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For those of you unaware, Provably Fair was fist created by the founder of SatoshiDice — a Bitcoin dice game created in Not only this, but it is also possible to independently verify how the Provably Fair mechanism generated its outcome — as all of the data is available in the public domain.
In the case of Bitcoin lotteries, Provably Fair is absolutely ideal. One of the best things about Provably Fair Bitcoin lotteries is that the entire end-to-end process can be verified at any given time.
This includes the exact amount of tickets that were sold, how much was paid, which addresses held a winning ticket, and most importantly — how the winning balls were randomly selected.
The third option that you have at your disposal is to use a Bitcoin lottery website that utilizes a third-party software provider to draw its balls.
Keno is very similar to a lottery game, however, winnings are not based on the number of tickets sold. Instead, winnings are based on fixed-odds.
The numbers run from Prizes and paid when you match at least 3 balls from your ticket. As such, you can effectively set your own stakes.
The second — and perhaps the most important aspect that sets this particular Bitcoin lottery game apart is the process used to draw the balls.
In the vast majority of cases, platforms will partner with third-party software developers such as Microgaming, NenEnt, and Evolution.
These software developers are not only required to hold full gaming licenses, but they regularly have their gaming data audited.
On the other hand — unlike Provably Fair, the gaming data cannot be verified by the public, meaning that the ball-drawing process is kept behind closed doors.
Before you begin playing a Bitcoin lottery game, it is well worth making some considerations regarding your chances of winning. First and foremost, your specific odds will depend on a number of key factors.
Notably, this includes the number of balls in the draw, the number of balls that will be drawn randomly, and the number of balls on your ticket.
However, in order to give you an idea of the underlying odds, we have taken the industry average — which is a 49 ball game with 6 numbers drawn.
As you can see from the above examples from a typical 49 ball game, the odds are heavily stacked against you once you get past the 3 number requirement.
As such, it is crucial to assess how much each corresponding win is going to pay. Probably not. So now that you know the ins and outs of how Bitcoin lotteries work, we are now going to show you how you can get started.
Follow our simple step-by-step guide below to find out how to register and deposit funds at a Bitcoin lottery platform!
Your first port of call is going to be to choose a platform that hosts a Bitcoin lottery game. In some cases, these will be dedicated platforms that specialize exclusively in Bitcoin lottery games.
In other cases, platforms will be a fully-fledged Bitcoin casinos that hosts a range of Bitcoin lotteries alongside more traditional games likes like blackjack, roulette, and slots.
Before choosing a platform, you also need to assess what type of Bitcoin lottery game that you want to play. As we discussed earlier, this will dictate how the balls are drawn.
For example, while some players prefer balls that are generated via Provably Fair, others prefer Keno-style games that are backed by regulated software providers.
Once you have chosen your preferred Bitcoin lottery platform, you will now need to go and open an account. A pop-up box will then appear asking you to choose a username.
Although you have just created an account by simply choosing a username, you should now go into your settings page and add a layer of security.
This can either be via two-factor authentication or email notifications. Once you opened your account and added a layer of security, you now need to deposit some funds so that you can enter a Bitcoin lottery game.
You will then be shown your Bitcoin deposit address. This wallet address is unique to you and your Bitcoin lottery account, so make sure you keep it safe.
Copy the address to your clipboard, and then head over to your external Bitcoin wallets. Finally, once you transfer the funds to your deposit address, the Bitcoin lottery platform should credit the funds within 1 blockchain confirmation.
As soon as your account has been funded, you can then proceed to start buying some Bitcoin lottery tickets.
As you will see from the image below, the cost of one lottery ticket is 0. Next, you then need to decide how many tickets you want to purchase for that particular game.
Wherever a player is in the world they can withdraw the winning funds from their lottery game safely and as close to immediately as is possible.
Unlike other methods of banking, these withdrawals come with very low or even zero transaction fees and no tax, owing to the absence of a governing body that regulates Bitcoin.
Bitcoin lotteries are known to offer much lower stakes than traditional ones. On a majority of these sites, players get to control their own stakes.
This is quite different from traditional sites where the stakes are fixed and normally pretty high. It is a major advantage as it allows all players to get an opportunity to participate.
Furthermore, it provides a safety harness if you are new to the site and want to test it out using small amounts at the onset.
One of the biggest weaknesses of traditional lotteries is the prize pool. In spite of the fact that some are quite high, they have limited ceilings.
As such, its operators are in fact the biggest winners. Admittedly, some amount may be dedicated to noble causes like charities.
