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How Legit Are Bitcoin Lotteries?

How Legit Are Bitcoin Lotteries?

Introduction – Bitcoin Lottery

The name suggests that the crypto lottery is nothing but the digitized version of the traditional lottery. There are various online platforms allowing for betting, wagering, and playing lottery games. The price and valuation of Bitcoin are continuously increasing. This price increase and decrease is also used as a hedge against inflation. This provides the reason for playing the Bitcoin Lottery.

For the BTC lottery, players use their Bitcoin (or other cryptocurrency) to play the lottery games and try their luck to win money. Players wager or collect money in the pool, which becomes the prize money.

Millions of crypto have been invested in online lottery games. As the numbers of players keep increasing, the size of the prize pool also increases. This attracts more and more players to play the lottery. Common advice to maximise the chances of winning a lottery is to have multiple lottery tickets. This also helps in building the prize pool.

How Does the Bitcoin Lottery Work?

The logic behind crypto lottery games is similar to traditional lotteries. Players can buy multiple tickets for the lottery and play. Once the tickets are in place, the total amount collected becomes the pool prize. Ticket numbers are also chosen by the players. Finally, the draw is made where random numbers are selected. This draw is based on the algorithms backed by blockchains.

The numbers drawn randomly are then matched with the players’ tickets. Wherever the numbers match, the player wins the prize money. In the case of the Bitcoin lottery, it is in the form of Bitcoins. Bitcoin lotteries are one of the first ones to offer crypto games.

Is Bitcoin Lotto a Scam?

There are people who are of the opinion that anything and everything related to cryptocurrency is a scam. And there are many fake and fraud websites that exist in reality. But there are many legitimate websites, too, running the Bitcoin lottery and other gambling games.

Like any nationalized lottery, Bitcoin Lotto also has the rules and structure in place. The pool amount and the payments are confirmed in advance. Which means you will be aware of exactly what you are getting into.

With the increasing popularity of cryptocurrency, even fraudsters are getting creative too. There are many Bitcoin lotteries running over the internet, but you need to check the legitimacy of the website.

How Legit Are Bitcoin Lotteries?

One of the important questions in people’s minds is about the legitimacy of Bitcoin lotteries. Bitcoin is still largely unregulated. But the countries have started to set some rules to regulate Bitcoin gambling and lotteries. 

What you can do is to read the website’s fine print before entering the lottery. Make sure that you would be dealing with a regulated provider. That means that the online lottery must adhere to the regulations of the respective company. A regulated Bitcoin lottery will promise you a fair game with transparent algorithms.

How to Play the Bitcoin Lottery?

You have to simply sign up and create your account with one of the online lottery websites. Then you have to get a ticket to play lotto. The ticket can be purchased against the Bitcoin currency you have. Post getting a ticket, the only step left for you is to select the numbers you wish to play with. You can play either of the games, single, group, or system games.  

In a single game, you are allowed to purchase as many lines and tickets you wish to. All the tickets can be used for the same draw. You must choose 6 numbers for each of the lines. Having multiple lines for the same draw is much cheaper than using them for different draws.

Even the theory of probabilities suggests you to take at least 1 line for different draws. This increases the probability as it decreases the randomness in the game. A system game is almost similar to a single game. Unlike a single game, you can have more than 6 numbers in your line/ticket in a system game. This hence increases the odds of winning the jackpot as the number of combinations goes up.  

And finally the group game will allow you to buy multiple lines or tickets for each draw. The catch is that you can buy it together for multiple players. Hence, the total cost for the tickets will also split between the players. 

The only caveat is that upon winning the jackpot, the winning amount also has to be divided by the same number of players in the group. Hence you would win the part of the prize.

Conclusion

The information entails why you take exceptional care while getting involved with Bitcoin lotteries. Check for the regulations, terms and policies to verify the website. You can also check for related social media posts. There are risks and rewards associated with Bitcoin lotteries. You are advised to check and weigh the risks and rewards before getting into the Bitcoin lottery.

Christopher Walter is a senior journalist at currentbitcoin.news. He expertises in bitcoin mining. He has keen interest in reading cryptocurrency trading. He is also a cryptocurrency blogger.