Cryptocurrency Transactions in Sports

April 8th, 2019

Cryptocurrency Transactions in Sports

Recently an Italian Football Club made history. It’s the first Football Club to be purchased in the digital currency. Italian Serie C football club is popular and it’s the first team in the history of the game to be bought in the digital currency. Slowly the world is changing its perception of cryptocurrencies; such major initiatives will garner the attention of common people. Many online exchanges are available where enthusiasts check current rate of Bitcoinand trade, but the amount is very less considering its volatile nature. 

Quantocoin is a popular digital currency which is based on Blockchain technology and its proving to be a suitable alternative crypto payment for investors. The football club was recently purchased by a Gibraltar based firm; certainly, this news will excite the digital currency community. According to a partner of Quantocoin, this recent purchase is among the first of many, the firm is eager to make several other investments in coming days. Cryptocurrency is definitely the future currency bringing for users unique opportunity to fight corruption and fraud. When the world is taking several initiatives to control fraud or corruption problems, digital currencies are proving to be a viable solution. 

Fighting Football Corruption

In the last few years, many football corruption cases have rocked the market, numerous high-profile cases came to light involving cash. There were also accusations that Qatar got votes for hosting the World Cup 2022 paying a huge amount of money. For any normal football fan, such news or scandals can be shocking. Blockchain technology is a new concept which effectively controls all such scams and scandals. Quantocoin being a Blockchain backed payment system keeps every transaction details on the system when a payment is made. The concept uses incorruptible, autonomous and updated nodes on regular basis. This helps in making all transactions between players, football officials and agents transparent. All payments and transactions are continuously monitored to ensure no bribes or backhanders are paid. 

Use of digital currency exchanges is growing; apart from trading, you can also check the current rate of Bitcointhrough these platforms. Such news of cryptocurrency deals is helping this craze to spread among millions of enthusiasts. Transparency is becoming one simple motto in every field; UEFA is also working on implementing this idea. Recent cryptocurrency deal is certainly a big step ahead to ensure transparency in deals, help in reducing corruption from this popular game. 

Adoption of cryptocurrency 

Football fraternity, especially in the European countries, has shown huge interest in adopting digital currencies. Though UEFA didn’t give any official statement on the use of digital currency, recently fixed deal by a firm will grab the attention. For all initiatives to control match-fixing using cryptocurrency can be a viable solution. Cryptocurrencies can also combat money laundering and fraud transactions associated with the game. Recently UEFA asked all European clubs to share information on team spending, wages, and other expense details. Blockchain technology will help in ensuring that, use of Blockchain based currencies can help you in the process. UEFA also show its support for this new technology, even trail-run tickets for a game recently using a smartphone-based Blockchain application. 

There are also reports that popular English Premiere leaguer clubs are partnering with digital currency trading platforms. Such partnering and initiatives are first of its kind in football. This will mark the first step which is bringing opportunities offered by crypto assets and Bitcoin to Football. For a football enthusiast who trades and checks the current rate of Bitcoinonline, crypto association with the game will be exciting. Football clubs will start using digital wallets and in coming days it can be used to purchase players, grabbing the attention of millions of fans around the world.

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