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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. Once you enter the number of tickets in, the total cost box will automatically update.
Finally, you then need to decide whether you want your ticket numbers generated randomly, or if you want to choose them yourself.
This is very similar to the real-world version of the game, where you can choose your favorite numbers or get the machine to automatically generate them for you.
If you are fortunate enough to win a game of Bitcoin lottery, you will then need to withdraw your winnings back out. Next, you need to enter your external Bitcoin wallet address.
For ease, this can be the same address that you used to deposit the funds. As soon as you request the withdrawal, you should see the funds back in your external Bitcoin wallet within 10 minutes.
The Provably Fair protocol is backed fully by the art of cryptography, meaning that the outcome cannot be manipulated or pre-defined by the platform.
If the Bitcoin lottery platform doesn't use Provably Fair, this isn't necessarily an issue. Some Bitcoin lottery websites will instead get their winning numbers from real-world lottery games like the EuroMillions or MegaMillions.
Other platforms such as FortuneJack utilize third-party software developers who are regulated in the real-world, so this is also an option for you.
This all depends on the prize pool for the specific game you are playing. In most cases, all ticket sales will be pooled together, and then distributed to the winning players.
A higher percentage of the pool is given to players that land the biggest wins, such as matching 5 or 6 numbers.
As is typically the case across the entire Bitcoin casino spectrum, there are usually no minimum deposit amounts to worry about. Fiat casinos usually stipulate a minimum deposit because they get charged by financial institutions when facilitating debit or credit card payments.
However, as you are depositing funds externally from your Bitcoin wallet, you can deposit as much or little as you like.
Much in the same way as any other Bitcoin casino game, your winnings will be transferred directly into your private Bitcoin wallet.
You will need to execute a withdrawal request from within your Bitcoin lotto account, and in most cases, the platform will then release the funds automatically.
This means that you should receive your winnings within about 10 minutes of making the request. Bitcoin Keno is a type of lottery game that uses a fixed-odds system instead of pooling player tickets together.
In fact, as you are playing against the underlying software algorithm, it's essentially you against the casino.
Players get to choose from a list of 12 supported cryptocurrencies. Founded in , 22Bet is a creation of industry professionals and is owned and operated by TonyBet OU.
It holds multiple licenses from regulators in the jurisdictions where it operates, including one from the reputed UK Gambling Commission and Curacao.
Though it does not make use of provably fair technology, its systems periodically undergo audits from independent third parties. The payout process is remarkably fast too.
For anyone who loves gaming on the go, you will appreciate the fact that there are native apps for Android and iOS.
The site also supports multiple languages as well as plenty of cryptocurrency and fiat payment options.
With the recent surge in popularity of Bitcoin lotteries, it comes as no surprise that brand new lotteries are appearing on a regular basis, some options are more innovative and exciting than those that came before while others are not so impressive.
This phenomenal success has also influenced the release of some new Ethereum based lotteries. Ethereum is another blockchain technology, similar to Bitcoin but with several structural differences.
This technology relies on the exchange and earning of a crypto token called Ether which can be used as a form of payment made by clients of the Ethereum platform.
KIBO is the first every Ethereum lottery and has been described as a revolutionary renovation to the game.
This platform uses smart contracts to select winners and organise pay outs. The use of smart contracts is another technological restructuring of online lotteries and is something that we might expect to see more of in the Bitcoin lottery space.
The architecture of smart contracts restricts the number of functions that a lottery game needs and eliminates the human factor by using code to control transactions.
Bitcoin lottery is a broad term and like a traditional lottery, it covers multiple variations. Essentially, these games operate on the same basic concept, with participants buying tickets in hopes that they will win a jackpot.
Another common feature that characterizes these games is that players buy tickets and win prizes in Bitcoin. However, there are some differences in terms of odds and the types of games available.
There are differences in the odds offered by different games and different providers under this category. To give you an idea of your chances of winning, consider the industry average in a 49 ball game where 6 numbers are drawn:.
