A new "game of skill" centered around bitcoin's price changes is going live.
Launched by Chicago-based Level Trading Field, Bitcoin Market Predictor now allows users to place bets on the future price movements of bitcoin, adding to a growing list of mechanisms U.S. investors can use to speculate on bitcoin's price – whether it's going up or down. Each game costs only $50 to play.
So, how does it work?
The game is structured so that groups of 10 are segmented into a game, with users placing bets about the price of bitcoin at the top of the hour. The top three most accurate predictions share the pot, which for each game (after Level Trading Field's 10 percent fee) leaves $450 to split.
The closest guess gets 50 percent of the pot ($225), the runner-up gets 30 percent ($135), and the second runner-up receives 20 percent ($90). Level Trading Field uses price data provided by the Chicago Mercantile Exchange (CME) as the reference data for the game. CME data combines four different bitcoin exchanges - Bitstamp, Coinbase's GDAX, itBit and Kraken - in order to normalize price data.
Good looking idea, but I can say for sure that trading is much more fun for me.
This is not sponsored post.
Credit goes to coindesk.
That's a pretty cool concept!
It really is! Something like Esports betting but with Bitcoin predictions
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