CRYPTOCURRENCIES ADOPTION IN SPORTS WILL TAKE LONGER
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; 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. 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. 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. 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 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 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.
CRYPTOCURRENCIES ADOPTION IN SPORTS WILL TAKE LONGER
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; 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. 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. 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. 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 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 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.
CRYPTOCURRENCIES ADOPTION IN SPORTS WILL TAKE LONGER
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; 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. 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. 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. 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 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 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.
What happened with OpenLedger ?
I have a chunk of coins there that i bought and now i see i cant trade them. Okay no problem, let me withdrawal and power up. But no. Withdrawals are also closed. Did i miss some drama? Did i really disappear for so long? On Bittrex i can withdrawal coins for 5-6 months with loads of emails. Here market was just killed with no reason ? Let me know what happened here.
What happened with OpenLedger ?
I have a chunk of coins there that i bought and now i see i cant trade them. Okay no problem, let me withdrawal and power up. But no. Withdrawals are also closed. Did i miss some drama? Did i really disappear for so long? On Bittrex i can withdrawal coins for 5-6 months with loads of emails. Here market was just killed with no reason ? Let me know what happened here.
What happened with OpenLedger ?
I have a chunk of coins there that i bought and now i see i cant trade them. Okay no problem, let me withdrawal and power up. But no. Withdrawals are also closed. Did i miss some drama? Did i really disappear for so long? On Bittrex i can withdrawal coins for 5-6 months with loads of emails. Here market was just killed with no reason ? Let me know what happened here.
nhinestreamsupdated
The Enjin Multiverse Melting pot
I never paid much attention to the melting fee's and what the value of Enjin backing meant. After all, if an item carries value and importance it should be worth far more than what the Enjin backing value is. People want it, people will go after it and the market will push the value up on its own. That common weapon with 0.005 Enjin backing? If I need that weapon, what's the big deal in paying 1-5 Enjin for it? No big deal. A limited edition item with low backing but high popularity? We won't have trouble finding items like this where the trade price is well over 10x the melt value. How does this relate to melting? Well let's look at the positive side of higher melt %'s going back to the developer. Many of these games will eventually be flooded with massive amounts of common gear that has very little value but possibly no more interest in people buying, that leaves 2 options. You either collect it and for some people that means it becomes junk or you melt it. If you melt it maybe the 0.005 Enjin doesn't mean much to you at this point but a few hundred commons you've collected in the game you love that number can begin to add up. The positive side of higher melt fee's on those transactions is the items that became junk can now be recycled as the Enjin adds up on the developer side as well. The developer can now breathe new life into their game in the form of new Enj-backed items. More Enjin into more items can equal new players and keeping the game relevant. If the developer is not making money or Enjin back on their game, all of those assets will only be worth the melt fee when the game dies off completely. On the other side of the argument there are some players who are passionate about not having a higher % melt fee because they simply feel that it is a way for developers to bleed money from their game and put more interest in insuring their potential losses. The idea that the game could go under, and potentially all of the assets are melted by the users means that all of that Enjin is thrust back out into the world. The larger the piece of that pie that the developers want to pull in for themselves may send the wrong signals to the community. For one, it shows that they may not believe in their game succeeding on it's own. Another reason is that it is just greedy that even if they do think they will be a success, they are gaining even more profit from the items that get melted. At that point, who is even making sure the items are recycled and re-minted and not sent directly to a nice bonus wallet for the developers? Outside of Enjin, games have always had to live or die on how well it was built and received by the players. Adding high melt fee's to games now doesn't carry that same "All in" mentality that supporters want to see. They want to know they are investing their time and money into a game that is backed by people who are fully committed to its success. Where do I fall on this? The Enjin multiverse was built on the idea that we own our assets. When a high melt fee is placed on an item that comes into my wallet, I only own a % of that item now and not all of it. That's not what brought me into the fold. I want my earned items to be my earned Enjin. I thought that was the whole selling point, wasn't it? Nhinestreams aka The Multiverse Murderer www.twitch.tv/nhinestreams www.twitter.com/nhinestreams
nhinestreamsupdated
The Enjin Multiverse Melting pot
