Betting and hedging with Crypto
This is about the new betting market protocol called Augur, and this will explain the first steps necessary to get started with betting on the platform.
What can you do with Augur?
- Bet on anything — politics, crypto, racing, sports…. if you can think of it, you can bet on it.
- Create markets for betting — From above, it would make sense that if a market does not exist, you can create it. As well, the market creator can charge fees, and this allows you to monetize any topic.
- Find public opinion on specific topics! Using the features as a poll, you can identify how a specific proportion of the population feels.
- Hedge your bets against natural disasters! By betting the disaster will happen, you can hedge against it actually occuring.
It is apparent how much value is in this ecosystem, but it can be kinda tedious to set up. This tutorial will cover some of the steps necessary to run the DAPP and get you going. First off, you will need an Edge bitcoin wallet. With this app, you will want to transfer in some eth into your wallet so that you can use it later with the Augur web app.
Next, you will need to go to the Augur documentation to download the DAPP. By following the instructions in the documentation, you should be able to download the application and start it up on your local machine.
Once you have the dapp up and running, you will need to synchronize with the main node. This can take a while (a really long time) but once it is done, you should see the following screen:
At this point, you can open the augur app and get started.
The first thing you will want to do is log into your edge account to connect it with the augur app. At this point you can explore many different markets and play with all types of bets.
Initially, this will be a lot of fun, but it can be even more fun to set up your own market. Here I will show the process:
First you will want to click on create, which will show you a screen that you will need to fill out! You can add a new category or use a category that already exists. As well, you will want to add some tags so that other users can find your market as well.
Then you get to choose the market type. In my case, its a yes or no question….
Next, we add an outcome to our market
After the outcome, we can add some basic liquidity so that other users can buy the shares. Here you can also add the market fee that users will pay to use your market.
Finally, once all this is finished, hit the review button, and your market should go live after one more step! Good luck & happy betting!