Is this true that the reward of the chess championship will be given bitcoin?


Today if we see that cryptocurrency is one of the best cryptocurrencies, it has created a respectable place in society. There are huge amounts of people who are investing in cryptocurrencies like bitcoin.


Even though it has been used in payments in offline stores in developed countries; even many online sites allow users to buy and pay in the form of cryptocurrency by using the crypto wallet. Cryptocurrency has now become the need of every person in society as this provides profits to the users in a very short time.


Even many sports sectors are using cryptocurrency as the mode of reward to the winners. For example, mainly according to the news, it has been heard that there will be a chess competition and the competition the reward amount is about 320000$. This is a very big amount; it has been declared that this will be given to the winner in the form of cryptocurrency.


Why have sports adopted cryptocurrency?


There are many sectors; some of the websites like have accepted bitcoin as the mode of payment or the mode of investment, and some of them are the ones that have used the bitcoin technology to run the system. For example, today, we will discuss the sports sector; this sector has adopted the crypto platform to attract customers.


As we know, like healthcare industries, sports industries also try to get up to date along with each thing or the trend running in society. Sports is adopting cryptocurrency so that the fans should still be joined with the sports. Because of the pandemic, there was a significant loss to every sector of society; the same occurred with the sports sector. There was around a 12 percent decrease in the funds because the matches were not organized, and the pandemic was there.


To cope with the modernization and cover the losses, the sports sector has decided to make crypto the mode of payment for various purposes. They have made this the mode of payment for ticket purposes to maintain the guidelines and protect the users from getting affected by the virus.


New Concept by the Sports Sector


As we talk about the sports sector, by standing about the cryptocurrencies, they have started the token coin, which is based on Bitcoin’s functioning. But this is a token, so it might be working on the blockchain platform of any other cryptocurrency. There is a slight difference between the coin and token. Coins work on their blockchain, whereas tokens work on the other crypto’s blockchain.


The cryptocurrency launches one new concept that the sports committee has made the new token, which is named the fan token. In this token, there will be the right to the owners of this token that they can take the minor decisions of the team. Furthermore, there is the option of which token of the choice of team they can buy. When this was just launched, there was no hope for the promotion of the token. But after some time, when the report was analyzed, there were so many users who liked this concept, and they bought it. This is the fan-following of the teams.


If we talk about development and digitalization, these are the sectors that are promoting cryptocurrencies by performing such actions. When people become too aware of the concept, then they definitely go for the research, and they find the existence of such a thing and start investing in it, which leads to the huge profits of the user of bitcoin or any other cryptocurrency.




Here, in the end, we can conclude that crypto is the platform that gets accepted by many sectors of the world. Bitcoin is a cryptocurrency that has allowed the users to earn profits in a very short time period along with various benefits like security, privacy; all these benefits are very beneficial for the customer investing on the bitcoin platform.


This great concept was initiated by a person named Satoshi Nakamoto; he announced it in the year 2008 and launched it in the year 2009. This was just a fabulous concept initiated by them.


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