Bitcoin Begins to Be Used in the Football Industry

[xsantana]

It is SL Benfica, a Portuguese soccer giant who has decided to accept payments using bitcoin (BTC) in each transaction. In addition to BTC, fans can buy tickets, t-shirts, and all club accessories using special tokens named Ether (ETH) or UTK. The historic decision was announced by Benfica through the club's official website some time ago.
To help realize this plan, Benfica has partnered with a company called Utrust which later acted as a money changer and was tasked with exchanging crypto money from fans to conventional money instantly. Thus, it is expected that the club can mitigate the potential for price reductions that could occur due to the relatively high volatility of the crypto exchange rate in the spot market.

[mk4]

Why did they accept this random token(EnergiToken) as payment though? Now it just looks like a sponsor, pretty much like how PornHub accepted Verge(XVG).

EDIT: Nvm. They accepted UTK not ETK. And yes, confirmed it's sponsored.

Source: https://www.coindesk.com/s-l-benfica-is-the-first-major-european-football-club-to-accept-cryptocurrency

[avikz]

Why did they accept this random token(EnergiToken) as payment though? Now it just looks like a sponsor, pretty much like how PornHub accepted Verge(XVG).

EDIT: Nvm. They accepted UTK not ETK. And yes, confirmed it's sponsored.

Source: https://www.coindesk.com/s-l-benfica-is-the-first-major-european-football-club-to-accept-cryptocurrency

Sponsored?? May be!! But does it make the entire story look bad?? I believe no!!

This kind of adoption is actually very helpful to the crypto growth! Even though it doesn't have much worldwide appeal but still it is a great deal to have a major EU football club accepting cryptos.

Majority of the human population lives under the shadow of Banking industry where they believe cryptocurrency is a illegal iteam which is mostly used by criminals. If you don't believe me, just speak to 10 random people, you will understand the reality.

Such kind of deals are actually helpful to clear such confusions out of the minds of common mass!  Doesn't really matter what crypto they are accepting, but the mention of cryptocurrency is enough to do good to the market and win back at least some trust of common mass!

[Genemind]

I didn't expect that Utrust can go this far. It was a great project and it's good to know that it's continuously pursuing its goals.
However, this kind of cryptocurrency adoption is really an advantage because there are lots of football fans who will also support Bitcoin and other altcoins like Utk and Eth.

[uneng]

Soccer teams have plans to launch their own crypto currencies, Benfica with its token utk wasn't the first one: the Sporting Club of Portugal planned to launch an ico before, although they found it difficult to raise funds and I don't know if they discontinued the idea.
Another teams like Paris Saint Germain and Juventus have already launched their crypto currencies. Looks like every soccer team will have their own currency on the future. On the other hand, the benefits of crypto currency can be used for money laundering, as it is a common practice among soccer sponsors.

[Slow death]

this is a good advertising for bitcoin in europe, in the last few months I have read bad news coming from the European Central Bank, things like these:

European Central Bank: Crypto Does Not Have Tangible Impact on Real Economy

ECB President Mario Draghi: Cryptos Are Not Currencies, They Are Very Risky Assets

portugal is a country that has very strange policies, so I do not know if with this movement that the SL Benfica is doing if it will increase adoption in portugal or europe. That's why I consider this movement as an advertising campaign for bitcoin.

[xvids]

I didn't expect that Utrust can go this far. It was a great project and it's good to know that it's continuously pursuing its goals.
However, this kind of cryptocurrency adoption is really an advantage because there are lots of football fans who will also support Bitcoin and other altcoins like Utk and Eth.

Yes it is true another publicity stunt for crypto and it is indeed a great job.
Now people or Football fans or industry would be aware of crypto currency.
This is a great news for us and I hope that this would also be great for the market.

[Ailmand]

Every adaption of cryptocurrency has always a huge impact on the development and growth of blockchain technology. We all know that what we really need is for people to be aware and informed about the importance of cryptocurrency in society. Football community will add a big number of users due to this adaption. It's just good to know that despite all the rejections and banning controversies, crypto is still standing firm.

[bitcoin-shark]

well it was time that even the world of football began to use the crypto even if for now is only a small start a sponsored altcoin, i also hope other teams start to accept payments with altcoins, is all positive advertising and may perhaps bring new people closer to this fantastic world...

[Beerwizzard]

For them, this is just another way to get more money. I guess that they are instantly converting their coins to fiat via something like BitPay and none of those people is holding any significant amount of coins (even if they get that much crypto payments).
Soccer teams are already sponsored by many financial organizations (including shady ones) like banks or forex brokers. Football teams do not care that much about activities of their sponsors so it is not a surprise to see crypto project among them.

