Sacramento Kings To Become First Pro Team To Accept Bitcoins

Los Angeles Clippers v Sacramento Kings

ALL BALL NERVE CENTER — Back in May, the Sacramento Kings were officially sold to an ownership group headed by tech-focused businessman Vivek Randivé. Since taking over, Randivé has been focused on making the Kings one of the most tecnologically-advanced teams in the NBA. How advanced? Well, for example …

Now, I’m assuming Randivé’s group used cash to buy the Kings, but then maybe not? These days there’s a virtual currency called a Bitcoin that people can use in place of money. Or maybe it is really money? I am a relatively young person with a broad understanding of technology, and even to me this Bitcoin stuff is confusing. Either way, the Sacramento Kings are now accepting Bitcoins, making them the first team in pro sports to do so.

From the Sacramento Bee

By March 1, fans will be able to purchase team merchandise and tickets using Bitcoins through BitPay, “the world’s largest payment processor for virtual currencies,” the team said in a news release.

The Bitcoin system was developed in 2008 and is now accepted at some major online retailers, including Overstock.com. The currency can be purchased through online exchanges. A Bitcoin was worth $13 at the beginning of 2013; that value had jumped to $942 as of Wednesday afternoon.

Bitcoins can also be “mined” through a complex mathematical puzzle, but that arrangement is normally reserved for only the most advanced users.

Kings managing partner Vivek Ranadive, who founded the Silicon Valley tech firm Tibco Software Inc., has said he wants the team to be among the most technologically-advanced franchises in the world. He calls his philosophy “NBA 3.0.”

“We are maniacally focused on creating the most seamless experience for our fans in all facets,” Ranadive said in a statement provided by the Kings. “A major tenet of the NBA 3.0 philosophy is about utilizing technology for the betterment of the fan experience, and this is another step in that process.”

30 Comments

  1. John says:

    This just in… the Sacramento Kings file for bankruptcy because a scam involving “bitcoins”.

  2. […] focused on creating the most seamless experience for our fans in all facets,” Ranadive said in a statement provided by the Kings. “A major tenet of the NBA 3.0 philosophy is about utilizing technology for the betterment of the […]

  3. hohohoK says:

    and after that, bitwins !! genius.. well bitgenius they will not make the playoffs

  4. nyctraffic says:

    Maybe they should focus on trying to win sometimes.

    • Statix says:

      If you haven’t noticed, the Kings have made a ton of moves this season in effort to do exactly what you’re asking them to do.

  5. nyctraffic says:

    Maybe they should focus on trying to win once in awhile.

    • Rob says:

      We have to build an arena and upgrade our customer experience, which is why Vivek is FOCUSING on all of this. We have new ownership and management, we’re also trading players constantly which messes up chemistry until it is built again. I think they are focusing on winning, but you probably don’t watch kings games and don’t follow anything they do. You just look at the record.

    • Enderwilson says:

      with a name like “nyctraffic”, I’m not convinced you know anything about winning.

  6. vinsanefan says:

    pretty soon there going to be accepting monopoly money too.

  7. vincent says:

    refs gonna be paid in bitcoins and Kings will be screwed over again. Just like against Lakers haha

  8. sonny says:

    You must not watch must basketball than , they have won 4/5 last five games and considering they are all new to playing with one another it’s good.

  9. Mark says:

    I think this is a terrible idea, especially cause I’m pretty sure they use bit coins on the deep web…which is some black market illegal type stuff…also I just think bit coins are dumb.

    • Marcus says:

      Bitcoins are very convinient and are not used on the so called “deep web”, nor is it some black market illegal stuff, digital currencies are just like any other currencies and can be converted into U.S dollars easily…… They aren’t really popular enough for Sacramento to have prioritized making bitcoins a currency over other things, but bitcoins have a lot of potential considering that the internet is so popular…

    • TJ says:

      ‘Deepweb’ is nothing to be scared of. It’s literally just a term for anything that a search engine such as google can’t comb. The content of paysites are deepweb, as is any government agency’s networks. Your home network that runs between your pc, tablet and phone is a deepweb too. Does dodgy stuff happen in some parts of the deepweb? Sure, but even more of it happens on the regular web.

      Now that we’ve gotten that out of the way:

      Bitcoins are great. Already 95% of the currency in the world is already virtual currency (in the form of loans, bonds, cheques, etc.), only the smallest transactions are done in cash these days. Slowly but surely we have been working towards a cashless economy over the last few decades and slowly but surely we’ve been working towards international standard currencies as well (the Euro as an example). Bitcoin is the next logical evolution of these ideals, as well as being (currently) hackproof. The main premise behind Bitcoin is to create a currency that is near-impossible to use in scams.

      The concept of mining is something that even the most novice user can do. What mining actually is, is you renting the runtime of your computer to the Bitcoin company. They use the processing power of your computer to help create tougher and tougher forms of encryption to help make Bitcoin even more impossible to hack. In return you get paid a fraction of a bitcoin per hour that you lend the company the runtime of your computer – in essence you are getting paid to help make your own money even more secure!

    • tripzero says:

      bitcoins, which is an innovated and cheap electronic transfer system (think paypal or visa) and a currency built into one is “dumb”, but paper money that governments create out of thin-air isn’t?

      Turns out the US Dollar is used for all kinds of illegal activity. Your argument is invalid.

    • Birdohboy says:

      I’m sorry but that was just plain stupid.

  10. Rafael says:

    NBA 3.0!!! Rest of the league better watch out for us.

    HereWeStayed

  11. Rick says:

    Well, it doesn’t matter if we win or lose. We love our team.

  12. bodjee says:

    Good move!

  13. Mud says:

    (sigh)….The NBA these days…………so sad.

  14. LongDuckDong says:

    Bitcoin will be mainstream. You will see it everywhere soon. Ppl with silly comments are just uneducated.

  15. People who are interested in cryptocurrency check out Quarkcoin. Cheap investment. Money reinvented. Go Kings!

  16. OKC says:

    Cousins better make the allstar team. If Cousins doesn’t make it, it will be due to his reputation from the last few years. He really has done a great job of turning it around though, and honestly I think he deserves the spot more than Dwight Howard.

  17. gsq says:

    These “bitcoins” sound a bit ridiculous

  18. Tre Snider says:

    Illuminati !!! New World Order !!!