Prediction Markets also known as decision markets, predictive markets, virtual markets, idea futures or information markets are markets based on opinions. They are traded based on the outcome of future events. You win a trade when a particular event holds true and lose when the even doesn’t hold like you predicted it to be.
Predictable events could include election results, quarterly sales results, terrorist attacks, a terrorist attack, natural disaster, exchange averages, or any other event that could either hold or not. Participants go long or short based on what they think would be the outcome of such events.
A prediction market is sometimes executed in the stock market or closed market such as a betting pool. Because it is a deep thought of different opinions, the prediction market has been proven over time to be a correct forecast of a likely outcome of a future event. The accuracy of the prediction market has made companies like Google, for example, number one utilizers of this tool.
Although the prediction market proves to be more accurate most of the time, there have been times when the market failed to make any decision at all or entirely failed in the decision it made. One of the ways the prediction market gets its information is through the Wisdom of Crowd as described by James Surowiecki which he says is the result of a group of different opinions being stronger and more accurate than the idea of an individual.
Bitcoin Prediction Markets
Having known about what prediction markets are for, Bitcoin Prediction Markets are just another way to growing your bitcoin investments by making decisions on future events. For every right opinion you give, you can double or triple your bitcoin investment at the expiry of that event.
Here are few Bitcoin Prediction Markets you might want to check out:
In no particular order, check out these platforms you can make your predictions online.
BetMoose: The BetMoose Platform lets users create their bet contract under their user accounts. Registered or Anonymous users are then able to place wagers on such events. Be sure that in the event of manipulation, BetMoost team steps in and refunds all participants.
Fairlay: The fairlay platform is yet another great platform to wager on different events ranging from sports, futures, news, horse racing and much more.
Predictious: Looking for a place to wager on economic and political events, Predictious looks like the best place to do that. With a quick registration process, you are set to start increasing your bitcoin investments.
Augur: The Augur Platform is a decentralized prediction marketplace built on the Ethereum network. Though in its beta phase, Augur promises to bring a most accurate market prediction tool and also another way to make real money trading profits.
You can comment your experience about any of these and add more to the list; we’ll be pleased to have them on.