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As of March 1st, fans of the Sacramento Kings – a team in the National Basketball Association – will have the opportunity to purchase both tickets and team merchandise with bitcoin. By accepting this, the Sacramento Kings officially become the first pro sports franchise to accept the alternative currency, a major step forward for the method of payment which has already gained quite a bit of traction and attention in recent years.

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For those of you that are unfamiliar with what bitcoin is, or how it works, we released an article in late 2013 that does a great job of running you through everything you need to know. You can read that article by clicking HERE.

Originally developed in 2008 bitcoin has already made its way quite prominently into the retail market with several retailers openly accepting the currency. Some of these retailers include: Amazon, Victoria’s Secret, Target, Whole Foods and CVS. Bitcoin has also made it’s way into online gaming as the company Zygna has recently began testing with accepting the currency in several of their games including: CityVille, FarmVille 2 and ChefVille.

Despite incredible fluctuations in value, bitcoin was easily one of the hottest investments of 2013 with over 1 million wallets now in use. In early 2013 the value was as low as $13 USD per virtual coin, while in November of the same year it reached its current all-time peak of $1,137 USD for that same coin. The fluctuations still exist however the days of extremely low value seem to be a thing of the past -however that cannot be said with any guarantee.

For those that are interested in tracking the current value of bitcoin, preev.com is to go to site to get the real time value in a number of international currency’s.

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Screen cap from preev.com showing the Bitcoin value in USD as of Friday, January 17th at 2:25PM.

Despite the number of bitcoin skeptics worldwide I believe it certainly is a currency worth familiarizing yourself with, especially given the growing uncertainty with the conventional monetary system. On the surface it may seem difficult to fully grasp, especially given how technologically complex – and ridiculous – the mining process can seem to many. In the end the growth of any alternative currency to me feels like a step in the right direction in regards to initiative, regardless of whether or not it is bitcoin or something else that ever takes off.

SOURCES:
NBA – http://allball.blogs.nba.com/2014/01/16/sacramento-kings-to-become-first-pro-team-to-accept-bitcoins/?ls=iref:nbahppt
CS Monitor – http://www.csmonitor.com/Business/Saving-Money/2014/0115/Bitcoin-goes-mainstream-Digital-currency-now-accepted-at-major-retailers


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