After Mt.Gox, it appears that Betsofbitco.in, another high profile Bitcoin site has left with users’ money.
Betsofbitco.in was one of the first Bitcoin betting website, it opened in August 2011, and this first mover advantage brought them many users.
We believe Predictious offers a better service to its users, so we want to take the time to explain the differences between these two sites and why it’s at the users advantage to use a prediction exchange as opposed to pool betting.
Benefits of using a real prediction exchange such as Predictious over a pool betting site such as Betsofbitco.in (or Bitbet.us):
- Choose your odds: you bet whatever you think is right (between m฿0 and m฿10 per share), and then make m฿10 (= ฿0.01) per share if your prediction was right. In a pari mutuel website such as Betsofbitco.in the final payout is not determined until the pool is closed, which is very unfair for early traders (the odds change over time).
- Quality contracts: On Predictious, users can suggest contracts, but then all contracts are reviewed carefully and individually created by the Predictious team. This avoids having unclear, unethical, ambiguous contracts. On Betsofbitco.in, the fact that anyone could create (and settle) contracts created numerous unpleasant surprises to users who feel they got cheated on.
- Exit a position at any time: Predictious being a real prediction market, anyone can exit his/her position at anytime. If you made a bet, but then realize you were wrong, you can exit and re-sell your shares to limit your losses. Similarly, if you are making a profit, you don’t need to wait for the market to settle, you can sell your shares earlier and cash the profits early. With a pari mutuel site, you need to wait for the contract to settle to get your money out.
- Low transaction fees: On Predictious, the fees are extremely competitive, they vary from m฿0.01 per share to m฿0.1 per share, which means the maximum you would pay would be 1%. Betsofbitco.in was taking a fee of 5%.
- Outstanding customer support: We are putting a lot of efforts into our customer support, replying very quickly and achieving a very high customer satisfaction. Betsofbitco.in did not offer any customer support.
- Excellent reputation: Google us, you will see that we never had any complaint, we do business seriously and care about our reputation and our users. If you Google Betsofbitco.in, you will easily realize that this site is not trustworthy, and find endless examples of people who have been cheated on.
- Transparency: Predictious users can check their balance, historical transactions, open orders, shares, resolved contracts, deposits, withdrawals, etc. For each contract you can also see the market depth. On Betsofbitco.in, users don’t have an account, they just send money to an address.
- Security: Security is one of our primary concern and we’re continuously putting lots of efforts into it:
- Predictious is protected by SSL.
- Each user has a unique Bitcoin wallet address to transfer Bitcoins to.
- Predictious offers 2 steps authentication.
- Password recovery: With Predictious you can recover your password easily. With Betsofbitco.in, there was no way for users to recover a forgotten password.
- API: Predictious offers a trading API which allows developers to programmatically trade on Predictious.
- Official registered company: Finally, we are a registered Irish company while Betsofbitco.in’s owner has always kept anonymity and seem to have unfortunately ran with all the Bitcoins.
If you were a Betsofbitco.in user, we recommend you to try Predictious as we believe we offer one of the top Prediction Market out there.