Why some athletes want to be paid in crypto? – Cryptopolite
Cryptocurrencies are becoming more and more in demand among communities. As it stands, using crypto coins is becoming more convenient and perhaps financially profitable for some of us. Although the crypto industry had a rather tough period, called crypto winter, its popularity is still not damaged. Crypto winter is still not over, but people are starting to use digital currencies outside of trading. Yes, trading is still the main purpose of using them, but people started using crypto in some services instead of fiat money. This is because they see it as a financial investment and a better option to earn some profit during the period. This is how the late trend of crypto wages can be explained.
Sponsorship from crypto platforms is increased. We can name many celebrities who publicly promote crypto coins to their fans. Some of them are famous people like Tom Bredy and Matt Damon. But the most active involvement we can see is from athletes. We are not only talking about sponsoring and participating in crypto campaigns or owning crypto assets, but also having a crypto salary. In this article we will also introduce some of such athletes. So if you are one of those who hesitate to get your salary in fiat or in crypto, check the details below!
Cryptocurrencies and the sports industry – how they are connected
Cryptocurrencies have a major impact on the sports industry. Crypto allows for faster and more secure transactions, as well as anonymity for players who want to keep their identity private while placing bets online or in physical venues.
Using crypto makes it easier to make deposits and withdrawals from international locations without worrying about exchange rates or fees associated with other forms of payments such as credit cards or bank transfers. As a result, betting on sports with crypto is becoming increasingly popular among players around the world because it gives them greater convenience and security when placing bets online or at physical bookmakers.
Since it is very popular among sports bettors, more and more platforms started to allow betting on sports with different types of cryptocurrencies. The most popular sports type for crypto games are football and basketball, while the most used coins are BTC and ETH. So if you are also interested in crypto betting for your favorite sports, we recommend finding safe and user-friendly platforms like Coinplay.com that offer crypto betting on all possible sporting events. Betting on such quality platforms will significantly help you make your crypto gaming experience more exciting and profitable as well.
Athletes who prefer crypto wages
There are some sports where players are more and more actively asking to be paid in crypto instead of physical money. This trend is popular in regular sports as well as in eSports. The highest demand for crypto salaries is in esports, fantasy sports and professional gaming. But this is not all. New news shows that NBA players also started getting paid in crypto, and we will talk about them later. Before that, let’s discuss eSports, fantasy gaming and professional gaming.
These three industries have been at the forefront of using digital currencies to pay their athletes because they can easily transfer funds without having to rely on traditional banking systems or financial institutions. Crypto payments also provide an extra layer of security as transactions cannot be reversed once completed. So most of the esports companies started actively offering salary payments in crypto to attract more talented players who may be interested in participating but hesitate due to traditional payment methods.
As we mentioned, NBA players are also starting to actively request crypto salaries. For starters, two NBA teams have begun paying their players in cryptocurrency. Sacramento Kings and Dallas Mavericks now offer salaries to their players in Bitcoin, Ethereum and USDC stablecoin. This is a big step forward for the cryptocurrency industry as it shows that this form of payment is becoming more accepted by mainstream institutions.
In addition, some individual NBA players have also started receiving payments from sponsors or other sources in cryptoassets such as Spencer Dinwiddie of the Brooklyn Nets who has been paid through his own tokenized bond offering on the InvestX platform.
Why do players want to get paid in Crypto?
Athletes are increasingly choosing to receive salaries and bonuses in cryptocurrency instead of fiat currencies. This trend is driven by several key factors, including increased liquidity of crypto-assets, greater security for financial transactions, and lower transaction fees compared to traditional payment methods.
Furthermore, cryptocurrencies offer a level of privacy that may be attractive to high-profile sports stars who want more control over how their earnings are shared or spent. In addition, digital currencies can also provide athletes with an opportunity to diversify their income streams beyond just cash payments from sponsorships or endorsements.
Finally, blockchain technology has made it easier to track payments securely and accurately. This appeals to both players who are looking for transparency, as well as teams who want assurances that they are paying out the correct amounts on time each month.
