If you’ve recently gained interest in bitcoins, then you are probably wondering where you could use it to play your desired games. Because Bitcoin has quickly gained popularity within the online community, numerous casinos have decided to adopt it as their currency. In fact, the popularity of Bitcoin goes beyond the online community and stretches far to the offline community as well.
Online betting is not limited to placing bets on casino games, sporting events, or poker tournaments. While these are the more popular activities involved in iGaming, there are other ways you can watch your wagers yield returns, and they often do not necessarily require luck. Take online prediction markets, for instance.
What are prediction markets?
Online prediction markets offer a medium that allows users to make profits by simply correctly guessing the outcome of an event. These events—usually called futures contracts—are based on facts and can be verified by simply checking the outcome in real-time. But they must be answerable by a yes or a no.
Prediction markets, however, do not simply function as a means for gambling entertainment. It is also utilized to generate public perception of certain subjects, topics, or events. Regardless, prediction markets are widely enjoyed by online bettors, especially the serious ones. After all, guessing what will likely happen next is more fun when money is involved.
Bitcoin prediction markets
With Bitcoin prediction markets, everything is the same except for the simple fact that you predict the potential outcome using the digital currency.
This means the simple concept of prediction markets remains, but is enhanced by the revolutionary technology Bitcoin brings to the table.
As more prediction markets platforms are launched, users are provided with several options, and included is the choice to wager and win bitcoins.
Advantages of Bitcoin prediction markets
Having Bitcoin on board results in several benefits online players will absolutely appreciate. One of them is the fact that Bitcoin prediction markets are decentralized.
This means that no one person or group controls the market, and this prevents inaccuracies in the results, specifically cases of outcome errors, manipulations, or prejudice. After all, a peer-to-peer platform enables everyone to report what the real outcome is and verify whether or not it is correct.
Connected to the decentralization of the market is the ability of every player to author their own events, whether about politics, entertainment, finance, or practically anything under the sun, so long as these events involve a yes or a no answer.
Moreover, future contracts must meet the standards set by the moderators. Those deemed bad bets are not permitted, and authors who provide wrong results receive negative reputation—a mechanism to control the frequency of bad bets from occurring.
Bitcoin prediction markets also enable bettors to experience the quick, hassle-free payment methods distinct to cryptocurrency. This way, Bitcoin wins less the estimated 1% to 3% house edge will be quickly transferred to the players’ wallet address in a few hours at most.
All these are best experienced with the quality Bitcoin prediction markets platforms today. Each providing similar services but paired with unique and outstanding features, they become the ideal venues for online bettors interested to profit from futures contracts.