Bitcoin Can Offer Many Benefits to the UFC
Bitcoin is a very powerful digital currency, as it offers a lot of advantages to consumers and businesses all over the world. One of the major areas where the popular digital currency has seen a fair share of success so far is in sports betting and online gambling. Unlike traditional financial tools, Bitcoin offers a lot more convenience and a global approach to site operators and consumers. Even UFC commentator Joe Rogan seems convinced Bitcoin has a big future ahead, according to one of his recent tweets.
Also read: Bitcoin AMA: Zooko Wilcox, CEO of Zcash, The ‘Privacy-Preserving’ Variant of Bitcoin
Benefits for the UFC
Rather than looking at Bitcoin as a solution for betting on sports, the popular digital currency could also be quite beneficial to sports organizations themselves. The UFC is the largest mixed martial arts organizations, attracting viewers and customers from all over the world. To this end, Bitcoin offers great potential as an alternative payment method for online store sales.
Dealing with international payments can be quite the hassle as there are high fees involved for every transaction made. In the current, less-than-perfect financial ecosystem, those costs will have to be paid by the UFC and its mother company Zuffa, LLC. While there are still high enough margins for the promotion to make a decent profit on every sale, they are also limiting themselves to only those countries where traditional financial services are available to consumers.
Keeping in mind how some of the UFC’s biggest talent hails from regions such as Brazil and Dagestan, these are not places where traditional finance is available to everyone. In fact, most of the MMA fighters from those regions grew up in poverty and were forced to fight on the street to survive. While this may be an admirable skill, it also begs the question how these areas will help the UFC in the financial department.
International organizations such as the UFC should be the frontrunners to experiment with alternative global payment methods. Even though Bitcoin is nowhere near mainstream adoption just yet, there is a lot of room for growth. Unlike credit cards, PayPal, or bank transfers, Bitcoin is not hindered by national borders or existing financial infrastructure.
In fact, the popular digital currency has gained quite a lot of traction in emerging markets all over the world, including Brazil. India is another country where consumers seem to like the concept of Bitcoin, as it operates outside of the control of banks and governments. As a result, Bitcoin is accessible to anyone in the world, as long as they have an Internet connection.
Streamlining the International Payroll
However, people have to look well beyond Bitcoin as just a tool to accept online payments as well. The UFC has a long list of non-US fighters, although all of them are offered contracts and bonuses denominated in US Dollar. When they want to take the money home, it will have to be converted to local currency at some point, unless they reside in the United States, that is.
Bitcoin could solve this problem as well, as the digital currency can be converted to any local currency when needed, without losing high fees to banks acting as intermediaries. Plus, unlike funds in a bank account or cash, Bitcoin is quite easy to move around the world at all times, regardless of country borders.
If @TheNotoriousMMA keeps winning he could force the @UFC to start accepting Bitcoin. https://t.co/PpZ7x3ac6W
— Joe Rogan (@joerogan) January 23, 2016
All in all, the popular digital currency offers plenty of benefits to organizations such as the UFC. Joe Rogan, who has been a commentator for the promotion for many years now, even mentioned how the UFC could start accepting Bitcoin at some point. Do keep in mind this was not an official announcement by the organization, but it remains an interesting proposition nonetheless.
What are your thoughts on a potential future between Bitcoin and the UFC? Can the MMA organization benefit from adopting the digital currency? Let us know in the comments below!
Images courtesy of Shutterstock, UFC, IrishTimes