As a digital store of value with a limited supply, bitcoin has shown its fair share over the years compared to gold. Following this trend, a sailing competition, the Liberty Bitcoin Cup, is offering bitcoins (BTC) as a competition prize instead of a gold trophy.
According to the Liberty Bitcoin Cup website, the Liberty Bitcoin Cup is the first trophy for the next generation of world-class sailors competing on the next generation of high-tech foiling sails. Gold Cups were traditionally the main trophy of traditional sailing, but this new generation is now working with the gold of the next generation – bitcoin.
Essentially, foil sails use new technology and design, according to a 2017 article in the Wall Street Journal. Foil boats are designed so that the boat maneuvers over the surface of the water, which reduces friction and increases potential speed.
The Liberty Bitcoin Cup hopes to lower the barrier to entry for young people interested in foil sailing competitions, according to the website. Participants in this year’s event must have a year of birth between 1 and 2. January 1996 and January 15, 1996. February 2003. Teams consist of three or four mixed crews and must compete with both genders or all women on board, according to the website.
Including the final, the cup consists of four events and pays 1 BTC to the winner, according to the website.
Over the years, cryptocurrency players have often compared and contrasted gold and bitcoin. Gold has some similarities to bitcoin, including its role as a store of value, and has been considered valuable for thousands of years. Entering the market in 2009, bitcoin doesn’t have much of a history, but over the past year its asset allocation has grown in importance.
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