How Football Might Change With Cryptocurrency Transactions

bitcoins and football

David Barral made history in the world of football after being bought via cryptocurrency. But, will it path the way for football transfers to happen using this blockchain method, or will clubs look to use it in different banking options? 

David Barral Transfer To DUX Internacional De Madrid Via Bitcoin

Barral is an ex-Real Madrid player, and the striker has since become the first player in the world to be purchased via Bitcoin when DUX Internacional de Madrid acquired him in January 2021. It is a Cryptocurrency deal that can be considered to be ground-breaking, but will it change the landscape of the sport in regards to the way football transfers or finances within the sport as a whole?

It could be argued that there are a number of advantages as to why football clubs around the world should look to adopt the blockchain technologies whether it be Bitcoin or other forms of cryptocurrency in the future. However, for every benefit, a negative can perhaps be thought of when looking at the arguments that can be made. 

Advantages Of Crypto And Blockchain In Sports

Cryptocurrency could be considered a positive as it will instantly make payments faster than the actual transfer of money. For instance, football transfer windows can be impacted by the amount of time that is left to complete a deal. By having cryptocurrencies available, money will be transferred instantly and payments made will ensure that the money is received as soon as physically possible thanks to blockchain softwares.

Furthermore, using cryptocurrencies such as Bitcoin could not be any easier. The virtual currency has been designed to be easy to use and to manage, therefore allowing deals to be completed as timely as possible without the hassle of having to complete some needless paperwork or conduct checks in regards to the financial aspects that may be involved.

Football Clubs Are Already Using Virtual Currencies

Of course, there are football teams in the world that are already adopting the use of cryptocurrency in their day-to-day operations and running of the football club. For instance, AC Milan have recently signed up to launch a fan token alongside the likes of FC Barcelona, Juventus, Paris Saint-Germain and AS Roma as a way for fans to pay with crypto for services and merchandise that the football clubs offer.

In addition, there have also been instances whereby certain footballers could start to receive their wages and salaries in the form of Bitcoin and other forms of cryptocurrency. Gibraltar United FC had claimed they would pay their players via this method, although nothing has happened in regards to the claim since it was initially made.

Disadvantages Of Using Cryptocurrency In Sports

As mentioned, for each of the advantages that have been highlighted, there will be some negatives that will likely be leaving football clubs around the world with concerns.

The most obvious is that whilst the idea of having a completely virtual currency available sounds perfect for many teams and agents, the fact that a digital currency is incredibly volatile leaves many questions and uncertainties around it. For example, Bitcoin has had its incredible high trading values at certain points since it came into existence, however it has also had its moments where it has been a shade of what it was once worth. This trend has continued to happen, thus leaving it incredibly unstable.

Cryptocurrencies’ Value Volatility And External Influences

The instability that Bitcoin and other crypto currencies provides is a headache football clubs around the world can do without, as they will need to know they have a set amount of money as they will need to pay expensive wages and will want to be able to plan for forthcoming transfer windows with a dedicated transfer budget and not one that may be a completely different figure to what they were expecting using this blockchain financial technology.

Furthermore, another disadvantage to using cryptocurrencies that many football clubs may find difficult to accept is that not every fan will be convinced with the idea of switching or using Bitcoins to pay for tickets, merchandise or any other services provided. Some will feel there is nothing that can beat traditional currency, whilst others may not feel comfortable using something that they can not physically see at any stage of the process.

However, recently Tesla’s CEO Elon Musk has made a simple positive reference to Bitcoin in a Tweet, which almost instantly raised the value of the virtual currency and this proves somehow the ease and unpredictableness on which crypto will change.

Conclusion

Naturally, there are two sides to each coin and it would be hard to deny the inevitability that cryptocurrencies such as Bitcoin will become more prevalent in the world of football in the future. Of course, there will be many that will feel that it does not have a place in the sport as football is incredibly volatile, just like the virtual currency.

However, it is incredibly hard to deny that it makes things easier and with the world being results-driven and wanting things instantly, it would be wise to see more players like David Barral move football clubs via a cryptocurrency in the future whether using Bitcoin, Ethereum, Cardano, Litecoin or others.Blockchain’s impact on football will be a subject of future articles here at WettenTips, so don’t miss out.