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In barely a few years, the cryptocurrency sector as extended around the globe. The ambitions of crypto industry leaders were lofty not long ago, but even they could not have predicted such rapid advancement. Now you need to know how does betting work as you compare with currency.
Bitcoin and its ilk have managed to permeate practically every business these days. Of course, they are far from dominating them all, but crypto and its underlying blockchain technology are now being considered by people in various industries, including banks and entire countries.
China's CBDC, or "digital yuan," is an excellent illustration of this. This would not have been the case if a few more adaptable industries had not taken the lead.
One of the best examples is the sports sector.
Digital currency and the sports business
The sports and cryptocurrency industries have a close association these days, but this wasn't always the case.
As previously stated, this was one of the more adaptable industries that were not afraid to attempt new things. Of course, it did not go all-in on crypto, but it did make an alternative payment method available.
It all started with offshore sports betting websites and gaming companies. They began accepting cryptocurrency as a form of payment. Soon after, other sports club owners began paying their members in cryptocurrency as well.
The earliest known example of this is Nikolaj Rosenthal, a professional hockey player who is the CEO of Evonax, one of the few remaining KYC-free trading platforms. "It's incredibly wonderful to be able to pioneer with this," Rosenthal said at the time. Digital currencies have a lot of potentials, and I'm grateful for the chance to try them out in such a new way."
When the initial coin offering (ICO) movement took off, and everyone seemed to be launching their coin, the notion expanded to the sports world as well.
Fan tokens start to appear
The ICO trend may have died out in the meantime, but the concept of multiple clubs providing different tokens to their fans hasn't. Some of the world's most famous sports clubs, such as Juventus and FC Barcelona, now have their tickets that fans may share and use.
The tokens may be used to purchase items, vote on upcoming club decisions, and win prizes such as VIP seats, among other things.
"We've seen this attempt start back to Fanship, and I feel it is a terrific method to connect fans with stars in a much more intriguing way than we've ever dreamed of before," says Adrian Pollard of exchange service bitHolla. We could be seeing a more direct approach for fans to speculate on the price of a star by combining a token of value and effectively the worth of the principal and having it trade on a marketplace."
However, how does betting work? This is a side effect of what these clubs want to do: strengthen their communities while interacting directly with their fans worldwide.
Fans would communicate with their favorite teams, use cryptocurrencies, and vote on group choices. When you know how does betting works, it becomes easy for you.
So, not only is cryptocurrency being used for gambling and betting, but it is also being utilized to create closer, more directly served communities, and it accepts as payment by sports athletes who are ready to take it.
Summary
These are significant gains for an asset class that was dismissed only a few years ago. While the sports business is among the early adopters, crypto is beginning to gain traction in various other areas.
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Author bio
Naman Modi is a Professional Blogger, SEO Expert & Guest blogger at https://www.betadrian.lv/. He is an Award-Winning Freelancer & Web Entrepreneur helping new entrepreneur’s launches their first successful online business.
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Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.