But this is usually an insignificant amount. On the other hand, blockchain-based lotteries are often limitless. Additionally, they are usually transparent about the way the prize pool is allocated.
These factors translate to opportunities for massive wins. Traditional lottery operators have not managed to keep up with the times to the same extent as their blockchain counterparts.
Most are still based on brick and mortar outlets. And the ones that operate online may not always give players mobile-friendly apps.
Blockchain-based operators are technology-oriented and are known to keep pace with developments. Given the fact that most gamers enjoy accessing their favorite platforms on the go, a majority of lottery services are optimized for mobile use.
Some even have dedicated apps that users can download on their devices. This makes it easy to enjoy gaming on the go from the convenience of a handheld device.
Traditional lotteries are often restricted to specific countries. Oftentimes, participants can only buy tickets within their country of residence and at times, in the currency of that country.
There are plenty of options to choose from when it comes to Bitcoin lottery operators. They are not limited geographically or in any other way.
As such, participants have a whole world of choices on a global scale to pick from. Among the biggest drawbacks of playing traditional lotteries is the lack of transparency.
This is evident from the payout process where players only get a fraction of the prize pool. It is also reflected in the fact that the mechanisms and algorithms used for random number generation can be manipulated.
Due to this information asymmetry, some jackpots are not paid out at all while others are not paid in full. On the other hand, Bitcoin-based operators make use of blockchain technology to ensure transparency.
Players have a chance to keep track of payouts thanks to the distributed ledger technology. As such, participants have a higher level of certainty that they will get their winnings as expected.
Crypto-based lotteries often make use of provably fair mechanisms that players can use to check whether the process is free and fair.
Provable fairness provides insight about the integrity of the algorithms used and would reveal it if they are manipulated in any way.
Therefore, players can have confidence in these systems as they can test them for fairness rather than having to rely on third-party tests and audits.
One of the biggest drawbacks of Bitcoin lotteries is the fact that most of its operators are not regulated. The cryptocurrency and blockchain industries operate in legal grey areas in most countries.
Operators in the space are thus not as strictly regulated as their traditional counterparts. While this means greater freedom for these providers, it poses a security issue for players.
In case an operator fails to live up to their end of the deal, players have no legal recourse. Playing at Bitcoin lotteries is still gambling, and players do not always win.
In fact, the potential for losing is just as big as that of winning, if not greater. Bitcoin lotteries are taking the world by storm with prize pools reaching well into the millions.
Use Bitcoin to buy your next lottery ticket today! To continue providing free access to the public, this website accepts commission payments from some of the casino operators shown below.
However, we do not accept direct payments for casino ratings. Min deposit 5 mBTC. First 4 deposits credited with a bonus. With Deposit Bonus 2.
Contribute your share — an amount of cryptocurrency that will be part of a bonus balance. Every bonus campaign have different minimum and maximum amounts which impact a credit from DuckDice.
Essentially, the bigger your share, the bigger the credit. You can claim your available Cashback whenever you want.
Your available Cashback can't be lost. Max bet 1. Free spin wager requirements: 40x. With all of the benefits listed above and, of course, the huge prize amounts waiting to be won, many bettors might be keen to jump straight in and start playing at the first platform that catches their eye.
However it is important to look around for a genuine site which offers a reputable lottery game. If you're wondering whether Lottoland is a scam, the prizes are awarded regularly though of course, the odds of winning are long.
The company has an insurance policy that pays out when winning numbers are selected and the ticket prices cover the cost of the insurance premiums.
If you are nervous about dealing with cryptocurrency if you win a Bitcoin lottery, you don't need to be. Lottoland promises that they will help their Tier 1 and Tier 2 winners set up a Bitcoin wallet if they need one.
If you don't want to do that or if you are not confident that the Bitcoin value will rise after you win, you can also choose to receive the prize at the current cash value at the time you win.
If you don't want to go through Lottoland, or you don't live in a country that is eligible to play, Grizzle lists five other reliable Bitcoin lotteries.
These payouts are usually funded by advertising, or work as advertising for a site or product. A Satoshi, named after the purported creator of Bitcoins, is worth a hundred millionth of a single Bitcoin.
That's why we always use our servers in the best way possible. Our customers have always expressed their satisfaction with the service we provide in this way.
We are always dealing with the most professional team, which takes us one step forward compared to other companies.
You can also invest in meticulously the company you will work with, and you can also invest in bitcoin. Your internet connection should be very good and you should not be disconnected.
Because all the bitcoins you earn in any glitch can disappear. The easiest way to do this is to share the reference link given to you in bitcoin lottery and mining with your friends, social media and sites.
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