Cryptocurrency: Why Use It In Sports?

Published On May 18, 2018 | By Clare Louise | Technology

The sports sector has always been very public-oriented. Sports are played for people’s entertainment and it is how money is made. Athletes, players and clubs make a huge amount of money every year because of this unrelenting interest of the public. But the truth is that the public has always been kept at an arm’s length when it comes to making money in sports. They are the ones who help make money though they don’t do so themselves. This can change with cryptocurrency in blockchain sports project. Here is why cryptocurrency should be used in sports.

It allows decentralization in sports income

When there is decentralization in the income-making of sports, then the public can start making money off it. Cryptocurrency makes this process an easy one. When you buy property, there will be delays, the payment of fees needs to be done and there will be the involvement of third parties. But because blockchain maintains records of all transactions made with cryptocurrency, it rules out the involvement of any third parties.

It is easy because there is no way there could be indentify theft

When sports uses mediums like ICO, information about the one making the payment is just not made available to the recipient. Compare this to times when you use your credit card to buy something from your local pharmacy. The merchant gets your credit card information to be able to make a payment. This information can be used for identity theft. That is why cryptocurrency for usage in sports is such a great idea. People will be able to use it without worrying about identity theft.

Transparent and unique business model

Using cryptocurrency in sports is a great way to create a transparent approach for people. It allows for a decentralized, credible and efficient trading system that allows fans, spectators, athletes and sports players to maximize their earnings form sports. Sports has a mammoth commercial value in today’s world and that is why using it effectively to help people better their finances is a great idea.

Easy access

Internet is used by a majority of people in the world and it cuts across countries, race, religion, color of skin and gender. One does not need access to a computer now to access the internet. It is now easily accessible on one’s phone. However, there are people who don’t have access to the banking system and to make them a part of the sporting trading scene, cryptocurrency is a great idea. All one needs to use this currency is internet.

Of course, cryptocurrency has a long way to go before it can beat the traditional money exchange system. In fact, that may not be something it wants to do or its owners want to happen. Decentralization of sports trading brings with it the opportunity of the public to participate in sports and cryptocurrency has all the features that make it a powerful currency to use in this regard. The best thing to do would be to fully understand how it works before investing money.

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