In yet another instance highlighting the relevance of bitcoin, Mark Cuban, the owner of the Dallas Mavericks team announced on Twitter that their tickets would soon be purchasable using bitcoin as a payment option.
— Mark Cuban (@mcuban) January 16, 2018
The announcement was done by Mark Cuban as a form of a reply to a Twitter user who had earlier questioned him asking that when he would be able to purchase tickets for Mavericks games using bitcoin. Mark replied to the user saying “next season”.
In an email to Fortune, the owner replied that he was serious about accepting cryptocurrencies, with his team’s website soon accepting bitcoin, Ethereum as well as other tokens who have business partnerships with the team as a payment method for tickets.
The Dallas Mavericks would not be the first team to accept cryptocurrencies for tickets. In 2014, the Sacramento Kings started to accept bitcoin as a payment option in their website in exchange for tickets to the team’s matches.
The team, like other vendors wanting to accept cryptocurrency payments, would first need to set up proper infrastructure before starting to accept them. They would also have to account for the volatility as well as the high transaction costs associated with bitcoin. In a span of a single year, the transaction fees for bitcoin has grown to a sum of $26 from 30 cents.
The increased transaction fees of bitcoin has caused companies to withdraw bitcoin payments from their website. The most notable retailer pulling out bitcoin support was the gaming marketplace Steam, owned by Valve Corporation, which claimed that the volatility and fees of bitcoin was their business significantly.
The news by Mark Cuban comes at a time when cryptocurrencies are seeing a steep decline with their valuations dipping at double digit rates in day to day trade due to concerns about governmental crackdown in Asian markets, particularly by the Chinese and South Korean governments. Even Unikoin Gold, the cryptocurrency created by a start-up funded by Mark Cuban himself has seen double digit declines in the past few days.