Polymarket integrates Bitcoin payment via lightning network

[Perfectbaby]

Had no interest to use polymarket and so far was having this thinking that polymarket is just a site that one could connect their crypto wallet to the site to gamble. But it’s fine that that have now enabled the bitcoin lightning network which would work very faster and cheaper for those who are making deposits to the gambling site, but then I have to also feel that since many countries are banning polymarket and kalshi why not they rebrand to gambling site or directly accepted that they are gambling and should have all the viable operational licenses that would permit them to operate in most the banned countries?

[Charles-Tim]

They're just adding the payment options, but this does small impact to the poly because stable coin is the crypto that mostly used in the polymarket. The vol of lightning network has been moving down so hard. At least they have tried it.

Yes you are right, USDC is used by most of the bettors on Polymarket. Also other stable coins like USDT and also some other blockchains are their which the stable coins are built on. People should just save their bitcoin and spend their fiat and stable coins. Most people on prediction markets are losing.

[gracreavix]

Since Lightning makes deposits fast and reduces the high fees, then it's a great addition to Polymarket, making it easy for people to bet with Bitcoin. And it's great news for Bitcoin, on the other hand. I hope this and many more developments won't start causing a shift away from Bitcoin as a store of value.

Also, are there any past issues with Lightning that we need to know about?

[Alphakilo]

Had no interest to use polymarket and so far was having this thinking that polymarket is just a site that one could connect their crypto wallet to the site to gamble. But it’s fine that that have now enabled the bitcoin lightning network which would work very faster and cheaper for those who are making deposits to the gambling site, but then I have to also feel that since many countries are banning polymarket and kalshi why not they rebrand to gambling site or directly accepted that they are gambling and should have all the viable operational licenses that would permit them to operate in most the banned countries?

I have it on my mind at some point to try betting on Polymarket and with this UX upgrade, it makes it all the more interesting to try out.
Waiting for longer minutes because of mempool fee spike or for block confirmation before making a bet on Polymarket could have made some bettors miss out on major bets and this upgrade definitely evens this out and allows users maintain their non-Custodial funds and be in on the action.
Am sure this would cause massive spike in adoption of Polymarket even though they don't agree to see themselves as a gambling platform til date.

[Satofan44]

I have used Polymarket but I have not sent bitcoin there before, I will prefer to just keep my bitcoin on my self-hosted wallet, I use fiat backed stable coins on gambling sites. I am just asking the question just to know how it works very well and for people to know about it. You know you can send bitcoin through the lightning network to exchanges and withdrawal on-chain bitcoin. I just want to know if it is possible on Polymarket in case people are discussing about it later.

Possible or not, you should never do that and that is exactly my point. It seems that you did not understand anything that I was writing about. Stop using exchanges and platforms as wallets. If you don't, you deserve to lose your funds whether through a hack or exchange malice -- most people do not learn their lesson without an actual whip.

Nice one, maybe this will make people use LN more than before? It's not very popular to see crypto payment solutions online giving users option to use LN, I've bought VPN subs few times and even data too but no LN.

Where I bought few pc games too they don't have LN available, the one time I used LN was when I wanted to pay for a graphics card from a UK store online, it's not very common but hopefully now we will start seeing more merchants make it available.

Cake wallet now supports LN too, I am not a fan of polymarket but at least there are loads of people using the platform anyways, we are getting somewhere day by day.

LN is quite popular, just because you do not see it with the services that you are using that does not mean that it is not widely available relatively speaking. If you would take a look at any kind of data before forming useless opinions that are fabrications, then you would know that LN is thriving in both online and offline payments. Generally people just want everyone else to do the things for them, so when it comes to LN adoption they would rather wait for years instead of pressuring their service provider to integrate it -- integrating it is not even hard at all these days. When it comes to Polymarket and LN, this will not cause an increase in the use of LN at all. Polymarket is mostly for shitcoin gambling people.

[Russlenat]

Since Lightning makes deposits fast and reduces the high fees, then it's a great addition to Polymarket, making it easy for people to bet with Bitcoin. And it's great news for Bitcoin, on the other hand. I hope this and many more developments won't start causing a shift away from Bitcoin as a store of value.

This is actually good because it gives Bitcoin more use cases, especially since Lightning Network makes transactions faster and cheaper.
Personally, I have never tried using LN in a prediction market, so I would also like to explore this. I have been hearing that LN is good, so maybe it could really help.
Who knows, if this becomes successful, other platforms might follow, and LN could become more popular.

Also, are there any past issues with Lightning that we need to know about?

There is based on my research.
https://blofin.com/en/academy/education/lightning-network-risk

[Findingnemo]

This should help the polymarket as well as the lightning network, but I am sensing that they done this to make the process of using their platform easier even with all the geoblock from many countries. I don't consider them as gambling site for some reason but it is kind of gaining userbase rapidly especially since the Fifa world cup started.

[danherbias07]

Hmmm. I don't know if this is good news or bad news. For Bitcoin, it's good. More movements and maybe more buyers because there are many people who are using Polymarket nowadays, although I don't really understand the reason why.
It was not surprising that they would do this. It's probably after they saw the growth of crypto users on their platform. Do not be surprised if, in the next few days, they will be adding new features that will relate to cryptocurrencies again. Or maybe adding new coins or creating their own native token, just like Binance and other platforms.

