Even if you are not a football fan, you probably heard about such term as transfer window. This is the period of time during which a football player can move from one club to another.
Each national federation determines the terms of internal registration periods independently, but is a subject to several restrictions. Only two registration periods can be assigned within one calendar year. The first one should not exceed the duration of the action of 12 weeks, the second one — 4.
The transfer of a football player from one club to another can take place if in the host country the transfer window is open, whereas for leaving, this condition is not necessary. Often, the opening of the transfer window is characterized by some excitement. Clubs and football players start to bargain. The cost of the player at the beginning can be greatly overstated. Closer to the deadline, the parties begin to look for compromises and ultimately make a deal.
So why do clubs need cryptocurrencies in this process? The matter is that most often the parties need to make a cross-border transfer. Each player is worth a lot of money and the transfer from club to club requires a substantial amount. This means that each transfer is associated with commissions and costs. Also because of the fluctuation in the rates of fiat currencies, clubs can suffer losses.
“In this window in England alone (between June and mid-August) it has been found that the falling value of the pound, as a result of Brexit, has cost English football clubs an extra £88.3 million through conversion rates into the Euro etc.” Cryptodaily reports.
Of course, cryptocurrency is also characterized by a price jump. However they can always be converted into traditional assets at a more favorable rate. But the main advantages of digital assets for payments during the transfer window is different. The speed of cryptocurrency transactions is much higher. So the funds will be credited to the account of the club in a record time. Also, costs and commissions are significantly reduced, sometimes even to zero.
The first case of buying a player for bitcoins has already taken place. A Turkish amateur club “Harunustaspor” bought football player Ömer Faruk Kıroğlu from another Turkish amateur football club “Akyazi”. They paid $667 in cash for the player. A 0,0524, bitcoin (Bitcoin) was transferred to a specially opened account. "Harunustaspor" was very proud of the fact that he was the first in the world to organize a player's transfer for cryptocurrency.