Though the end game is the same, there are some variations in the execution part of it as we will see in greater detail below.
Let us take a close look at the main types of a Bitcoin lottery:. In its early days, the Bitcoin lottery space featured games drawn from the traditional lottery space.
For instance, one of the earliest arrivers on the scene, Lottoland, was known to get its numbers from traditional lottery games. It did not draw its own winners, but rather, used numbers from providers such as Bonilotto Spain.
The idea behind this was to foster trust as this would eliminate impropriety from the selection process.
A major highlight of this model is that traditional lottery operators offer services under stringent regulations.
A space that is highly regulated means better security for players. Another advantage is the opportunity for regular play, as these services often offer daily draws.
The potential for winning is also huge and such games are associated with massive prize pools due to their popularity.
However, the main downside is that it is difficult to verify results. These make use of provably fair technology, allowing players to verify the randomness of results.
Balls for this type of lottery are randomly drawn, a fact that can be verified at any time. It is also possible to verify the number of tickets sold, the person who won and other details.
In order to make this possible, the mechanism creates a seed when the balls are drawn. Next, the platform gets a second random seed from the player.
When the two seeds get hashed, the balls are generated. If you match a specified number of balls, you win a prize. Another possible option involves games where balls are drawn using software from third-party providers.
These are providers like Net Ent and Evolution among others which are best known for their casino games. The best part about these providers is that they adhere to industry regulations as per full license requirements.
Since they undergo regular audits, they have to make sure they meet the set standards. They are known to offer fixed odds, rather than basing the prize money on the number of tickets that players buy.
Instead of calculating the prize based on a percentage, the prize is calculated using a multiplier. This means players get the opportunity to set their own stakes.
Despite all of the modern advances in the game, the basic concept of a lottery remains the same and most of the age-old rules have been kept intact.
Just like buying a tangible ticket from a store, Bitcoin lottery players purchase one or many online tickets from the site of their choosing and hope that they hold the winning combination of numbers.
The whole concept of a lottery relies on it being totally random, which makes it a game of luck rather than skill. However, there are a few strategic techniques that can be used to give smart Bitcoin bettors a slight edge over their fellow players.
These include purchasing many tickets, finding the ideal Bitcoin lottery platform and picking a good mix of numbers ranging from low to high. It is also beneficial to join online lottery forums to get updates and tips about the different available games and read suggestions from seasoned expert players.
Getting started with Bitcoin lotteries is pretty simple. Here is what you need to do:. Step 2: Select a suitable Bitcoin lottery site and sign up then purchase a ticket.
Step 3: Next, you need to choose 6 numbers between 1 and You can either do this manually or use the Quickpick option that automates the process.
Step 5: The amount you win will depend on the number of matching digits you get. Based on the type of lottery you play, this could be a percentage of the prize pool or based on a multiplier.
All you have to do at this point is to withdraw your winnings! 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.
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System Status:. Pricing Always keep your goals at the top with bitcoin mining here because we give you the best price. Contact You can easily contact us from the phone, address, e-mail and contact form field below.As such, participants have a higher level of certainty that they will get their winnings as expected. Pros Bitcoin Lotterie Stakes to Enter Bitcoin lotteries are known to offer much lower stakes than traditional ones. You can now play with complete peace of mind, not fearing about losing your winnings to rogue operators. Although prizes are much smaller, matching 6 Kosarka Live will award you a prize of 1, mBTC, which is great. A space that is highly regulated means better security for players. Admittedly, some amount may be dedicated to noble causes like charities. If the Bitcoin lottery platform doesn't use Provably Fair, this isn't necessarily an issue. Crypto-based lotteries often make use of provably fair mechanisms that players can use to check whether the process is free and fair. In most cases, these are backed by centralized Gold Rush Online Spielen agencies. Getting started with Bitcoin lotteries is pretty simple.