The value of the Bitcoin exceeded 19,000 dollars in December 2017, breaking all records and predictions that deflation was to occur. While this value has gone down slightly in the first months of 2018, one thing is certain – the cryptocurrency is changing the rules of the game.
If you’ve never heard about bitcoins, you probably live under a rock or you are somewhat skeptical about such innovative developments. We don’t blame you! The premise appeared to be ludicrous at first, but the decentralized digital currency is changing the way in which we pay, save money and even have money created.
There’s no need to go into deeper details about the nature of Bitcoin, how it is centralized or what mining is. The one thing that we’d want to focus on is the fact that bitcoins and other cryptocurrencies have started revolutionizing the lottery world.
Web-based lotteries used to be an incredibly innovative thing but not anymore. The Bitcoin lottery has come to the center stage, providing players from all parts of the world with brand new opportunities to win some cash. If you are hesitant about giving Bitcoin lotteries a try, the following article is the right one for you.
Are We Seeing the Death of Traditional Online Lotteries?
One important thing that players need to realize is that the Bitcoin lottery is not the exact same thing as a web-based lottery websites.
At the time being, traditional lottery websites allow players to get tickets for different lotteries across the world. These are real lotteries that are played in a certain country. People in another country are given a chance to acquire a ticket, regardless of the location.
Some of these websites also feature exclusive web-based lotteries, even scratch cards. These games, however, aren’t as popular as the actual international lotteries. People don’t really trust them all that much – a characteristic that differentiates online lottery websites from casino websites.
A Bitcoin lottery is different because there’s no opportunity for the acquisition of a real-world lottery ticket (say a Powerball ticket) with the cryptocurrency. Rather, these websites offer specialized games. Players use bitcoins or other cryptocurrencies to choose their numbers or participate in a raffle. After a drawing is completed and the results get announced, the winners are paid in bitcoins or another cryptocurrency. It’s up to them next to convert the bitcoins in another currency or to transfer those to a digital wallet for storage.
As you can see, the traditional online lottery and the Bitcoin lottery are different from each other.
Because of these distinctive features, the standard online lottery isn’t to become extinct any time soon. It provides a service and an opportunity that the world has a demand for. Cryptocurrency lotteries are simply another possibility – a diversification that curious minds can use. Anyone who wants to try something new can opt for a Bitcoin lottery. Cryptocurrency games, however, aren’t a replacement for the standard online lottery websites.
Bitcoin Lottery: To Give It a Try or Not to Give It a Try?
If you are curious and you want to expand the scope of lotteries that you’re participating in, the Bitcoin lottery is definitely worth a try.
There are a few essentials that you will need to understand before getting started.
First, the name indicates that such opportunities are 100 percent based on the world’s most prominent cryptocurrency. You spend bitcoins to buy your ticket. If you win, the award will also be paid out in a digital currency.
If you don’t have a digital wallet already, you will need to start one right now. Additionally, you will either need to mine or buy bitcoins via an exchange website. The current high price of the Bitcoin (exceeding 16,000 dollars at the time of writing) could make such investment difficult. The fact that the Bitcoin fluctuates so much may also lead to some losses because of the exchange rate.
A person who likes speculating a bit and testing their luck, however, will definitely enjoy such an opportunity. Timing is everything as far as financial gains are concerned. To benefit from the Bitcoin lottery, you will need to acquire your digital currency at a time when its price is going down and play to eventually win when the Bitcoin appreciates.
Are you still a bit concerned? There are several reasons why bitcoins make a lot of sense as far as lotteries are concerned. For a start, the Bitcoin allows for the total anonymity of the transaction. In addition, there are no location restrictions for Bitcoin lotteries and prizes are paid out instantly.
A Few Useful Tips and Suggestions
Understand the fact that the online lottery and Bitcoin-based opportunities are not one and the same thing. If you’d still like to get your EuroMillions ticket, for example, you will not find a Bitcoin lottery enabling you to choose your lucky numbers and complete the transaction.
Bitcoin lotteries provide a new and intriguing opportunity. The decentralized currency and the frequent changes in its value contribute to yet another element in the experience that speculative players will enjoy.
Should you play a Bitcoin lottery? The answer is a reassuring yes! To make the most of it, however, it’s important to follow a few simple steps.
For a start, choose the right Bitcoin lottery. A little bit of research will reveal dozens of opportunities out there. While some of them are legitimate and they’ve already helped players win some cryptocurrency, others don’t have all of the necessary safety and usability characteristics.
Choose a lottery that has the right interface, a completely impartial drawing mechanism and security certificates/protections for players. There are dozens of reviews you can rely on to get accurate information. Compare different Bitcoin lotteries side by side and you will soon realize which features make one opportunity better than another.
It’s also very important to start out with a small sum and test the possibilities. Remember that just like in a standard lottery, you’re competing against others. The winnings aren’t guaranteed and you can potentially lose some money. Invest a small amount in a Bitcoin lottery to test your luck. Don’t go overboard, otherwise you will face some financial trouble.
Also, keep yourself informed about how the world of Bitcoin is changed. Rapid and massive price fluctuations are possible. You may end up with a currency that was worth thousands of dollars one day and that has depreciated significantly the next. By reading the news and knowing the Bitcoin price trends, you can determine when to invest, when to convert your bitcoins and how to get the biggest profits out of your favorite cryptocurrency lottery.