Bitcoin is cryptocurrency’s most popular digital currency, and over the years, it has attracted millions of investors and worked its way through several industries by showing immense potential and power to individuals and companies that have an understanding of how to take full advantage of the opportunities that it presents. For instance https://qumasai.io/ is currently among the most popular white-label solutions in the market today.
This is quite similar to how experienced bettors can thrive in sports betting simply because they are able to take full advantage of resources like premier league predictions today.
While we’re on the subject of sports betting, one of the industries Bitcoin has made its way through is the soccer industry. This move has affected a range of various industry aspects that were previously unthinkable and unforeseen. In this article, we’ll look at the various aspects that Bitcoin has influenced; therefore, let’s look at these in further detail.
Cryptocurrency and Bitcoin: an Overview
In a nutshell, a cryptocurrency is a digital currency that operates from a decentralized network known as a blockchain, which is a digital ledger that retains and records data that makes it impossible to counterfeit. Presently, the crypto market is made up of more than 10,000 cryptocurrencies, and one of these is Bitcoin.
Although Bitcoin doesn’t come in the form of a physical coin, it’s still a highly secure digital currency. The use of Bitcoin in the soccer industry comes with numerous benefits, and this explains how it’s managed to transform how many things are done today.
Bitcoin and Soccer: How They Work Together
Nowadays, Bitcoin is influencing how soccer clubs and players are doing things within the industry. From sponsorships to how sporting events get bought, digital currency has certainly changed the game.
The most obvious connection between soccer and Bitcoin would have to be with sponsorships within the industry. Because soccer attracts billions of dollars each year in the betting market, it would only make sense that leading crypto exchanges that rely on investors who are big on taking risks would also want to have their slice of the pie. As such, soccer players, teams, and competitions will likely be linked to some crypto firm in the form of sponsorship.
Nowadays, it’s becoming increasingly rare to find any major soccer club that’s without some sort of Bitcoin or crypto sponsorship deal in place, whether the deal is major or minor. Therefore, sponsorships play a significant role in this aspect of the soccer industry.
Payments and Transfers
Transferring players is a sector of the industry that still involves fax machines, clunky bank transactions, deal sheets, and scanned documents. Although the world makes it possible for things like these to occur a lot quicker and more seamlessly, this process is still required in the global sport.
With the use of Bitcoin, buying and selling players this way would only make sense. Because of the immutable nature that supports blockchain protocol, this helps with audits and transparency. We also can’t ignore the fact that Bitcoin transactions are fast and don’t involve any intermediaries like banks.
Voting Rights and Fan Outreach
Fan tokens are becoming increasingly popular in modern soccer as clubs use them as a way to connect to team players and former legends. When it comes to leading coins like Bitcoin, these get traded on large crypto exchanges, so much so that the digital currency is enjoying relatively large market caps.
Even though fan tokens only offer fans and supporters the voting rights on ‘insignificant’ matters like the color of a club’s uniform or where the pre-season friendly game should take place, this small cut of fan power is certainly better than not having any involvement at all.
Fan tokens are still in their early days, but it seems the next generation of soccer fan coins will permit fans to have fractional ownership rights regarding training grounds and stadiums. This will likely be the case if the fan coins are issued by clubs as opposed to affiliate partners.
In years to come, it’s possible that fans can one day influence more significant aspects of the industry, like when it comes to needing to vote for the appointment of a new manager, chairperson, or coach.