Startup BetMoose offers world’s ‘first distributed, truly P2P’ Bitcoin betting exchange

Canadian-based BetMoose launched last week, claiming to be the world’s “first distributed, truly P2P prediction/wagering/betting exchange.”

BetMoose allows users to “bet on anything” by wagering Bitcoin on their online betting platform.

BetMoose was created with the intent of introducing more people to the Cryptocurrency world.

“We’re trying to become a unique and fun entry point into Bitcoin,” said BetMoose co-founder Adam King in an email sent to CoinReport.

Branding BetMoose as a “friendly, accessible service,” King said in a follow-up email to CoinReport that he and his team thought of BetMoose “from the ground up to be all about the user.”

Explaining how betting works on BetMoose, the website says, “During the ‘Betting Period,’ anonymous and registered users place their bets on whichever option they predict will come out to be true. At the ‘Bet Deadline,’ the betting stops, and a waiting period begins until the outcome time is reached. At the outcome time, the host sets the correct outcome. At this point, bettors have up to 24 hours to report the bet if the host chose an incorrect outcome.

“The user creates the bet they want – we do not intervene or moderate, and they resolve it,” said King in the follow-up email. “We created an incentive system to prevent hosts from cheating, yet we still act as a dispute resolution system as the back-bone to prevent the ‘1 point of failure’ as seen on some of our competitor sites when they’ve resolved bets incorrectly in the past, much to the dismay of their users.”

Some of the popular bets posted by hosts thus far include, but are not limited to “Will Bitcoin Pass $100 by the end of this year?” and “Will Silk Road coins be sold above market value?”

In addition to P2P Distribution, BetMoose also offers “personalized user accounts,” allowing for “avatars, commenting, performance metrics, notifications, etc.”

According to King, BetMoose plans to accept fiat later this year, in addition to Bitcoin.