Although it is a sporadic industry thus far, cryptocurrencies represent an emerging market that is generating a lot of interest in the financial sector of many powerful nations. Of course, Bitcoin has led the way as the pioneer of cryptocurrency, but plenty of other companies are working diligently to create their own form of universal payment processing. Now, cryptocurrency has made its way into another powerful entity; the world of sports. Whether it’s through paying players, selling merchandise, or gambling, billions of dollars are changing hands in professional sports on a daily basis. As Bitcoin and other cryptocurrency competitors seek to carve their way into mainstream society, professional businessmen around the world are experimenting with its uses and capabilities.
First Sports Transaction Using Cryptocurrency
An otherwise unknown Turkish football team has made history today, becoming the first sports franchise to use cryptocurrency to complete a transfer. Harunustapsor and Club President Haldun Sehit have signed Omer Faruk Kiroglu to a deal worth 0.0524 BTC (Bitcoin) and 2,500 Turkish Lira. At the time, the total deal was equivalent to 4,500 Turkish Lira, or about £850. At the time the deal was made, one Bitcoin was worth £7,367, which made the 0.0524 BTC that Kiroglu received worth approximately £386. Unlike other transactions, Kiroglu’s salary could increase or decrease, depending on the market. It is a bit of a risk for all parties involved; however, it is certainly an exciting moment in sports and economic history.
At this point, there are literally hundreds of cryptocurrencies trying to become the next Bitcoin. There are only two, Ethereum and Ripple, that are even close to Bitcoin, and to be honest, they aren’t really that close. Each Bitcoin is worth ten times more than each Ethereum, and 20 times more than each Ripple. Even though Bitcoin is not universally accepted, more people are becoming curious about cryptocurrencies. In fact, more people are searching for ways to purchase Bitcoin than ways to buy gold. We have certainly come a long way since 2009, when Bitcoin was first created by a mysterious person that goes by the alias, Satoshi Nakamoto.