60% of World Cup bettors on Polymarket were first-time crypto user

[Akbarkoe]

Since many gamblers switched to crypto usage, this has been helping the crypto space to have more users and adoption gradually until what it is now. The adoption will keep spreading as more gamblers and casinos switch to safe crypto payments that is swift and you will not have to be waiting for longer time before your deposit is confirmed.

The existence of crypto adds an alternative transaction in the world of gambling was created for a much better privacy space than using funds directly from your account number, like me who feels much safer using crypto, and with this increasing use so casinos strengthen the real adoption of crypto transactions to the extent that it is now and you are right that with crypto we can be much faster in confirmation and at a low cost if you use a cheap network.
I see crypto casinos growing even more in the future as people and gamblers embrace crypto, but the big challenge is also addiction given the huge growth so far, let's see what the polymarket thinks about this prediction market, will it stay hype or will it become a bubble that will be abandoned in its gambling model.

[tabas]

What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

I think so. But we're still far from that time for the next bull run. If it's on the right period that we're also in the bull run and the world cup happens, that will massively add to the demand of it. But because we're currently in the bear market, that doesn't add that much. Well, I haven't used polymarket and I think many of us here haven't so. These first time crypto users probably just bought crypto to bet for the world cup and support their respective teams and countries. Hopefully whoever made these case studies will continue to do it once the world cup ends.

We are just talking about gambling here, so let us not assume that it will result in a bull run.

I believe not even 50% of gamblers are investors. Many of them use crypto only for gambling purposes, so they can still use it regardless of the market situation because they are after convenience, not its future value. And they are not even just using Bitcoin in gambling, they also use stablecoins. Those who probably bet bigger are using stablecoins to protect themselves from volatility.

I'm only saying that if this happened on the right period and we're also in the same cycle of the bull run, it would add impact. I understand that it won't result to a bull run and right now it's totally we're in a bearish market that's why bitcoin's price and the entire market is down. It's a good introduction for these gamblers who have used crypto for the first time. They'll see that the price is volatile and they have variety to choose from, so, who knows how many of them will continue to become investors while they see the bearish market which is a good opportunity for them. But not a problem if they only see it as a tool to gamble with.

[taufik123]

-snip-
There is some benefit to that from the usability angle, but on the other hand it also increases the chance that normal people will engage in gambling when otherwise they would not. So in the end it is actually better to keep it completely separated and not to have everything on the same platform.

But some betting mechanics will also be different and not like in polymarket of course, It's just the hype of the world cup that will end when the world cup also ends.
The Exchange Platform will definitely not extend this Feature, Convenience will not always provide comfort and security, there are risks as well.

[Dogedegen]

As far as I know, the Polymarket platform accepts bets not in BTC, LTC, ETH, or XMR, but in the centralized stablecoin USDC. This is certainly much better than betting in fiat currency, but the connection between stablecoins and real cryptocurrency is indirect rather than direct.

The wording that you used in this part is not true, the connection between stablecoins and most crypto is direct as possible. Indirect would mean something else, unless you want to define direct as actually using Bitcoin but that would not make sense in the situation of prediction platforms. Because if you define it so strictly then even if they are betting inside the platform using Bitcoin, that would not be direct experience of Bitcoin in the way that it would not feel any different if they were using Bitcoin or some shitcoin like ETH.

How many of these 857,000 people will buy Bitcoin? And how many of them will buy Monero in the future? I don't know... I don't have a definitive answer to this question.

Certainly, using stablecoins is a very important step toward exiting the fiat system. But to fully immerse yourself in the world of cryptocurrency, in my opinion, you need to take another step (for example, buying Bitcoin). And then another step... And another...

That is up to the individual person and not to Polymarket or this situation. Nobody can force a person to get educated about Bitcoin even if you expose them directly to Bitcoin and not a stablecoin instead, many will choose to ignore it or not get any education. So the issue whether people will buy or not does not relate to the exposure to the stablecoin.

-snip-
There is some benefit to that from the usability angle, but on the other hand it also increases the chance that normal people will engage in gambling when otherwise they would not. So in the end it is actually better to keep it completely separated and not to have everything on the same platform.

But some betting mechanics will also be different and not like in polymarket of course, It's just the hype of the world cup that will end when the world cup also ends.
The Exchange Platform will definitely not extend this Feature, Convenience will not always provide comfort and security, there are risks as well.

I am not talking about any platform in specific but you can imagine my argument more in examples of other platforms. What would happen if you had a prediction market directly built into Facebook? A lot more people would gamble who would otherwise never gamble, this is why it is very bad to provide gambling elements everywhere, it is very dangerous. I do hope that it stays separate from most platforms, I do not mind some seasonal appearance of extra features but it should not be a permanent thing because of this danger potential. The question for me here is are these people who are just unfamiliar with crypto, or are they also a lot of people who are unfamiliar with gambling? Stories that get hype online about people making money on something like prediction markets is what hooks people who do not have knowledge about gambling, and because of that most of these people will simply lose money and may not come back to use them again.

[shawonngp]

What do you think about this? More people are knowing bitcoin and other coins which can be helpful for the next bitcoin bull run? What is your take on this?

I think so. But we're still far from that time for the next bull run. If it's on the right period that we're also in the bull run and the world cup happens, that will massively add to the demand of it. But because we're currently in the bear market, that doesn't add that much. Well, I haven't used polymarket and I think many of us here haven't so. These first time crypto users probably just bought crypto to bet for the world cup and support their respective teams and countries. Hopefully whoever made these case studies will continue to do it once the world cup ends.

I believe not even 50% of gamblers are investors. Many of them use crypto only for gambling purposes, so they can still use it regardless of the market situation because they are after convenience, not its future value. And they are not even just using Bitcoin in gambling, they also use stablecoins. Those who probably bet bigger are using stablecoins to protect themselves from volatility.

Right, I think most new bettors on the Polymarket may not know much about Bitcoin; they are just depositing Bitcoin and other coins to gamble. I think most bettors are used to betting with stablecoins, because if you bet with Bitcoin, your original deposit may decrease due to price volatility. So it cannot be said that there will be a bull run if all Polymarket users use Bitcoin because many new gamblers use Bitcoin or crypto just for the convenience of betting.