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THE WORLD OF CRYPTOCURRENCY AT YOUR FINGERTIPS

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Winners in South African Mountain Bike Competition Awarded in Bitcoin

The Munga MTB race is an annual competition that is held every summer. Its route is 1000 km long and a good chunk of it takes place in the Northern Cape. The starting point is in Bloemfontein, cutting through the Rolfontein Nature Reserve, and ending in Wellington, Western Cape.

It began in 2014 and participants go through five race villages where they can rest, eat, and receive mechanical assistance. Those taking part have to bring along everything they need with them. Besides that, there are water points that are placed 60 to 90 kilometers apart.

 

BTC Prizes

About 150 participants are expected at this year’s event. It is going to begin in the first week of December 2020. In the 2019 event, winners in the three categories received a share of 1.5 BTC. The three categories were men, women, and development. In the third category, only non-white bikers participate. Every one of the three categories will get 0.5 BTC. The 0.5 BTC is split between the top three winners of each category. The director of the event said that the prize money in the 2020 event would remain the same.

Bitstamp, which is one of the sponsors of the race, is the company behind the BTC price idea. The event’s participants come from South Africa and around the world. According to Alex Harris, the director of the race, Bitstamp approached them with the idea to award winners in BTC. After that, the organizers converted the prize money into BTC.

How the BTC is sent to Winners

According to Harris, since the South African central bank has not created crypto regulation, the 1.5 BTC is sent to the Munga Bitstamp account. A winner can choose to hold their price in BTC or sell it for cash. If they chose fiat cash, the prize is sent to them in South African Rand. It is sent from the Munga account to their account.

Summary

Growing awareness of BTC is of huge importance for the survival of the crypto sector. By sponsoring a bike race, Bitstamp is helping to spread crypto awareness, which is good for the survival of the sector.

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