With 1369 cryptocurrencies currently on the market, it can be hard to keep up with the latest trending coins. Each coin has their own individual intricacies and goals. While planning to invest you want to understand exactly what you’re investing in. The latest fast-growing cryptocurrency on the market today is Augur (REP), which is founded on the Ethereum platform.
Augur is a prediction market platform, that rewards you for correctly predicting certain world events. It’s a gambling application built on the blockchain and allows you to bet on who will win a sporting event, an election, a grammy or any sort of event in the future.
You are able to earn real money for trades and any event you trade on adds up to one dollar. If you buy a share at even odds it will cost you fifty cents but if you win that bet you will get back a dollar for every share you bought. As more and more people begin to buy shares for said event, the price of a particular outcome on this event will rise and the price of other outcomes will fall. This model gives you more opportunity to make a profit, you can buy low and sell high before the final result is known to the market.
Unlike many of its altcoin counterparts, Augur will only ever distribute 11 million tokens. At press-time, REP is trading at $107.44 a coin, up 130.11 percent in just 24 hours. For the month, the coin is up 429.52 percent and for the year it is up a staggering 3445.87 percent. Its current market value is $1.1 billion and growing, making it the 29th largest cryptocurrency by market value.
In order to purchase this altcoin, you have to first have an Ethereum wallet. You can go to myetherwallet to set one up if you do not already have one. Once in the wallet, you must purchase the cryptocurrency Ethereum (ETH) in order to exchange it for Augur. You can purchase Ether off of Coinbase or CEX.IO. Once your Ether is purchased from either exchange you must go to Changelly to exchange your ETH for REP. All exchanges are self-explanatory and walk you through the steps one-by-one.
If REP can capture just one percent of the multi-trillion dollar global gambling market, Augur investors could potentially make a ton of money. While investing in cryptocurrency is a gamble due to the high volatility, Augur might be a token to keep your eye on.