NBA Schedule, Scores & News Update: Sacramento Kings is the First Professional Team to Get Paid in Bitcoins

The NBA's Sacramento Kings has announced that it will be accepting Bitcoins as a form of payment. This makes them the first professional sports team to get paid using the online digital currency.

In a press statement publsihed on Tweak Town, Kings' owner Vivek Ranadive said, "We are maniacally focused on creating the most seamless experience for our fans in all facets. With BitPay, we are able to implement a technology that allows our fans to make Kings-related purchases without physically reaching into their wallets. A major tenet of the NBA 3.0 philosophy is about utilizing technology for the betterment of the fan experience, and this is yet another step in that process."

Starting March 1 of this year, Bitpay, the leading bitcoin payment service provider, will be handling all transactions related to the Sacramento Kings. According to The Wall Street Journal, this includes purchases for game tickets, jerseys, clothing accessories and even hot dogs and beer.

Payments can be made through online transactions using the Kings' website or via mobile payments in the stadium.

When asked about his decision to use bitcoin, Ranadive answered, "The way I saw it, bitcoin had reached a tipping point where it had crossed from being a curiosity to becoming a legitimate form of doing commerce."

Ranadive's decision was made days after Overstock.com, an online retail giant, announced its acceptance of the virtual money. Wired reports that during the 26 hours of operating after embracing bitcoin, online consumers have spent $126,000 on Overstock.com.

Although some only view bitcoins as a form of online investment, the increase of their value corresponds with their popularity. And with big names such as Sacramento Kings and Overstock.com being associated with bitcoin, its popularity is expected to grow exponentially in the coming years.

As others see the lucrative nature of bitcoins, you can count on seeing more press releases of companies and franchises jumping on the bitcoin bandwagon in the near future.