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However, some players prefer to stay away from this branch of the Bitcoin lottery space, not least because they would rather opt for a ball-drawing process that allows them to verify the authenticity of the game.
At the other end of the Bitcoin lotteries spectrum, a whole new version of the game exists — Provably Fair. 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. You can win prizes for matching as few as two numbers, right up to the jackpot for matching all six numbers drawn.
The prizes in the three lowest tiers are paid in standard currency, but Bitcoin Lotto is unlike any other lottery in that it offers you a choice when it comes to the top rewards.
If you win the jackpot, you can choose between the advertised number of bitcoins or the cash equivalent taken from the exchange rate with bitcoin at 9.
The top prize is worth a minimum of 1, BTC, which the operator says it will increase occasionally. Blockchain makes sure all transactions are unique and verified.
When you buy into Bitcoin or any other crypto-currency you are at the same time investing in the popularity of Blockchain technology to be widespread in the future.
This technology can solve many issues and be of great value to a lot of industries. Hey getting excited already!? All these Bitcoins that you could win in the Bitcoin Lotto could have much more value than its nominal value against a regular currency.
Compared to other multimillion lotteries out there the Bitcoin Lotto offers very interesting odds for you. The chances of winning the jackpot are one out of 14 million.
This is very much more likely winning outcome of a jackpot than in, for example, the UK National lottery.
Also compared to Eurojackpot or EuroMillions, odds are 10 times more better for you the player. How to play Bitcoin Lotto? What can you win in Bitcoin Lotto?