Bitcoin price just hit a record high of more than $1,600. Those who invest in Bitcoin have definitely seen a significant return as of late. But while investing in Bitcoin is but one option to maximize the increasing Bitcoin price movements, there are other ways to do it.
Making predictions of the Bitcoin price by the end of this year for example can be profitable to bettors. This is by engaging in Bitcoin prediction markets. Betting platforms like BetMoose and Predictious are perfect for bettors who wish to wager on the likelihood of the Bitcoin price further increasing and reaching a set price by a certain date.
For starters, here is important information to note before betting on the Bitcoin price in Bitcoin prediction markets:
Predictious is a prediction market website that wholly relies on Bitcoin as bets. The site works like a futures exchange platform typically catering to fiat investors.
Bettors will predict the outcome of a market by either buying or selling a share. Those who are buying a share means they are wagering on the prediction becoming true. Those who sell a share call for the prediction to not happen. The price of buying and selling a share is set between 0.00 mBTC to 10.00 mBTC.
For example, there is a market that predicts the value of Bitcoin to reach $2,000 this year. The buy price is at 6 mBTC while the sell price is at 4 mBTC. If the price of Bitcoin reaches $2,000 at any point in 2017, the market will resolve at 10 mBTC. If the price fails to touch the $2,000 mark, the market will resolve at 0 mBTC.
Those bettors who brought a share in this market will receive a profit of 4 mBTC if the Bitcoin price reaches $2,000. Otherwise, they lose 6 mBTC. On the other hand, bettors who sold a share will get 4 mBTC if the price didn’t get to $2,000 and the market resolved at 0.00 mBit.
BetMoose started in 2014 and has grown since then. Its market also has players betting on whether a prediction will come true or not. The mechanics of this site is more straightforward and familiar to the Bitcoin casino market.
There are two types of the market available on the site. One of which is the Parimutuel bet where the wagers of bettors are set in a pool and the odds are volatile. The other is a fixed-odds bet where the odds and payout for each outcome are set throughout the market duration.
In BetMoose, bettors can see how much their payout will be for the amount they plan on wagering. Another feature of the site is a time multiplier. This feature rewards bettors who make their wagers at the earliest period of a market. Wagers will get a multiplier on their winnings based on the deadline of the market. Meanwhile, early bettors will get the most out of a prize pot than last minute bettors.