Polymarket now supports bitcoin deposit

[_act_]

Only what I know before is that Polymarket did not support bitcoin, but I have been seeing on some news and on X that the prediction site is now accepting bitcoin deposit.

According to some sources, it was reported that the prediction site make the announcement on X on 6th of October that they are now accepting bitcoin while some people have been confirming that since yesterday that the site is now accepting bitcoin. I also see image evidence that the site is now accepting bitcoin.

I looked for the X announcement but I did not see it. But I know it is true because I have seen the news from more than 7 places.

[KTChampions]

Only what I know before is that Polymarket did not support bitcoin, but I have been seeing on some news and on X that the prediction site is now accepting bitcoin deposit.

According to some sources, it was reported that the prediction site make the announcement on X on 6th of October that they are now accepting bitcoin while some people have been confirming that since yesterday that the site is now accepting bitcoin. I also see image evidence that the site is now accepting bitcoin.

I looked for the X announcement but I did not see it. But I know it is true because I have seen the news from more than 7 places.

On the one hand, this is good, but on the other, there are probably downsides. Liquidity in less hyped markets is always low. What will happen now? Will the dollar market and the bitcoin market be separate? Or will making a bitcoin deposit automatically credit your account with cryptobucks instead of bitcoin? I've been planning to work on this platform for a long time, but I'm not sure that any other markets on it besides the dollar one will be relevant.

[alani123]

Pokymarket is taking a lot of measures to increase its popularity and given the success of pro crypto lobbying in the US they have succeeded in gaining mainstream support in there.

But that doesn't change that it's a fundamentally flawed platform. The insiders of the platform can sway any market the way they want based on just their opinion or gains and nothing else. So if you play in any of the smaller or more obscure markets there, you're at risk of losing your money. I've written about this here: https://bitcointalk.org/index.php?topic=5480541.0

In my case, pokymarket insiders cheated every market participant of their funds by swaying a market to their outcome of choice which was completely antithetical to reality. Yet because of crypto lobbying efforts, these flaws are never talked about.

[Fiatless]

This might be the link to the message about Polymarket accepting Bitcoin:

https://x.com/Polymarket/status/1975232835738042492

This is indeed a good good news for both the betting platform and crypto bettors. Having other payment options will give Polymarket more customers.

[BABY SHOES]

Yep, Polymarket now accepts Bitcoin.

Perhaps it's because of customer demand to accept BTC as a deposit, and now Polymarket has granted it... As far as I know, Polymarket only accepted USDC before, right? Now it seems that many altcoins have been added.
But I've never bet on this betting site. Lol

[CryptoYar]

This is clever step by Polymarket since adopting most popular crypto in world, Bitcoin, will make it far easier to attract millions of new users who already have BTC in their hands other than other necessary digital currencies. This will not only attract more users but also expand markets of platform and make them larger and stronger as people will be able to bet using high value asset, and this new BTC support will be solid and positive step of site. By the way I have seen one member has already shared link and I think it is confirmed now.

[Oshosondy]

Yep, Polymarket now accepts Bitcoin.

Perhaps it's because of customer demand to accept BTC as a deposit, and now Polymarket has granted it... As far as I know, Polymarket only accepted USDC before, right? Now it seems that many altcoins have been added.
But I've never bet on this betting site. Lol

Polymarket was even too late before adding bitcoin, but I see that they accept tokenized bitcoin under the BNB smart chain which is backed by bitcoin in 1:1. But some people will still argue that it is not bitcoin and still keep demanding for bitcoin. Web3 like Hyperliquid accepted bitcoin very fast because the web3 is existing because web2 is existing. Polymarket is also a web3 that is making use of web2 as you can login with your email. So I expected the site to have accepted bitcoin before this time.

[danherbias07]

Can anyone check the exchange rate there? I mean, how much $ does it show when you deposit BTC?

I am just curious about what market they will rely on for the exchange rate (I know it's not an exchange), or if they will just service it Bitcoin to Bitcoin, and they will not show how much it is in $.
Anyway, I think they are actually late when adding the king of cryptocurrencies. Still, it's better late than never. It became a strategy to hype their market, and I believe it works pretty well for them.

[Z-tight]

I didn't really know Polymarket until the 2024 United States presidential election, it really blew up during and after that, at least to me and a lot of other people who didn't know much about it. Great that they now accept BTC deposit. I actually like their prediction style of buying and selling shares in the platform, and it is also kind of decentralized too as odds are not set by anyone.

Polymarket is banned in the U.S., but i read that Polymarket.us is on its way. So sooner rather than later, U.S. citizens would be able to predict legally on Polymarket.

[rodskee]

Only what I know before is that Polymarket did not support bitcoin, but I have been seeing on some news and on X that the prediction site is now accepting bitcoin deposit.