[Nadziratel]

It is SL Benfica, a Portuguese soccer giant who has decided to accept payments using bitcoin (BTC) in each transaction. In addition to BTC, fans can buy tickets, t-shirts, and all club accessories using special tokens named Ether (ETH) or UTK. The historic decision was announced by Benfica through the club's official website some time ago.
To help realize this plan, Benfica has partnered with a company called Utrust which later acted as a money changer and was tasked with exchanging crypto money from fans to conventional money instantly. Thus, it is expected that the club can mitigate the potential for price reductions that could occur due to the relatively high volatility of the crypto exchange rate in the spot market.

That's good news I've never heard. Such events will increase the added value of the market. I wish he'd done something similar on my team. I would gladly do shopping.

[ecnalubma]

Any kind of crypto adoption always drags bitcoin, good to know that adoption is in process all over the world in different industries. Despite some countries still reject and discourage its people from using it still the adoption is unstoppable.

[mk4]

Never said it was automatically a bad thing. It's only just another unnecessary token to be used for payments, but whatever. At least BTC and ETH is an option I guess; and publicity is publicity regardless if people would actually pay using crypto or not.

[Indamuck]

For them, this is just another way to get more money. I guess that they are instantly converting their coins to fiat via something like BitPay and none of those people is holding any significant amount of coins (even if they get that much crypto payments).
Soccer teams are already sponsored by many financial organizations (including shady ones) like banks or forex brokers. Football teams do not care that much about activities of their sponsors so it is not a surprise to see crypto project among them.

I know and I don't see why people are making such a big deal about it. It would be a lot different if they were actually holding their revenue in crypto but they are definitely keeping everything in fiat money.

[feryjhie]

For them, this is just another way to get more money. I guess that they are instantly converting their coins to fiat via something like BitPay and none of those people is holding any significant amount of coins (even if they get that much crypto payments).
Soccer teams are already sponsored by many financial organizations (including shady ones) like banks or forex brokers. Football teams do not care that much about activities of their sponsors so it is not a surprise to see crypto project among them.

i think you still not what utrust is?
after a few search on google you can found what is Utrust

UTrust is a payment gateway platform which aims to be the crypto equivalent to existing centralized gateways like PayPal

after i try to order on the website and we can pay the transaction using UTK/BTC/ETH

[tippytoes]

Football industry is a multi-million dollar industry and integrating btc as form of payment would be great in crypto industry. This might give a certain impact to btc price. And all crypto users will benefit from it. I can't wait to see such development in crypto in general.

[MonsterV]

I think not only that, crypto has been used for a long time in football, as happened to the Juventus team last year, they supported and partnered with several companies engaged in crypto.
https://www.juventus.com/en/news/news/2018/juventus-announce-partnership-with-blockchain-platform-socios-com-to-launch-fan-token.php

And I think not only in crypto football developing, so far I have seen many other sports teams participating in crypto. Oh yes I have several news references that you can read.

1. LA Kings Confirm Release of Blockchain Merchandise Authenticator
2. Los Angeles Dodgers Baseball Team to Hold Giveaway of Player Crypto Tokens via ETH
3. NBA’s Dallas Mavericks Will Accept Bitcoin For Tickets, Mark Cuban Promises

[Johnzky]

It is SL Benfica, a Portuguese soccer giant who has decided to accept payments using bitcoin (BTC) in each transaction. In addition to BTC, fans can buy tickets, t-shirts, and all club accessories using special tokens named Ether (ETH) or UTK. The historic decision was announced by Benfica through the club's official website some time ago.
To help realize this plan, Benfica has partnered with a company called Utrust which later acted as a money changer and was tasked with exchanging crypto money from fans to conventional money instantly. Thus, it is expected that the club can mitigate the potential for price reductions that could occur due to the relatively high volatility of the crypto exchange rate in the spot market.

I believe this is not the first time I have read a thread here regarding bitcoin used for football,last year if I am not mistaken in Germany some hotels accept bitcoin as payments for the accommodation of the foreign visitors who will watch the game

And this movement of Portuguese team of soccer to accept bitcoin or cryptocurrency for the payments.this may give another exposure and advertisements for cryptocurrency.

Football industry is a multi-million dollar industry and integrating btc as form of payment would be great in crypto industry. This might give a certain impact to btc price. And all crypto users will benefit from it. I can't wait to see such development in crypto in general.

Don't get too excited, moreso just going to be an advertisement banner for some shitcoin with less people knowing btc is accepted.

Well publicity is taken either good or bad so let’s just be thankful at least there are some opportunities that open for cryptocurrency specially something like this with multi million industry

[xsantana]

Premier League club West Ham United in April launched its own digital token.

In collaboration with the Socios platform, digital tokens that can be used to buy souvenir clubs, conduct polls, and also calculate engagement packages including promotional packages with imbalances for their fans

[bitzizzix]

I think it's a very good idea that cryptocurrency has begun to be glimpsed by football, and soccer is my most popular sport in the world, even though only Altcoin is sponsored and this is a good start for cryptocurrency in the field of sports.
and this is one example of cryptocurrency that will be global so that many people will adopt it in any field.