ,people wants stoooof ,people want keys.
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surprised me at the beginning of my steam entry as well ... (that the price doesn't fluctuate wildly)
whats already been mentioned + the safest way trade with steams trading window without trusting
the other party and to cash out safely very expensive/rare csgo-skins (keys <> skins -> keys <> money)
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Like I said, it's mostly used in trading. For example, I got quite a few cheap games by trading with TF2 keys rather than purchasing games in the store.
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cheap
CHēp/
adjective
adjective: cheap; comparative adjective: cheaper; superlative adjective: cheapest
1.
(of an item for sale) low in price; worth more than its cost.
"they bought some cheap fruit"
TL;DR: I mean cheap as in inexpensive. :P
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Like I've been saying, it's used as a currency. Just think of keys like if they were dollars. 3 TF2 key equals 3 trading currencies worth an approximate of $2.60 each. There are also other items being used as a trading currency, such as Refined Metal, or TF2 Tour of Duty Tickets which are, as an example, worth around 0.5 TF2 key.
With the keys, you can purchase (trade) more items or games you want, or even sell them on the market, turning the keys into Steam wallet funds. Of course, there ARE a few people who will use the keys to open crates in an attempt at winning it big, but the main reason keys are so popular is mostly because of the trading involved.
Heck, you can even trade your keys for games, then trade the games for other things. :P
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It's a trade Item that's almost untracable, and since you can't cut them in half, they're perfect for greedy D-bags juicing more out of a trade.
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The same reason people buy Apple products or any overpriced item: because marketing told them that it is good. And for some it is just a simple collection thing. Some people on Steam collect games they never want to play, some collect cards for levels that are practically worthless (unless you are a big-shot streamer or similar online gaming personality, I highly doubt you need 500 friend slots, especially Steam groups let you have as many invitable buddies as you want), some collect pointless 300-dollar CS:GO skins or pointless 4000-dollar TF2 hats.
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