Bitcoin Lotteries – Are They a Thing?
Those familiar with the concept of a traditional lottery will quickly grasp the idea behind a bitcoin lottery. There are certainly a few key differences to keep an eye out for. For starters, the central idea remains the same.
Individuals can purchase a ticket or a set of numbers in the hopes of earning a large payout. In this case, the payout would be in Bitcoin. In addition, individuals can also purchase tickets via Bitcoin.
The enticing factor relies on the idea that the value of Bitcoin will continue to increase. If you do believe in the longevity of Bitcoin, a jackpot of Bitcoin is extremely attractive. A Bitcoin jackpot can increase in value over time, while a jackpot of cash maintains its amount from the day you receive it.
How do they work? What kinds of lottery games are there?
The goal remains to match the announced numbers to the numbers on your ticket. Of course, the numbers are randomly drawn regardless of the lottery type. There are some differences when it comes to the kind of lottery game. Therefore let’s highlight the three most popular types of lottery games.
1. Traditional Lottery Format
This method is excellent for beginners because it is the easiest to verify the winning ticket numbers. This type of Bitcoin lottery uses the same winning numbers as traditional lottery games. An example of one would be Mega Millions.
There is very little technology involved in generating the numbers since the real-world lottery takes care of this. There is also little activity required on the side of the platform you decide to use.
Individuals can rest assured that numbers are not tampered with due to the regulations involved in popular traditional lotteries. Despite this fact, some players demand to witness the number drawing process. For these people, a lottery where live numbers are drawn is recommended.
2. The Provably Fair Method
The significant difference in the Provably Fair process is that the winning numbers’ information is disclosed to players. Through the use of cryptography, the numbers are randomly generated. The data that brings about the outcome is available to players. The fact that this data is public eases the concerns of anyone who may be skeptical of the process.
The process is simple. Once you buy a ticket, those numbers are registered. The minute your numbers are registered, you cannot alter them in any way. What’s more, is that the payout is automatic. Anyone who matched the full set of numbers or a certain few will receive payment immediately.
In summation, this process allows players to view the number of tickets purchased, the total amount spent on tickets, how many winning tickets are in circulation, and finally, how the winning numbers were chosen.
3. Using a Middle Man
This method highlights two crucial differences when it comes to Bitcoin lotteries. The first is the payout percentage, and the second is the ball drawing method.
The previous techniques utilized a pot percentage method. For example, if the pot is $100 and there are two winning tickets, each person would receive $50. However, this particular method allows the individual to set their wagers.
Six balls are drawn at random. Depending on the amount of matched numbers, the multiplier changes. Three balls produce a 5x multiplier, 4 balls are equal to 10x, 5 balls give rise to 50x your wager, while 6 balls will earn you 500x your wager.
This type of lottery utilizes third-party software to draw the balls. This alleviates any tampering suspicions attached to the company that is taking your bet.
Although it isn’t as transparent as Provably Fair, considering the data isn’t released to the public, the third party companies must hold the corresponding licenses. This regulation requirement makes this fixed odds method a fantastic option for all.
How to Play the Bitcoin Lottery?
Step 1: Choose A Trustworthy Bitcoin Lotto Site
Before choosing a Bitcoin Lotto site, you must determine which of the above lottery types you’d like to enjoy. You do have some variety in terms of the ball-drawing method and pot split. Once you’ve decided which method you prefer, it is time to pick a trustworthy site. Some platforms host various games. These platforms excel in Bitcoin lotteries.
The emergence of Bitcoin casinos has offered a way for individuals to immerse themselves further into the world of Bitcoin games. These casinos are quite exciting and offer a wide variety of casino games in addition to lotteries.
Step 2: Open Your Account
Opening an account isn’t the grueling process you may think it to be. Despite the platform you opt for, the process remains simple across the board. Once you’ve accepted the terms and conditions, you’ll be asked to create a username.
Step 3: Fund Your Bitcoin Lottery Account
To buy lottery tickets, you’ll need funds. The platform will generate a deposit address, and you can transfer funds from your Bitcoin wallet to this address. You’ll receive a confirmation message once the deposit is complete.
Step 4: Buy Your Bitcoin Lottery Ticket
With your newly deposited funds, you can now purchase tickets. Depending on the number of tickets you are aiming to buy, the cost will update automatically. Much like traditional lotteries, the player can choose numbers manually or receive randomly generated numbers.
