Since the world was graced with the birth of Bitcoin back in 2009, there’s no denying that cryptocurrencies are rapidly worming their way into our everyday lives. Even those with no interest in the likes of cryptocurrencies and financial matters are likely to have heard of these digital coins – after all, it’s difficult to ignore something that is rising in worth so rapidly. But how deeply is Bitcoin and its technology really impacting our lives? It may be infiltrating the news, but could it go as far as emerging into our everyday entertainment? I’m sure you’ll be thrilled to know it already has! Here, we explore just how Bitcoin is already changing how we enjoy one of the biggest entertainment sources the world has to offer – sports.
So, what is Bitcoin?
As we mentioned before, Bitcoin is a cryptocurrency that has been created, and is held in circulation digitally. It’s a little like your average fiat currencies – think USD, GBP, Euros – but it has one major difference; there is no centralised authority. Bitcoin has not got one single person or authority controlling the transactions that take place, and instead works off a technology called the blockchain. This technology, in simple terms, is made up of a series of blocks, and these blocks are made up of every transaction that has ever taken place in Bitcoin. The most recent block will contain the most recent transactions – meaning this chain is constantly growing.
But how does this help Bitcoin work? Well, this blockchain acts as a ledger for all of the transactions, like we explained previously, with the added bonus of every person who has ever used Bitcoin being able to see these transactions to ensure that there is no double spending or fraudulent activity. In short, cryptocurrencies are safe and secure, and even offer a level of anonymity that you just can’t get with fiat currencies. But how does this have an effect on our enjoyment of sports?
The wonderful world of Bitcoin betting
What do you get when you take a safe, secure and anonymous currency, and some popular sports? Safe and secure betting, of course! Since Bitcoin was released, Bitcoin sportsbooks have been cropping up all over the internet, and it isn’t difficult to understand why. In fact, we’ve even considered jumping on the bandwagon ourselves. With a wealth of easily accessible mobile sports information via apps and fast, efficient online betting taking the world by storm, and cryptocurrencies doing the same, it’s not difficult to see why the two just might go hand in hand. If you can get your hands on some bitcoins– or fractions of bitcoins, at this point – through a Bitcoin Exchange, then you could be in for a treat.
This cryptocurrency is not only safe and secure, but it’s fast and anonymous too, and when you pair this with the gambling and betting industry, it’s not hard to see why the market is being revolutionised. Betting on our favourite sports has never been easier, offering people a safe way to wager their bets without any potential barriers that they might have faced before. The lack of centralised authority means that this currency can make betting available to those in countries where it may be illegal, and give bettors immediate control over the deposits and withdrawals that they make. There are little to no costs when it comes to using Bitcoins, which makes sports betting even better for your wallet when you don’t need to pay fees! In short, bitcoin betting could very well prove to be an increasingly popular way to enjoy the sports we watch on TV or even follow online in the future. But betting isn’t the only way Bitcoins could change the way we enjoy sports.
Would you accept cryptocurrencies as payment?
Bitcoins, believe it or not, can be used to pay for material goods. Okay, so we know we said that Bitcoin was a digital currency, but hear us out. In a world filled with mobile payments and contactless cards, is it really so surprising that a cryptocurrency could be used to pay for the likes of hotdogs or merchandise at a live sports game? Well, they could. It’s not widely seen as of right now, but bitcoins have the ability to buy food, guns and even funerals! There was even a brief period – see: one game – where a NCAA College bowl game became the Bitcoin St Petersburg Bowl!
The likes of Subway sandwiches, Pizza, and even sweet potato dog treats from the Happy Tails Barkery have been available to buy with Bitcoins in the past, so why not assume the same for the future? There have been talks of NCAA Athletes being paid by Bitcoin, so why not make it possible to buy things from there too? Granted, this is more of a general enjoyment potential, but sports games could be given a whole new high-tech and most importantly safe payment method in the future. Only time will tell!
Ever heard of Jets Points?
So, let’s talk Jets Points. This fan reward programme isn’t a cryptocurrency as such, but there’s arguably nothing stopping it from becoming one. These points reward season ticket holders with Jets Points any time they scan their card. These points are then redeemable for perks and rewards from the likes of autographed merchandise, to Super Bowl tickets. There’s even talk of the points being affected by how the fans behave!
Now how does this become a cryptocurrency, do you ask? Well, the more popular that such a point system becomes, the more likely it is to become a ‘quasi-economy’ – and the same can be said for any highly popular reward programme. All it would take would be the points to be released onto the blockchain as a ‘coloured coin’ – a token set to represent real world assets – and the cards that a season ticket holder is in possession of could become a wallet not unlike the likes of a Bitcoin wallet.
Granted, our last point is more of an estimation of what the future could hold, but the truth is, only time will tell. Technology is constantly changing, and with that comes the changes in consumer demands. While the world might be screaming for safer payments and more high-tech entertainment, a few months down the line it could be the complete opposite. The fact of the matter is, Bitcoin has quite a way to go, just like sports. All we can do as enjoyers of all things sports and/or cryptocurrencies is to stick around for the ride.