Benfica Lisbon: Portuguese top club introduces Bitcoin in fan store

So far it was criticized at the crypto currencies such as Bitcoin again and again that they are often not accepted as means of payment. Gradually the crypto currencies can be used in ever more on-line Shops, in order to order thereby articles. So now also in the online store of the Portuguese soccer team SL Benfica Lisbon, where, among other things, jerseys of the team can be purchased.

Partnership with Utrust

In order to make the payment process as smooth as possible, a partnership has been established with Utrust, a company specialized in crypto-transactions. Fans who are looking for a bitcoin exchange for Portugal have a great variety to choose from.

Ether, Bitcoin and UTK tokens

Benfica products can now be purchased using Utrust’s Ether, Bitcoin and UTK tokens.

With the help of Utrust, crypto amounts paid for products are converted directly into cash, so that the association itself does not need to convert the crypto currency. Blockchain technology is used for secure transactions and payments. Thus the association wants to avoid problems with volatility.

The employment of crypto currencies is to be according to the association management an important component for the further success of the association. The payment with the digital currencies is to lead by the simple and fast completion to the fact that still more humans use the Fanshop and so more money is to the association at the disposal. With seven million followers on the social networks and an estimated more than twice as large fan community worldwide, Benfica Lisbon is already one of the best-known soccer clubs in the world and wants to expand its fan community.

Other Clubs Use Crypto Currency Too

In addition to the Portuguese club, the English club West Ham United, among others, has already dealt with crypto-currencies and developed a reward system for fans based on crypto-tokens.

BTC still hardly used as payment

For daily payment the crypto currency remains a marginal phenomenon. Meanwhile it becomes more and more popular with investors. Bitcoin started as alternative means of payment. In Switzerland the crypto currency is used also as such, remains however in the everyday life as purchase currency a peripheral phenomenon. The block chain currency is becoming increasingly popular as a value investment. A payment system independent of central banks and states, based on a network of computers secured by computing power. This was the basic idea of Bitcoin, which was created in the wake of the financial crisis. Over a decade later, it has become clear that Bitcoins are used less as money and more as an investment.

Hoarding instead of spending

The original idea of a non-governmental means of payment has changed. The reasons for this: despite enormous fluctuations, the value of a Bitcoin has been rising for several years in the long term. To pay for goods or services in this way seems to make little sense to many Bitcoin holders with the prospect of further rising prices. Besides the possibilities to pay with Bitcoin remain limited also in Switzerland, which is rather open-minded towards crypto currencies, and presuppose a certain technical know-how. Partly the rare use as means of payment is probably also due to the fact that often high fees and bad exchange rates must be accepted.

New ways of using the crypto currency as a means of payment are celebrated in the crypto industry as a major step towards the broad use of Bitcoin. Thus the waves hit in the Zuger “Crypto Valley” highly, when the city of Zug announced four years ago to accept in the future Bitcoins as means of payment.

Apparently, however, the option of paying taxes with the Blockchain currency is very rarely used: “So far, about 50 transactions have taken place in the city of Zug,” says city clerk Martin Würmli upon request. Nevertheless, the tourist community of Zermatt also announced at the end of January that it would accept Bitcoins as payment for local taxes and counter transactions.

In the everyday purchase behavior the crypto currency plays in addition, with on-line dealer Digitec Galaxus only a small role. At the largest Internet store in Switzerland, which has been accepting various crypto currencies since March 2019, the share of purchases with crypto currencies is below one percent, according to media spokesperson Rico Schüpbach. Nevertheless, the Migros subsidiary is satisfied with the development: “We didn’t expect more than that,” admits Schüpbach. And after all, the number of orders per week is still “several hundred”, with an upward trend.

Popular as an investment

  • As a currency for paying for goods and services, Bitcoin remains more of a marginal phenomenon. To buy the crypto currency and keep it as an investment seems a far more popular form of application.
  • A recently published analysis of the Fintech digital assets data shows that in the past year well 10 million Bitcoins of the so far over 18 million Bitcoins in circulation were not moved. In Switzerland, too, much more is likely to be earned from the sale of Bitcoins than from transaction fees.
  • Thus for instance also the SBB looks according to own statements on a successful development back, if it concerns the sales of Bitcoins. After a test phase of 18 months, the Swiss Federal Railways introduced a definitive Bitcoin purchase offer in spring 2018: “Around 400 customers per month use the service,” it says on request. Of the total of around 6,000 customers who have already purchased Bitcoins from an SBB ticket vending machine, about half regularly use the offer.

Bitcoin and Gold weigh in the balance

Bitcoin and Co. can therefore now be seen as a valid investment, as a survey published last Thursday by Migros Bank also shows. Above all in the younger Swiss population crypto currencies are already more popular than gold. Thus over 7 per cent of the 18 to 29-Jährigen invested in Bitcoin or in other Kryptowährungen, while it is with physical gold only 5 per cent. Over all age groups away scarcely 5 per cent are engaged in crypto currencies, exactly the same as with gold. For comparison: According to a further inquiry of the Migros bank the portion of the population, which possess shares directly or over funds indirectly, amounts to well 25 per cent. Meanwhile also the SBB wants to leave it with the sales of Bitcoins. And also a payment possibility with crypto currencies is still not planned.