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Perth Heat receives first bitcoin payments for merchandise

Perth

TL;DR Breakdown

  • Perth Heat has received first pay in BTC following their recent decision to venture into cryptocurrency.
  • The four-times Australia’s baseball champions are adopting bitcoin to widen their market.
  • A set of fans have welcomed the move, while some see it as a wrong move.

Perth Heat received its first payment in BTC through OpenNode. The baseball side took to Twitter to celebrate their first week of joining Bitcoin by acknowledging the transaction. There is a likelihood the amount was for its merchandise. The tweet even displayed proof of an entire transaction. It seems the baseball powerhouse has tagged the destiny of sports with bitcoin. This is a significant milestone for the Australian outfit.

The transaction only came a few days after the champions struck a deal with OpenNode. Through the agreement, the baseball giants would transact through bitcoin on the lightning network.

Over time, various sports outfits are embracing cryptocurrency. For instance, the Italian and Portugal soccer teams have sponsorship deals with crypto exchange firms.

However, the Australian outfit is the only baseball side to feature in the crypto space. Most fans are excited about the move. International fans are asking if they can get shipments. The approval of bitcoin may lead to a broader market for Perth’s merchandise.

Perth names chief bitcoin officer to ease the changeover

The iconic Australian team said that it’s not an obligation for its professionals and agents to receive payments in bitcoin. Yet, they have adopted it. Perth is open to receiving sponsorship settlements in bitcoin. Besides, they allow BTC payments for merchandise. The deal also will see them get a ticket fee in BTC via OpenNode.

To display their commitment to using bitcoin, the club employed a chief bitcoin officer (CBO). The leader will handle the transition of the club towards the virtual currency.

Bitcoin payments are not mandatory. Fans can still access services by using fiat currencies. Therefore, it is a relief for many since the bitcoin market is highly volatile. However, the baseball champions feel that bitcoin adoption will lead them to better heights.

The club’s chief bitcoin officer Patrick O’Sullivan says that embracing bitcoin is a great innovation. He maintains on laying grounds for BTC. The gentleman is sure that the future lives in blockchain.

Disgruntled voices

Even though the first transaction has gone through, some fans are against the plan. Going by Twitter comments, some people have raised genuine concerns.

For instance, a tweep feels that embracing crypto is short sighted. The fan ranted that Perth Heat players won’t have access to mortgages. Also, he feels there will be issues with contracts timing. People will want to capitalize on fluctuations in BTC costs. Also, he alluded to concerns about the volatility of bitcoin.

One fan cant see the sustainability of the project. The fan feels this project will die in a couple of years. Therefore, he lamented that the administrators would have difficult moments clearing the “mess.”

Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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