Step 5: Withdraw Your Winnings
If you are a lucky winner, you’ll want to get your earnings back into your external Bitcoin wallet. To do so, follow the same method as depositing funds. Use the same wallet address for withdrawals and enjoy your Bitcoin winnings.
Can You Win a Bitcoin Lottery Without Knowing Anything about Bitcoin?
Winning a Bitcoin Lottery without knowledge of Bitcoin is absolutely possible. Granted, one must have the means to obtain Bitcoin. If you can get Bitcoin, then playing and winning a Bitcoin Lottery requires very little knowledge.
What Are the Pros and Cons of Playing the Lottery?
Pros:
- Easy to grasp for beginners
- It doesn’t cost much
- Incredible payout if you win
- Not a time-consuming process
Con:
- Legality has come into question
- High probability of losing
- Coin variety
- Game type variety
How Do You Buy Lottery Tickets?
You’ll be able to buy lottery tickets directly from the platform of your choice. Whether you opt for the specialized platform of full-fledged bitcoin casinos, you can purchase lottery tickets on either platform.
The price varies from platform to platform. You can expect to pay anywhere between $0.80 to $10 for a single ticket. Most of the time, a ticket will be on the lower end of this spectrum.
Are Bitcoin Lotteries Legit or Scam? What Are the Odds of Winning One?
Bitcoin Lotteries are not a scam. However, their legitimacy heavily relies upon the country or location in which you reside. Only some countries have recognized this type of lottery and enforced regulations. It is important only to seek out regulated sites. A quick search will indicate which sites have been around for a while and are operating under strict rules.
A regulated platform must follow gambling regulations. This will protect you if something goes wrong when it is time to deliver your winnings. The odds of winning vary depending on the game. However, Lottoland claims its users have a 1 in 13,983,815 chance at scoring the Bitcoin Lotto jackpot.
Any Other Ways to Win Free Bitcoin?
Aside from the lottery and gambling, there are very few legitimate ways to earn free Bitcoin. Companies sometimes give away free Bitcoin to one lucky winner as part of a promotion. You can also earn free Bitcoin via the completion of common tasks. These tasks often produce minimal profits.
Providing services is another excellent way to earn free Bitcoin. Some may question whether this is really a free method. Although if you enjoy creating artwork or community development, then free Bitcoin is certainly up for grabs.
Which Ones Are the Established Websites?
1. Fortune Jack
Fortune Jack is one of the most popular Bitcoin casinos around. There are over a thousand games to choose from. The form of lottery that Fortune Jack offers is similar to Keno. This resembles example three in our list of Bitcoin lottery types.
You get to decide your wager based on fixed-odds. Setting your own stakes is incredibly appealing for those who aren’t shy about wagering significant amounts.
2. Mbit
Mbit is sure to maximize your playing power. In addition to a Bitcoin lottery, Mbit offers a wide variety of traditional casino games. All of these features are accessible thanks to Mbit’s acceptance of a variety of cryptocurrencies.
Mbit is one of the most trusted entities as they have been around since 2014. In total, there are six different Bitcoin lotteries available to players. Three of the six are keno style, while the other three offer a traditional method of play.
3. Crypto Wild
Crypto Wild is a dedicated platform that operates strictly with Bitcoin and cryptocurrencies. Crypto Wild offers three different lottery games. The lottery-style that the platform opts for is Provably Fair. What’s more, is the user interface looks fantastic. Easy to use and wonderful to look at on both mobile and desktop.
4. 1xBit
1xBit may not offer the most optimized look at Bitcoin lotteries, but it sure gives the user a ton of choices. This platform grants you access to over 20 different lotteries. You’ll be able to sort the lotteries by pot size.
This time-saving feature is extremely convenient. The abundance of lotteries can make things confusing for newcomers. It’ll be up to the user to choose a game based on their preferences.
5. Betchain
12 lottery games and one live lottery are available to be played on Betchain. Betchain combines many of the strengths that make Bitcoin lottery platforms trustworthy. The platform has been around since 2014 and is extremely reliable.
This platform can be utilized in several major languages, making it a highly accessible global platform. Opening the door to players across the world is a prominent sign for potential players.