I never paid much attention to the melting fee's and what the value of Enjin backing meant. After all, if an item carries value and importance it should be worth far more than what the Enjin backing value is. People want it, people will go after it and the market will push the value up on its own. That common weapon with 0.005 Enjin backing? If I need that weapon, what's the big deal in paying 1-5 Enjin for it? No big deal. A limited edition item with low backing but high popularity? We won't have trouble finding items like this where the trade price is well over 10x the melt value. How does this relate to melting? Well let's look at the positive side of higher melt %'s going back to the developer. Many of these games will eventually be flooded with massive amounts of common gear that has very little value but possibly no more interest in people buying, that leaves 2 options. You either collect it and for some people that means it becomes junk or you melt it. If you melt it maybe the 0.005 Enjin doesn't mean much to you at this point but a few hundred commons you've collected in the game you love that number can begin to add up. The positive side of higher melt fee's on those transactions is the items that became junk can now be recycled as the Enjin adds up on the developer side as well. The developer can now breathe new life into their game in the form of new Enj-backed items. More Enjin into more items can equal new players and keeping the game relevant. If the developer is not making money or Enjin back on their game, all of those assets will only be worth the melt fee when the game dies off completely. On the other side of the argument there are some players who are passionate about not having a higher % melt fee because they simply feel that it is a way for developers to bleed money from their game and put more interest in insuring their potential losses. The idea that the game could go under, and potentially all of the assets are melted by the users means that all of that Enjin is thrust back out into the world. The larger the piece of that pie that the developers want to pull in for themselves may send the wrong signals to the community. For one, it shows that they may not believe in their game succeeding on it's own. Another reason is that it is just greedy that even if they do think they will be a success, they are gaining even more profit from the items that get melted. At that point, who is even making sure the items are recycled and re-minted and not sent directly to a nice bonus wallet for the developers? Outside of Enjin, games have always had to live or die on how well it was built and received by the players. Adding high melt fee's to games now doesn't carry that same "All in" mentality that supporters want to see. They want to know they are investing their time and money into a game that is backed by people who are fully committed to its success. Where do I fall on this? The Enjin multiverse was built on the idea that we own our assets. When a high melt fee is placed on an item that comes into my wallet, I only own a % of that item now and not all of it. That's not what brought me into the fold. I want my earned items to be my earned Enjin. I thought that was the whole selling point, wasn't it? Nhinestreams aka The Multiverse Murderer www.twitch.tv/nhinestreams www.twitter.com/nhinestreams
nhinestreamsupdated
The Enjin Multiverse Melting pot
I never paid much attention to the melting fee's and what the value of Enjin backing meant. After all, if an item carries value and importance it should be worth far more than what the Enjin backing value is. People want it, people will go after it and the market will push the value up on its own. That common weapon with 0.005 Enjin backing? If I need that weapon, what's the big deal in paying 1-5 Enjin for it? No big deal. A limited edition item with low backing but high popularity? We won't have trouble finding items like this where the trade price is well over 10x the melt value. How does this relate to melting? Well let's look at the positive side of higher melt %'s going back to the developer. Many of these games will eventually be flooded with massive amounts of common gear that has very little value but possibly no more interest in people buying, that leaves 2 options. You either collect it and for some people that means it becomes junk or you melt it. If you melt it maybe the 0.005 Enjin doesn't mean much to you at this point but a few hundred commons you've collected in the game you love that number can begin to add up. The positive side of higher melt fee's on those transactions is the items that became junk can now be recycled as the Enjin adds up on the developer side as well. The developer can now breathe new life into their game in the form of new Enj-backed items. More Enjin into more items can equal new players and keeping the game relevant. If the developer is not making money or Enjin back on their game, all of those assets will only be worth the melt fee when the game dies off completely. On the other side of the argument there are some players who are passionate about not having a higher % melt fee because they simply feel that it is a way for developers to bleed money from their game and put more interest in insuring their potential losses. The idea that the game could go under, and potentially all of the assets are melted by the users means that all of that Enjin is thrust back out into the world. The larger the piece of that pie that the developers want to pull in for themselves may send the wrong signals to the community. For one, it shows that they may not believe in their game succeeding on it's own. Another reason is that it is just greedy that even if they do think they will be a success, they are gaining even more profit from the items that get melted. At that point, who is even making sure the items are recycled and re-minted and not sent directly to a nice bonus wallet for the developers? Outside of Enjin, games have always had to live or die on how well it was built and received by the players. Adding high melt fee's to games now doesn't carry that same "All in" mentality that supporters want to see. They want to know they are investing their time and money into a game that is backed by people who are fully committed to its success. Where do I fall on this? The Enjin multiverse was built on the idea that we own our assets. When a high melt fee is placed on an item that comes into my wallet, I only own a % of that item now and not all of it. That's not what brought me into the fold. I want my earned items to be my earned Enjin. I thought that was the whole selling point, wasn't it? Nhinestreams aka The Multiverse Murderer www.twitch.tv/nhinestreams www.twitter.com/nhinestreams