[Orpichukwu]

This is another business strategy from Polymarket because they want you to be able to deposit as little as you can using bitcoin. This is good news for those who love gambling with because and those new gamblers using crypto for the first time to gamble. It will expose them to LN.

They are just doing anything possible to make sure that they don’t miss any customer during this World Cup because of them finding it hard to make a deposit or delay in deposit since direct bitcoin funding might be delayed sometimes.

[PostQuantumBTC]

Possible or not, you should never do that and that is exactly my point. It seems that you did not understand anything that I was writing about. Stop using exchanges and platforms as wallets. If you don't, you deserve to lose your funds whether through a hack or exchange malice -- most people do not learn their lesson without an actual whip.

I have now understood what you are saying, I am not saying anyone should use exchanges for holding. Not your key not your coin, that is just it, but some people are using the exchanges to trade, I mean those that are doing future trading and regular spot trading and margin trading. But for people that want to hold, it is better they use self-hosted wallet.

[cryptoaddictchie]

it says that 60% of all those world cup new bettors have not used crypto before, I guess polymarket don't want to lose customers because of delays in on chain Bitcoin deposits, that's why they rushed and integrate the lightning network to prevent inconveniences because there are most impatient bettors that can not wait 10 minutes for deposit to confirm.

Since polymarket is also a business I assumed they dont want to miss such huge profits on this. The FIFA event us a huge event for sports bettors and the company wants to capitalize on them by integrating such options that needef to capture those potential bettors. With massive choices to pull on prediction market I believed this is needed provided that some users might not be a crypto enthusiasts but wanted to join.

[Satofan44]

This should help the polymarket as well as the lightning network, but I am sensing that they done this to make the process of using their platform easier even with all the geoblock from many countries. I don't consider them as gambling site for some reason but it is kind of gaining userbase rapidly especially since the Fifa world cup started.

This is not going to have any significant effect on the Lightning Network. There is not more than a handful of people that would install LN in order to use it on Polymarket. As for users that are already on LN, it does not really help LN in any way -- they are already there, and using it -- a few transactions for an obscure gambling enterprise is not doing anything for it.

Hmmm. I don't know if this is good news or bad news. For Bitcoin, it's good. More movements and maybe more buyers because there are many people who are using Polymarket nowadays, although I don't really understand the reason why.
It was not surprising that they would do this. It's probably after they saw the growth of crypto users on their platform. Do not be surprised if, in the next few days, they will be adding new features that will relate to cryptocurrencies again. Or maybe adding new coins or creating their own native token, just like Binance and other platforms.

There is literally not a single downside to this news, therefore your ambiguity is misplaced. You actually didn't even specify a single downside either.

Possible or not, you should never do that and that is exactly my point. It seems that you did not understand anything that I was writing about. Stop using exchanges and platforms as wallets. If you don't, you deserve to lose your funds whether through a hack or exchange malice -- most people do not learn their lesson without an actual whip.

I have now understood what you are saying, I am not saying anyone should use exchanges for holding. Not your key not your coin, that is just it, but some people are using the exchanges to trade, I mean those that are doing future trading and regular spot trading and margin trading. But for people that want to hold, it is better they use self-hosted wallet.

Good, hence why I am so harsh against those kind of things. If you ask for features of this kind or if we don't pressure platforms to not have these features, they create a bad incentive for users to use platforms as wallets. Let's face it, most people are stupid and lazy -- there is no way of going around this, otherwise why would they turn left after somebody tells them that they will die if they turn left. That is what happens in most this cases, and that is why it is important to design incentives that automatically work on lazy people. One such feature is to never have any kind of wallet-like features on platforms. It is possible to fully enforce these everywhere, but industry standards could be set.

[lodocus]

I don’t know of any other platform that provides updates as quickly as Polymarket. Here, you absolutely have to be quick with your predictions, and waiting several minutes for every ordinary Bitcoin transfer could cause you to miss out on instant opportunities. Sometimes I’m watching a game and at the same time I see the odds changing on Polymarket within seconds.

When news breaks, it can take a while for Polymarket to price it in, so being quick is important, and I think Lightning payments are an advantage for those who use only Bitcoin.

[xenomorfo]

In my opinion, from a player's perspective, the presence of insiders on the Polymarket platform only adds to its appeal! ?

From my trading experience, I know that it's impossible for the average player to make money in a perfectly competitive market. How can you make a significant profit if all prices are initially fair? To make a profit, you need to exploit market imperfections. Without insiders and manipulators, making money is virtually impossible.

However, with insiders and manipulators in the market, making money is possible (albeit difficult). To do this, you need to develop special strategies. You need to unravel the hidden intentions of insiders and manipulators. It's this knowledge that brings profit to the player. Is it easy? No, of course not! But it's a real and clear path to victory.?

And using Bitcoin and LN in Polymarket bets makes playing on this platform even more interesting for me!

I don't know guys, there are rumors that people who already know what will happen use it, like the soldier who made the bet
so it's not a game, so it's a scam
I'm telling you, if you really want to bet, bet on things you enjoy watching, avoid this place.