Why gamble with crypto using prediction markets?
Have you ever imagined yourself as a millionaire? If so, why not to gamble with cryptocurrencies? Discover some completely new gambling opportunities by using prediction markets.
What is a prediction market?
Prediction market is a type of a website that offers people the chance to bet on virtual currency. So you can use your bitcoins to do so.
You can suggest events there and then bet on them with bitcoins and earn money.
Users can create their own events. Predictions are made against other users. The amount of bitcoins that the user wants is bet. This prediction and betting site that uses Bitcoin as currency offers an attractive gaming experience.
Online bets in Bitcoins have become one of the best options for online games lovers. Join the game and discover how prediction markets differs from a traditional betting house.
Why crypto is better than money?
Bitcoin offers various advantages which have allowed it to climb a strong position among the other payment forms used in virtual betting houses. Its versatility and security are features that please the public who loves online betting.
It is impossible for countries to control the gains in Bitcoins obtained by the bettors. It makes this currency very attractive when it comes to accumulating wealth. The country where you reside cannot demand any tax on it.
That is why nowadays more and more people decide to join the Bitcoin mania!
How do prediction markets work?
Prediction markets rely on the crowd wisdom. The theory is that people can better predict things when they are in groups. Although this does not work in some cases (just ask all those who bought real estate during the bubble), the defenders say it has merit.
In a typical prediction market, users place a bet, one way or another. The user can simply declare a prediction, give odds, and then wait for another user to match that bet.
In those sites driven by the market, you can negotiate the contracts you buy and the means that the market believes there is a 45% chance of it happening. As in the regular financial markets, smart money finds predictions that are undervalued and buys them to collect them later.
In effect, the prediction market bets are futures contracts.
These markets can work
The University of Iowa has a prediction market that forecasts the results of the presidential elections and aims to overcome traditional surveys.
George Mason University ran a market of predictions about geopolitical events for two years, and the predictions correlated with real-world results much more than mere chance would allow.
A focus on crypto
Prediction markets increasingly focus on cryptocurrencies in several ways: some begin to offer specific predictions related to Bitcoin, while others take bitcoins as payment for bets.
In a popular bitcoin prediction market, eight out of 10 of the prediction events are related to Bitcoin, while the rest focuses on politics and sports. Bitcoin is a natural choice for the prediction markets because it is an easy way to make small payments. It also helps not to have a fiduciary currency floating in a highly contested industry.
It is a prediction market infused with cryptocurrencies that allows sports betting in a digital asset environment. Users can create their own for purchase and sale, with a view to betting on any event and create insurance instruments, in addition to exchanging financial derivatives such as CFD and binary options.
At the moment, it provides a reserve test so that users can be sure that they are solvent and that assets are kept in a cold wallet. It automatically deducts 2% of the bets placed on its service fee, and its categories are listed as Bitcoin, sports, news and miscellaneous. They also published an interesting blog that covers everything from the hidden implications of recent events in Bitcoin to tips on why betting is more profitable than mining.
The good thing about it is that it is a prediction market generated by the user. Therefore, the platform does not set any limits on what users can bet. The current predictions on the website show an ingenious and creative selection. These are the predictions of the NBA, NFL Games and many other sports. But also, there are bettors who created thematic predictions about popular culture and politics. Another great thing is that it does not manipulate or take the odds of other sportsbooks. The odds fluctuate according to the volume of people who ‘voted’ or placed bets on a specific prediction. There are no fixed betting formats on the website, which opens more adaptive bets.
The bookmaker does not offer a wide range of bonuses other than the registration and deposit bonus of 1 mBTC. The reasoning for this is that without the requirement to deposit a deposit before receiving the bonus, players end up abusing the bonus. In addition, when bettors have a lot of free bets, their predictions or bets increase in value. As a result, this could reduce the players who place bets.
The prediction betting house may have its peculiarities, but not when it comes to payments. Like bookmakers driven by Bitcoin, prediction markets accept Bitcoin as the only payment option. If you are new to Bitcoin, getting your own digital currency is fast, without having to send verification documents to set up an account. In addition, it offers many benefits that make online bets more efficient.
If you have any concerns or need help, you can contact the customer representatives by phone and email. But if you want quick answers, a public chat plugin included in the website will give you the answer. Finally, forum moderators have an active presence in the summary section of the forum, which gets access to 24/7.
Gambling with cryptocurrencies has many positive aspects and it develops quite fast. It’s definitely worth trying. Bitcoin prediction market want to bring versatility to the online gambling scene. Having more options to place bets can also mean greater chances of winning due to the availability of better odds and higher payouts.