Series Recap.
In the previous article, we covered the basic introduction to what prediction markets are and what makes polymarket what it is. If you missed that, get it HERE!
What is polymarket?
Polymarket is a decentralised prediction platform. This means people use money to make a prediction of any form of event and get rewarded basing on the outcome of the event. This is the real definition of “put your money where your mouth is!!”
Why use Polymarket?
- Focus on Current Events: Unlike some prediction markets that cover a wide range of topics, Polymarket specializes in current events. It allows users to bet on the outcomes of real-world events, such as political elections, crypto, health and financial market impacts.
- Ease of Use and Accessibility: Polymarket offers a user-friendly interface, making it accessible to a broader audience. Its intuitive design simplifies the process of participating in prediction markets.
- Liquidity and Volume: The platform has garnered significant liquidity and trading volume. This liquidity allows for more efficient trading and potentially better market prices due to increased participation.
- Decentralization and Transparency: Operating on Polygon, Polymarket maintains decentralization and transparency. Smart contracts enable automated, trustless execution of trades, ensuring fairness and reliability.
- Resolving Disputes: The platform has mechanisms in place to resolve disputes in an efficient and transparent manner, ensuring fair outcomes for participants.
How to use Polymarket.
- STEP 1: navigate to the desired market (topic) of your choosing. Click the desired market.
- STEP 2 : select the prediction you want to make. The table shows the average cost of the decision, the amount of shares bought with your money, and the potential return if your decision is the final outcome.
- STEP 3: sit back and trust your decision to bring in the profit at the time of the decision deadline.
Conclusion.
Polymarket is not a get rich scheme. It is just a platform for you to monetise your opinions and make a profit while doing so. Always remember to do your own research (DYOR). For more Crypto insights, join the World’s #1 Crypto Education Platform, “Crypto University.”