According to some sources, it was reported that the prediction site make the announcement on X on 6th of October that they are now accepting bitcoin while some people have been confirming that since yesterday that the site is now accepting bitcoin. I also see image evidence that the site is now accepting bitcoin.

i wish you had included the image or any source saying bitcoin is indeed accepted now

I looked for the X announcement but I did not see it. But I know it is true because I have seen the news from more than 7 places.

it is not the about how many news you saw it is about the credibility of the source. even if just one news reported it but it is a well known source then it is enough so until we see it on their website itself then i do not think we should believe it just yet

[Z-tight]

it is not the about how many news you saw it is about the credibility of the source. even if just one news reported it but it is a well known source then it is enough so until we see it on their website itself then i do not think we should believe it just yet

Op may not have posted a link to the source in their original post, but it is easy to verify that the news is legit. Not only did another user post the source in the subsequent posts, but you can visit Polymarket's official twitter handle to verify the news. However, i already did verify the news myself and yeah, Polymarket are integrating BTC deposit in their platform.

[Sanitough]

Wait .. I haven’t bet on Polymarket yet, though I know it’s popular. But can someone explain why they didn’t accept Bitcoin before? If they don’t accept Bitcoin, does that mean they don’t accept crypto at all? I get that they’re (supposedly) a decentralized prediction market , so what were they accepting before that news?

[_act_]

Wait .. I haven’t bet on Polymarket yet, though I know it’s popular. But can someone explain why they didn’t accept Bitcoin before? If they don’t accept Bitcoin, does that mean they don’t accept crypto at all? I get that they’re (supposedly) a decentralized prediction market , so what were they accepting before that news?

The platform started with solana, but they started to accept many other altcoins. Also they accepted BTCB which is an altcoin that is pegged with bitcoin price and fully backed by bitcoin. But the prediction site did not accept bitcoin (BTC) until now. The site is a crypto prediction site, they accept crypto right from their beginning.

[Mrbluntzy]

Wait .. I haven’t bet on Polymarket yet, though I know it’s popular. But can someone explain why they didn’t accept Bitcoin before? If they don’t accept Bitcoin, does that mean they don’t accept crypto at all? I get that they’re (supposedly) a decentralized prediction market , so what were they accepting before that news?

As of when they started, the prediction market was accepting USDC on polygon network, it was later that they launched on the Solana (i think that happend this year) network before they started accepting the SOL coin, being the native token of Solana network and other altcoin like ETH, USD and DIA that they later started accepting but at the beginning was USDC. There's no clear reason as to whey they didn't accept Bitcoin from the onset but I guess is due to regulations since the platform is US based. Remember that they blow up after the US presidential election, with the US President being a fan of Bitcoin, I am guessing that thing got easier for them.

[Agbamoni]

You are right here. I was about sharing an image to prove that but I noticed Baby Shoes already did that. I do not know why Polymarket took so long to accept Bitcoin after so many request from their users.

This is a big news for Bitcoin enthusiast because of new adoption. It might be one of the news that influenced the Bitcoin price to have broke a new ATH a day ago. Well, I'm not quite sure, I'm only speculating.

[boyptc]

I haven't gambled there but I find it fascinating because almost every odd event is listed there to bet for.

While I am optimistic about their adoption about bitcoin and as well as the other cryptocurrencies. Just like what the usual crypto casinos did to the market, they've contributed a lot.

And so, what I am expecting is that they're going to bring more demand to the market and that shall contribute to the price of Bitcoin too.

[mikel_012]

No surprise since Polymarket is the home page of all prediction markets in the world. Even the odds are deciding the public opinion on elections and events, because you can see where people are betting and get some probabilities from that event to get concluded in a way or another. Money moves the world and if you have information you will bet correctly, driving odds.

And don't forget they received a $2 billion investment from Intercontinental Exchange, the company that owns the New York stock exchange.

[Z-tight]

It might be one of the news that influenced the Bitcoin price to have broke a new ATH a day ago. Well, I'm not quite sure, I'm only speculating.

Not a chance. BTC was already on its way to a new all time high before the announcement was made. However, this adoption by Polymarket was not so much talked about in the community, it is a good news, but not that big. I believe the rise to a new ath has more to do with inflows into BTC spot etf's.

I also want to point out that while you can now deposit BTC in the platform, payouts are not settled in BTC, so you cannot withdraw BTC yet. Withdrawals are settled in usdc.

[Ivystar5]

I looked for the X announcement but I did not see it. But I know it is true because I have seen the news from more than 7 places.

Here is a screenshot of the announcement but then it's really awesome that they have started accepting bitcoin because literally you can't leave the head out and be mingling with the other cryptos why leaving the real deal.

For me, polymarket should have even accepted it earlier than this but of course they have their reasons why they did but that would be beneficial for gamblers here that really love to bet on social events and thinks that are beyond sport betting and casino games.

[mikel_012]

I looked for the X announcement but I did not see it. But I know it is true because I have seen the news from more than 7 places.

Here is a screenshot of the announcement but then it's really awesome that they have started accepting bitcoin because literally you can't leave the head out and be mingling with the other cryptos why leaving the real deal.

For me, polymarket should have even accepted it earlier than this but of course they have their reasons why they did but that would be beneficial for gamblers here that really love to bet on social events and thinks that are beyond sport betting and casino games.

And also you can see that the deposit is already working on the real website.

https://polymarket.com/portfolio

I tried on my own and there is a BTC deposit with the minimum of $20 and a limit of 1 BTC for transaction.

Looks like they use https://fun.xyz to process the deposit