With the mass adoption of cryptocurrencies in almost all spheres of human activities, one aspect still looks neglected. Sports so far seems unimpressed with how far crypto adoption has been this may be a problem. The integration of the usage of cryptocurrencies in sports might take longer than anticipated. Even most people still see crypto as a scam project and ants to stay far away as possible from it.
Although, some fraction of sport have tried integrating crypto but it has not been a success so far. Some sports betting platform has provided a cryptocurrency deposit option to their customers while some like Scorum betting provided a betting platform where only SCR (a cryptocurrency) could be used to place a bet. But in the much wider sense, the adoption is slow and almost nonexistent.
REASONS FOR SPORTS SLOW CRYPTOCURRENCY ADOPTION
Adopting cryptocurrencies may take longer than expected in sports due to so many reasons. The adoption might take longer because;
1.Unstable nature of cryptocurrencies: cryptocurrencies' high volatility makes it very unwise to integrate it. Prices of cryptocurrency might change in any second and that could result in an employee of a club earning more or less of their supposed to pay. Because teams have agreements with players/staff on the amount to be paid as wages/salaries, an unstable currency seems to be the wrong way to fulfill that agreement.
2.Cryptocurrencies are still deemed illegal in some countries: funny as it may sound, not all country governments have accepted cryptocurrencies as a legal tender. Since it is not been recognized by some countries, adoption by sports centers seems unlikely.
3.With lots of crypto in play, having one crypto as a means of exchange or payment might be harder. A sport center in the country might agree on using one type of crypto, while another country might agree on another. That makes it hard to do business unlike using an international fiat currency.
4.Tax payment might become harder to compute. Crypto makes it easy to avoid paying tax as its whole process eliminates governments and their structures. Now, let’s imagine sports centers integrate cryptos’, how do they compute the tax payment amount even if they agree to pay for it.
STEPS TO BE PUT IN PLACE TO HASTEN CRYPTOCURRENCY ADOPTION IN SPORTS
In as much as the adoption of cryptocurrencies by sports might look like an uphill task, the simple truth is that it is possible. The steps to take to achieve this are minimal and it all starts with the government and sports federation accepting crypto first. Once that is achieved, the other steps are
1.Creating a cryptocurrency acceptable to all sports centers in all countries. Having this sorted out will help create uniformity and also ease the stress of exchange value. It will make the transfer of funds digitally even easier and much more faster
2.The coin to be created has to less volatile like a stable coin. The reason for this is to make it easier to make payments to employees while making sure they are been paid the right amount agreed. It will also make tax computation much easier and smoother.
This is just theoretical analysis and its implementation will be harder and take a longer process before a conclusion would be arrived at.
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