Bitcoin is leaving its mark on almost all sectors and industries. So, why should the sports industry stay behind? Many reports and analyses reveal that there is quite a close nexus between bitcoin and sports. This article will try to know how close the nexus is and how healthy the relationship between bitcoins and sports is.
Many reports suggest that professional sports and cryptocurrencies like bitcoins can get lots of benefits from each other.
The union, as well as the partnership between sports and cryptocurrency, is on the rise.
Many people may get puzzled by reading the above statement, and they may think, how is this possible. It is quite genuine for a layman to not understand the nexus between bitcoins and sports. This is because they don’t have any idea about the future application and everyday usage of bitcoins. But, it is important to know that cryptocurrencies like bitcoins are one of the best future technologies that can drastically improve the quality of our life.
If you have no idea about bitcoins, it is important to know about the operational and administrative efficiency created by the use of cryptocurrencies like bitcoins and the use of blockchain in the world of sports. Teams and sportspersons can now be paid directly through blockchain technology, and the creation of smart contracts has also become quite easy.
The use of bitcoins also leads to safe, secure, and quick transactions between two parties.
One of the first companies that brought cryptocurrency to the sports arena was eToro. This was an Israel-based online investment platform. You will be astonished to know that the company announced its partnership with almost seven premier league teams.
Each team is getting sponsorship money in return for the promotion of the platform. eToro is also the first brand that has paid sponsorship payment using bitcoins. They have made payments to each player and team in Bitcoin Mining only. Since bitcoin was transferred to the wallet instantly, neither the players nor teams faced any issue.
Many people have called the move by eToro to be a publicity stunt. But, Iqbal V.Gandham, the CEO of eToro, claimed that there are lots of benefits offered by the use of bitcoins, which is why the company has used it.
As per his statement, bitcoins’ major benefits include better transparency, quick payment, simple account procedure, and a win-win situation for all.
To make the process simpler, eToro has also partnered with SportsQuake for better strategic assistance and planning. As per the statement by eToro CEO, the use of blockchain technology offers better levels of transparency. Thus, it is beneficial for anybody and everybody associated with sports. From the fans being targeted by touts for ticket booking to club negotiating transfer, the use of bitcoin will make the process easier for all parties involved.
When will the shift towards bitcoin start?
As per the CEO of eToro, the shift towards the use of cryptocurrencies like bitcoins will start within a few weeks. Different teams have already taken advantage of the use of bitcoins. In addition to the use of bitcoins, different other cryptocurrencies like Etherium are also used. As per recent news, Etherium is expected to fund a multi-year program that will support the cause of the Sacramento team. The team called Dallas Mavericks has also followed suit. They have also started to accept payment for merchandise and ticket sales in the form of bitcoin.
Why does the new transition to bitcoin make sense?
The best part about the use of bitcoins and other cryptocurrencies is that teams and athletes can save a lot on transfer costs. In addition to this, the entire process will also get streamlined. There will be no need for a middleman. Transactions will be completed instantly, and they will also be tax-free.
In addition to this, foreign players can also send money to their families with maximum ease. It will also help bring capital and stability to poor nations. The use of bitcoins and another cryptocurrency for sports is highly monumental, and on the surface, there seems to be no negative impact.
But, as a layman, you should try to get details before you make any investment in bitcoins and other cryptocurrencies.