Bitcoin Adds New Flavors to Prediction Markets

Nov 03, 2014
Bitcoin Prediction

Bitcoin Prediction

Prediction markets are not new by any means. Betting on the likelihood of an event to take place or not has been existing since time immemorial, but placing bets on the future using the cryptocurrency is a completely different story overall.

Bitcoin significantly changes how prediction markets function, and this proves to be beneficial to both the platform operators and the customers involved. In truth, aside from the Bitcoin casino games numerous players are fond of, the Bitcoin prediction markets earn a growing base of clients.

Perhaps the most common brand is Predictious. It takes pride as the premier Bitcoin prediction market that requires bettors to sign in using a Google account. However, aside from it, there are other names in Bitcoin gambling that very well fit the criteria needed to provide methods to bet and profit from futures contracts.

Bitcoin Price PredictionBitBet is a prime example. Unlike Predictious, however, anyone may wager or create a bet on this platform since no accounts are required. The Bitcoin wallet address is needed, though, to determine where the winnings from every successful prediction will be delivered to.

Another brand worthy of a mention is Fairlay. A platform that categorizes its event into four types only—Bitcoin, Sports, News, and Misc—it maintains a 2% deduction, which is automatically deducted from every profitable event. BitBet collects 1% only.

Although Predictious, BitBet, and Fairlay may already suffice for the average bettors, the market becomes more interesting with the recently launched “all-in-one” betting exchange for peer-to-peer bets and predictions.

BetMoose, which is still in beta phase, offers a range of bets available to players worldwide. A bet can be about Bitcoin, Sports, Economy, Politics, Other, Stocks, Entertainment, and even eSports. Moreover, the events are further categorized into Hot, Fresh, Last Chance, Highest Volume, and Most Controversial, enabling bettors to easily browse through all types of events without much hassle.

Similar to the other Bitcoin prediction markets, BetMoose enables clients to create their own bets. However, incorrect and inappropriate events will earn them penalties as a way to moderate the bets hosted on the platform.

With Bitcoin’s presence in the prediction markets, customers should expect a brand new experience that is made even sweeter by the low fees involved and the convenience of peer-to-peer transactions. Clearly, wagering on a Bitcoin casino is not the only means for bitcoiners to enjoy and win. In fact, players can even try Bitcoin sports betting on Augur. Moreover, with the fact that Augur’ token system pledges to change forecasting.