Five significant benefits that bitcoin will bring to sports

Five significant benefits that bitcoin will bring to sports

Sports

Five significant benefits that bitcoin will bring to sports

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Last year, we saw lots of endorsements and contracts between significant sports teams and various cryptocurrency projects. Bitcoin is one of the major players among them. In this article, we will try to understand the nexus between bitcoins and sports. We will also try to unravel what is the secret behind this nexus. 

The nexus between bitcoins and major sports seems quite genuine as it brings up fresh and new audiences to the market. 

A new market push for sports

May 13, 2021; St. Petersburg, Florida, USA; Tampa Bay Rays left fielder Randy Arozarena (56) congratulates designated hitter Austin Meadows (17) after hitting a two run home run in the third inning at Tropicana Field. Mandatory Credit: Nathan Ray Seebeck-USA TODAY Sports

One of the biggest reasons for growing fondness between sports and bitcoins is the need for marketing. There is lots of untapped potential in the entertainment market. For example, let’s take an example of the English Premier League. Recently, we have seen a fantastic partnership between StirmGain and Newcastle United FC. As per the recent update, bitcoins and another cryptocurrency will be the official sponsor for the upcoming seasons. 

Thus, StormGain can be one of many examples that shows that sports teams and firms are looking for a marketing push. This nexus is undoubtedly going to make a splash. 

In addition to this, a similar thing happened to the NBA. Recently, there was a partnership between Cleveland Cavaliers and the crypto exchange UnitedCoin. This partnership will lead to high scale advertisement at the team’s home games. People think that the nexus between sports and cryptocurrencies like bitcoins is just for marketing and endorsements. But, this is not the reality. We will look at other benefits that bitcoins offer to sports.

Adoption of bitcoins and crypto technology

The blockchain technology that is the main idea behind the invention of bitcoin has the potential to bring innovations to the world of sports. The best part about using bitcoin is that it makes the payment process simpler and easier. In addition to this, certain administrative tasks are also reduced. So, if you are looking to get maximum in sports activities, bitcoins and other cryptocurrencies can be a good idea.

Payment and betting activity

Using cryptocurrency for payment for betting can be one of the best uses in the sports industry. The new method of payment through cryptocurrencies like bitcoins will bring a totally new revenue source to the ticket seller. Many sports teams around the world are already taking notice of it. For example, the latest news revealed that a football club called SL Benfica that belongs to Portugal is accepting payment for tickets in bitcoin. 

The payment in bitcoin through website click here and another cryptocurrency need not be only for the purpose of sale. They can also be for the salary of a sportsperson. 

Recently a player named Russell Okung, who plays for Los Angeles Chargers, claimed that he wanted to be paid in BItcoins. Different other players from different parts of the world have also made similar requests. Although no team has yet complied with the law, we will soon see different teams offering salaries to players in Bitcoins. 

One of the major areas of sports is betting. Since betting platforms are in boom these days, many betting platforms are also accepting bitcoins and other cryptocurrencies for payment. 

Digital collectibles

May 13, 2021; Phoenix, Arizona, USA; Miami Marlins first baseman Jesus Aguilar (24) hits an RBI single during the seventh inning against the Arizona Diamondbacks at Chase Field. Mandatory Credit: Matt Kartozian-USA TODAY Sports

Different types of collectibles are moving online, and many teams are already taking the plunge. Last year, a Major League Baseball team called LA Dodgers issued a statement that said they would issue almost 40,000 collectibles. In addition to this, The National Basketball Players Association (NBPA) has also planned to get into the crypto-collectible games.

Anti-fraud measures

Ticket scalping has always been a problem. But, the use of blockchain technology can offer solutions to sports organizations. The use of the technology can authenticate all tickets on a decentralized ledger. In addition to this, tickets can also be linked with individual buyers easily. So, the administrative tasks become even easier. 

So, these were just a few benefits of using bitcoins and blockchain technology for sports. This is just the beginning. The world will soon realize the new digital currency’s huge potential and the technology behind it. Do you also think that bitcoins and blockchain technology will determine the future of sports? What are your views about the proliferation of the new digital currency? Let us know your thoughts. We will be more than happy to see your views about the use of bitcoins for sports.

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