Betting using Bitcoins seem to be gaining momentum, though I’m not sure if it’s my game. Take 10xBTC.com, for instance. It is an online betting game that’s sorta like a Pick 3 though you actually get to Pick 4 and win on 3. It’s played every 5 minutes, 24 hours a day, seven days a week, though don’t expect to get your winnings outside of EST business hours. You bet and win with Bitcoins (BTC) though I’m still trying to get my head around the exchange rate to US dollars. After doing the calculations on winning, this is definitely not going to be one of those mega lottery jackpots.
Players choose 4 numbers from 00 to 49 per ticket line. There is a minimum bet of 0.005 BTC (estimated USD 21.00) to a maximum of 1 BTC. If you nail 3 winning numbers, your bed is multiplied by 100. 2 winning numbers get you your bet times 10. I number gets you your bet times 2. If your ticket(s) have none of the numbers, players receive 10,000 Satoshis.
What the Heck Is a Satoshis?
One of the things you have to remember is Bitcoins are a free floating currency that is not linked to any bank or country. One Bitcoin equals USD 4,217.15 though this changes regularly. The smallest fraction of a Bitcoin is a Satoshi, which currently has a value of 0.00000001 of a Bitcoin. To put it in perspective, 10,000 Satoshis equals about US 42 cents.
How Does It Work?
This just gets weirder and weirder. According to BTC Lottery, they use “the last 3 pairs of numbers of a public True Random Number Generator”. Choose your numbers from 00 to 49. But they use numbers from 00 to 99 for the draw. Any number 50 or over is divided by 2 and then rounded down. Their example is if the number 53 is drawn, then it is divided by 2 which equals 26.5 and rounded to 26. That’s not the way I learned numbers to be rounded. It looks like they simply drop the .5. Add to this some sort of option for multiplying your winnings by multiplying your bet which I guess multiplies your costs.
Getting Your Winnings
I’m not sure if it was something lost in the translation (it all reads really weird), but 10xBTC.com says if you win, you need to file a claim to be paid. Then it goes on to say all payments are made manually “for security reasons”. If you win during regular business hours Eastern Standard Time (guessing that is North America), your winnings will be paid immediately. If it’s outside of this, it’s paid as soon as the office opens the next day.
Let’s Talk Customer Service
Getting in touch with 10xBTC.com is through email – that’s it. There is no snail mail address, no phone numbers and no live chat. Be careful when you’re picking your numbers as there are no refunds whatsoever.
Trying to bounce around the site at 10xBTC, there is an automatic window that keeps popping up that says “Welcome, We have created an account for you. Please name your new account.” Hang on – all I wanted to do is take a look and see how this works.
The Bottom Line at 10xBTC.com
I’m still not sure why they call it 10 times BTC as pick the correct 3 numbers and you win 100 times your bet. Then again, I guess the odds are better in just getting 2 correct. Keeping on the math thing, I don’t think I’ll be playing here. I did the calculations on what it would cost me to play for 24 hours against the potential of winning and I’m going to stick to say US Powerball. Now that was a mega win this last week.
A Game Every 5 Minutes
Winning on No Numbers Picked
Only Email Contact Details
Winnings only in Business Hours
I’m giving this site a thumb’s down. The cost ratio to stay in the game just doesn’t work for me. Plus, I don’t like the fact the only way to talk to these guys is by email.