If you’re feeling lucky, you should consider playing Bitcoin lottery. It is a game that requires no skills but a lot of luck to win. Like the common one that you know such as the state lottery. The basic requirement is purchasing tickets with the hope that your ticket is selected in a lucky dip. There are many kinds of lottery out there. The most basic form is that tickets are sold to people who have the option of buying as many as they want. In fact, many participants will likely buy many of these tickets with the intention of increasing their chances of winning the star price of the lottery. There usually is a timeline for this game. After the sale of tickets, a winner or winners are selected in a draw. There may be questions about how fair the process in the convention lotto but that should be a discussion beyond our scope. In this post, we shall focus on Bitcoin lottery.
Here are our top picks of the best bitcoin lotteries.
Bitcoin lottery is an online version of the lotto you know such as we already read in this post. The main difference is that all the processes are concluded online while sale of tickets and payment of winnings are all done with BTC. For some platforms, they go a step further by using the blockchain technology in the final draw that determines the winner. Like in the state backed kind of lottery, there may be more than a winner. Some Bitcoin lotto platform draws reward up to 10 winners while others could reward 3 or even 1 winner in periodic draws. What’s obvious in the game is that a winner emerges through a lucky dip that is not influenced to favor a particular participant.
The main difference between Bitcoin lottery and your conventional lottery is not just that you play and win BTC. It is possible to verify the fairness of the game by checking the process on the blockchain.
To play the lottery with BTC, you have to get a reliable Bitcoin casino and sign up. Then search for the game and buy a ticket with your cryptocurrency. You’re automatically entered for the draw. The reason some call the draws “lucky dip” is that it takes a lot of luck to be selected among so many participants. In reality the likelihood of being selected is slim. This is why many lotto players buy more than one ticket to improve their chances of selection as the winner.
If you’re wondering the better option between playing the state regulated lottery and Bitcoin lottery. Here are the basic facts that favor playing the latter you need to know.
Participating in btc lotteries is a simple matter. What you need is to access a good casino site and then buy tickets with your coins. All the processes are initiated and concluded on the site.
The player who wins doesn’t need to bother about their privacy. The only identifier is their bitcoin address to which the prize is forwarded to. Their identity is not revealed unlike in many regulates lotteries which demand public announcement of winners.
The player’s location doesn’t matter in the game because the digital currency network is not centered in a particular location. Rather it is designed to be accessible by any player irrespective of their geographic location. This is unlike the state regulated lotteries that are restricted to specific locations such as the Euro zone whose citizens have exclusive rights to EuroMillions. Just as the Irish Lotto permits participation from citizens of the Republic of Ireland.
Regulated lotteries are closely scrutinized so it is safe to believe that they are not rigged to favor a participant. But there is no way to verify this. If you’re thinking of participating in a transparent lotto, Bitcoin lottery is your best bet since you can independently verify on the blockchain that the operator of the game actually followed the rule that ensured that the winner was selected without bias.
This is possible because every ticket in a BTC lottery is hashed and a set of rules are applied to randomly select a winner. Moreso, many cryptocurrency based online gambling houses do not administer the lotto in-house. Usually, there are reputable third-party serviced that are responsible for the end-to-end integration of software on the blockchain.
Speed of transaction is one of the merits of the blockchain, the technology on which Bitcoin was built. Payments usually take less than an hour to be credited to the winner’s wallet after they have been sent by the casino. The only exception to this is if the Bitcoin network was clogged.
Playing a game of lottery at an online casino has its own risks since these Bitcoin casinos are not as closely regulated as your state backed lotto. This makes it possible for malicious actors to take advantage of the uninformed to cheat people or even steal the pooled funds. This is why you must research the casino before sending money for your tickets. Here are some of the fundamental features to look out for:
When you’re dealing with a site, it is important to make sure that there’s a sort of aftersales service. After purchasing your tickets, you should still have access the operators of the casino in case there are issues you want clarified in future.
Every form of lottery is a game of numbers. That’s why only popular platforms run lotteries. Funds have to be pooled and a fraction paid to winners while the house keeps some profit. To be successful as a lotto operator, the betting site must have many customers. You can even check if there is a community around the casino and see how active it is. This will help you ascertain that you’re playing on a reliable site.
Considering that when money is involved, there will be fraudsters willing to steal them, it is necessary to check a site’s history and what they’ve done in the past to understand the motive of the owners. Would they actually pay winners? Is their lottery based on the blockchain? Are they going to rig it to favor someone they know? These are the basic questions you should ask before buying lottery tickets from a betting site.
Bitcoin lottery is a game of luck just like any other lotto. It could make you fantastically rich if you win, but that depends on how fortune smiles on you.