Bitcoin lottery: what is it and how to play?
When it was first introduced, the cryptocurrency cause many people to raise their eyebrows in disbelief, but Bitcoin gained a lot of traction recently. It is now accepted by many online ticket sellers and it comes as no surprise that lottery games using this currency were eventually created. There are many similarities between the Bitcoin lottery and regular ones, but also some differences worth analysing.
Bitcoin lottery uses independent cryptographic algorithms
It makes perfect sense for a Bitcoin lottery to run exclusively online, as the very purpose of this new currency is to facilitate the exchange between people from all over the world. In order to ensure the safety and fairness of these games, they are running on platforms that use independent cryptographic algorithms. As a result, it is impossible for wrongdoers to interfere with the draws or influence the outcome in any way, making the Bitcoin lottery one of the most transparent. Speaking of which, anyone can verify the technology and its features which is a huge step forward for an emergent lottery looking for more players.
Playing the lottery is not difficult and those who are familiar with how regular games operate can start purchasing Bitcoin lottery slips right away. The user is supposed to send the amount listed on the official website of the lottery, stating the amount of bitcoins that he or she is willing to invest. Assuming that the amount exceeds the price of a ticket, the vendor will return the unspent currency, but players can also purchase more tickets for each draw to increase their chances to win. The same mechanism is used by conventional lottery players, so there is no learning curve whatsoever.
Volume discounts make Bitcoin lottery special
As soon as the player chooses the numbers he is willing to bet on and payment is made, a virtual ticket will be printed and the next draw will decide whether he won something or not. Depending on the block in which the transaction is included, the ticket will play in a different draw with payments being sent automatically by the vendor. Bitcoin lottery is one of the few where players get generous discounts when they make larger transactions, with the games catering for high rollers.
Depending on the ones organizing the lottery, the amounts can vary but those who make more plays will receive free bonus ones. Regular players should take this into account when purchasing entries for the Bitcoin lottery because over time these gains accumulate and a lot of cryptocurrency can be saved. The random numbers are generated by using complex protocols, with the website operators being the ones knowing the secret key. In order to prevent any abuses and deny wrongdoers the chance of interfering with the outcome, an honest Bitcoin lottery will work with third parties such as Twitter to ensure fairness.
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