How are cryptocurrencies misused in sports?
As we know, there are many cryptocurrencies in today’s time and thus provide profits in a significantly less time period. The concept of cryptocurrencies was initiated by bitcoin, which was publicized in the year 2008 and was flung in the year 2009 by the person called Satoshi Nakamoto; whose identity is still anonymous. No one knows about the person; there are lots of assumptions as to why the person’s identity is still anonymous. There is no sign of the person after the year 2010 when he was given the last update of the bitcoin.
As we know, bitcoin is used in different sectors for growth and development and digitalization. We have always discussed the benefits of using cryptocurrencies in the market. There are also positive outcomes that has been witnessed in bitcoin, but then it is also used in the bad side of the sports sector.
How are cryptocurrencies promoted in sports?
There was a great loss in the funds of the sports committee because there were no matches in the year 2020. So, to come up with the new idea, the sports sector has decided to use website for cryptocurrencies as there are lots of users engaged in cryptocurrency transactions to attract them; also, in the sports sector, they have started using the crypt of the platform in the buying of the tickets. It was heard a short time ago that because of the pandemic situation, the sports committee had sold the tickets in which the mode of favorite was the cryptocurrency, especially bitcoin.
Even there is the initiative taken by the sports committee that in the coming chess championship, the winner will be rewarded with the amount of the 320000 dollars which will be given to him in the form of the cryptocurrency according to the price of the date. This is the greatest initiative taken by the sports committee till now as we know that sports committee always tries to be in complete modernization and they do their best to be the best in the society, so they opt all the modern methods which are in the trending and are used mainly by its fans.
Misuse of crypto platform
As we know that the use of the Crypto platform is Done to provide benefits to the users like funding the profits in a concise period of time, and the transactions of sending and receiving the money through this platform charge very less to the user and the transaction time are very less as compared to the other platforms.
But there are players who misuse this platform in many ways. As we all were there the promotions in all the matches. The promotions are done in the matches because of the reason that there is a huge fan following of the sports, and more and more people are engaged in watching the sports either in offline mode or in online mode. Show promoting the product of the company will help them with the advertisement as not all but most of the users will do the research of the products and will buy it from them.
So, for all these promotions and advertisements, the players are rewarded with a huge amount which has to be given to the players but not in the legalized form so the money transfer to other players is in the form of the cryptocurrencies.
Especially the bitcoins because of the reason that the payments done through the cryptocurrency platform are very secure because of the encryption done by the cryptography and the reason is that the transactions made on this platform are kept private as this is the policy of the blockchain that the transactions are stored in the blockchain in the form of the blocks and the transactions stored cannot be located by any user by anyway.
Even if the company, not the player, wants your money in the form of the bank transaction, this will be a problem for both of them. As the spending habits of the players are being recorded by the government so that he does not do the wrong activities, but still, these illegal activities are happening by taking the help of the platform like cryptocurrencies. Cryptocurrencies were made to provide benefits to the users, but this has been used in illegal ways.