Weathbet Opens Bitcoin Weather Prediction Market
The weather is a highly unpredictable element in people’s lives, but predicting it has surprisingly become a major industry in terms of sciences and technology used.
This is important because the weather can affect many markets like agriculture, energy, and many others. With all of the money riding on how the weather is like, people have developed ways to predict it and make sure it does not do that much financial damage.
The larger market
The general way companies limit the damage is by using weather derivatives. This is done by buying future trading options.
For example, if a company needs a lot of oranges to produce its products, its profit margin will be dependent on the price of the fruit. If the company expects bad weather to have a negative effect on orange prices, they buy an option for oranges at a specific price. This means that if the price soars due to a cold snap causing a shortage, then the company will be able to buy at the lower price which means they can have a larger profit than their competitors.
Another method that companies use is the prediction market. Prediction markets were established to harness the wisdom of the crowds to make forecasts of possible trends. These markets offer options on specific events happening; the more people buy an option, the more positive the reception will be. One of the options that people can buy involves the weather. The trouble is that weather prediction markets are not easily accessible. This was true until Weathbet was launched.
A more open platform
Weathbet introduces the weather prediction market to the casual investor. This weather betting site makes it possible for anyone to start betting on the weather with its use of the three most popular cryptocurrencies: Bitcoin, Litecoin, and Dogecoin.
Cryptocurrencies are both easy to use and enable quick transactions. These are important when people are wagering on the weather. Participants in weather markets would want to be able to make their bets as the situation changes. Additionally, it allows for anonymous wagers; all the site needs is a person’s wallet address to allow them to start betting.
Other than making the market accessible, Weathbet is an excellent site for those interested in weather betting. First, there is the fact that no registration is needed. A person can visit the site and start betting without even giving their name.
Moreover, the Weathbet site is quite comprehensive in its offerings. A potential bettor can take options out in over 5,000 cities worldwide. There are also three choices for each city: temperature, wind speed, and atmospheric pressure. This gives visitors many options to choose from and lets players from all over the world bet, not just those in the continental US.
Finally, people making bets can be assured of their validity. The site uses government weather stations to provide the final information. Furthermore, all of the weather data is released after the bets are paid out, so anyone can confirm the results.
Weathbet opens up the weather prediction market to a worldwide audience with the help of Bitcoin, and this provides a fresh option for those looking for more Bitcoin games other than the common casino games like Bitcoin slots, cards, and table games. Hopefully, people take advantage of this opportunity.