While most cryptocurrencies are specifically meant for making transactions, blockchain technology offers many other options.
Meet Augur, a platform where people can bet on events.
On this page you can read what Augur is and you'll get some tips for when you want to buy the cryptocurrency of the Augur platform.
About Augur (REP)
Augur is a platform based on the Ethereum network. The cryptocurrency REP is an ERC-20 token, which means that the cryptocurrency is based on the ERC-20 protocol. Augur offers the possibility to bet on the outcome of an event.
This can be, for example, a sports match (gambling). On the platform people can buy shares for the outcome they expect, like which football club they think will win the match. These shares can be bought with ethereum (ETH) and bitcoin (BTC). Augur's decentralized fundamentals ensure that the outcome of a match is recorded as honestly as possible.
Anyone with REP in their wallet can report on the outcome of, for example, a football match. A majority ultimately determines what the true outcome is. An example to get a better picture of this: When 75% say that Club A has won 1-0 and 25% say that Club A has won 2-0, the 1-0 win is assumed to be the truth.The REP holders who correctly determined the outcome are rewarded while the REP holders who made the wrong mistake are penalized for their incorrect reporting. This ensures that the results of such events are recorded as correctly as possible and that betting on these events is as fair as possible. Please note: you do not necessarily need REP to bet, this cryptocurrency is only intended to participate in the reporting of results.
Buy Augur (REP) safely and easily via Knaken+
Augur has been around since 2015 and is therefore one of the better known cryptocurrencies. REP, the platform's cryptocurrency, is therefore available for purchase at most major cryptocurrency exchanges. You can buy Augur on open exchanges such as Coinbase and Binance, for example.
Of course, Augur can also be purchased through over-the-counter (OTC) platforms. These are companies, often local, that offer Augur for sale. The advantage of these platforms is that customer service is often better reachable. In addition, these platforms offer more privacy.
If you want to sell your Augur you can often also do this via the platforms mentioned above. Selling Augur is easy. There are a number of things to keep in mind though. Later on this page you will be able to read some useful tips.
Knaken helps you buy or sell Augur safely and easily. It doesn't matter if you are a beginner or veteran. These three simple steps apply to everyone.
• Select your cryptocurrency
• Pay via the payment methods such as IDEAL.
• Receive and manage your crypto in your Knaken dashboard or your own wallet.
Why do people buy or sell Augur?+
There are several reasons why people buy or sell Augur. If you want to earn more REP by participating in event reporting then you should buy some REP to begin with. You can also actively trade with Augur. If you do this well, you can earn money by speculating with Augur.
You can also see Augur as a long-term investment. Given the price trend in the past, there is a chance that Augur will rise in value. In that case you can earn money. This is more often seen as less risky than actively trading with Augur.
Why choose Knaken?+
• Safe & Easy.
• No extra costs.
• Manage crypto via your Knaken Dashboard or your own wallet.
• Knaken has its own exchange.
Important tips when buying/selling Augur+
If you have decided that you want to buy Augur, a number of things are important to keep in mind. Firstly, you need to have a good wallet in which you can store your Augur. This wallet must support Augur. These are usually ERC-20 wallets and can be online, software or hardware wallets. Hardware wallets are often the most secure option, online wallets the most insecure.
When you figured out which wallet you're going to use, it is time to choose where you want to buy your Augur. Read as much information as possible about an exchange or OTC platform, because scams are common in the crypto world. Search for reviews and ask for experiences. This is one of the best ways to quickly find out whether a company or platform can be trusted or not. Do take your time as this is about money.
Finally, you have to decide how much Augur you want to buy. Only put money in cryptocurrency that you can really miss. While cryptocurrency prices can rise rapidly it can also go downhill quickly. So decide wisely how much money you want to put in.