A brief explanation regarding the relation between Bitcoin and Sports

A brief explanation regarding the relation between Bitcoin and Sports

Culture

A brief explanation regarding the relation between Bitcoin and Sports

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How the core features of Blockchain can be taken as an advantage by the sports teams?

 Ownership rights and auction are engaged with many unethical activities that need to be scanned by the consumers. The scammers are roaming everywhere starting from ticketing to distribution. Some players and coaches are involved in many illegal activities like match-fixing. Online gambling is another sector where it is a very common practice of doing something wrong. To stop and control all these issues, the sports industry has decided to incorporate the applications of Bitcoin in this sector. The main aim of Bitcoin Champion is to maintain the transparency and authenticity of the industry. If interested you can find more information about bitcoins here: epochtimes.de

Jul 4, 2020; St. Louis, Missouri, United States; A view of Busch Stadium during St. Louis Cardinals workouts. Mandatory Credit: Jeff Curry-USA TODAY Sports

  • Data security: The confidentiality of digital data is important in all the sectors including sports. Personal data can be both tangible and intangible type. Encryption of digital data is possible in all the levels. The data can be processed and distributed to various areas. With the help of a single computing device, all three functions can be accommodated simultaneously. 
  • Verification of transaction: Digital signature is a part of cryptography. It is the method of signing in the modern era of digital transactions. Such kind of features is possible due to the blockchain. Bitcoin employs a digital signature for all kinds of important documents and contracts. There is no chance of faking the signature by force or any kind of fraud. It is a great initiative.
  • Absence of a centralized organization: There is no presence of any bank that will carry on the transaction. So there is no requirement for a bank fee. All the transaction is directly transferred and received by the consumer. There is no provision of any tax reduction or GST either. But recently the central government has issued plans so that the national banking agencies can look into it. They are planning to impose a tax on Bitcoin transactions.
  • Storage of data: Cryptographic hash function is the elemental tool for storing the secured data. It is the basic element for the blockchain technology. The blocks are assigned with a particular character of the string. The blocks are joined with the help of a blockchain. Such kind of innovative approach has been designed by the software engineers for the storage of secured data. It will greatly benefit the entire Bitcoin world. No such software or algorithm is yet developed that can ensure the security at such a high level.
  • Record of data: With the help of digital keys, the data is recorded. The keys appear in pairs both in public and private. To maintain relative anonymity, such kinds of keys are developed. It is a strategic approach to give a better configuration of the recorded data.

How sports fans can utilize Bitcoin?

Jul 4, 2020; St. Louis, Missouri, United States; A view of empty seats during workouts at Busch Stadium. Mandatory Credit: Jeff Curry-USA TODAY Sports

  • There will be a direct control over the transactional amount. The user will not have to depend on any bank or the central government for this purpose. 
  •  The transaction can be made sitting in any corner of the world. This advantage is missing in any traditional banking system.
  • There is no concept of banking fees. The charges of transactions are minimal. 
  • All the purchases are made with the help of a digital identity. The personal identity of the user is not revealed. But the transactions are recorded. There is no chance to fraud the identity. There are specialized authorities who look after these issues.
  • The voting system can be made transparent. The fans can vote for the favorite player through an application run by Bitcoin. 
  • To carry on the transaction, there is no requirement of visiting the bank. Mobile and computer devices are enough to perform the transaction.
  • There is a wide array of games in which the fans can participate. They can win prizes and many benefits from the games. The whole sports world will look much smaller now.

Bitcoin has already taken its strategic step in crypto-trading. Now it is time for sports to make the best use of it. The players, the sports management, the followers, and each of the other individual wings related to the sports sector is going to get a lot of advantages. 

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