What Are the Advantages and Disadvantages of the Bitcoin Lottery?

Introduction – Bitcoin Lottery

When it comes to international lotto games played online, Bitcoin lottery is known to be one of the popular choices among users from all across the world. Bitcoin lottery is no different from traditional lottery tickets. 

The only difference comes in the rewards. However, many users who are still wondering whether they should play the Bitcoin lottery or not, this write-up will help in understanding the advantages and disadvantages of the Bitcoin lottery.

Advantage and Disadvantage of Bitcoin Lottery

Before you play the bitcoin lottery, it is vital to know what you are getting into. Let’s understand the advantages and disadvantages of this game first. 

Pros of Bitcoin lottery:

• Bitcoin lottery games are heavily regulated as transactions are based on decentralized network.
• The numbers in Bitcoin lottery are drawn through a provably fair algorithm, so the games are completely fair.
• The winning numbers in the Bitcoin lottery are easy to verify on a reliable platform.
• Bitcoin lottery games can be enjoyed and played for at least once in a week.
• The winning rewards and prizes of the Bitcoin lottery are overwhelming and large.

Cons of Bitcoin lottery:

• It is difficult to verify the authenticity of balls drawn in the lottery.
• Prizes and rewards in a real-world lottery game is generally larger than online best Bitcoin lottery games.

What Kinds of Bitcoin Lottery Games are There?

Various platforms offer different versions of the best Bitcoin lottery. Choosing the one that matches your preference is important before buying the ticket. Following is the list of the same:

Balls are Copied From Conventional Lottery

In the Lotto land of Bitcoin lottery games, balls are drawn from the real-world games of lottery. The popular lotto from which balls are drawn are US PowerBall, Mega Millions, and many others. There is no particular technology involved in the same as users you only be attempting to match ball numbers as dran in their respective lotto games in the country. 

Some users prefer this type as no input is generally required from the lotto platform. On the other hand, some users stay away from this type as they prefer opting for ball-drawing process to maintain the game’s authenticity.

Balls are Drawn via Provably Fair

One interesting type of Bitcoin lottery is provably fair. It was first created in 2013 in a Bitcoin dice game by SatoshiDice. Balls drawn through a provably fair algorithm was backed by cryptography where a user can be 100% certain that the balls drawn in the lottery game are completely fair. It does not end here! 

One of the biggest perks of provably fair is that the possibilities of numbers drawn in the game can be verified at any point of the game. The complete data of provably fair games is available for all the users in the public domain. And thus, the provably fair algorithm is one of the ideal choices for users who wish to play an authentic and fair game. 

Balls are Drawn via Regulated Third-Party Software Providers

Many users prefer using third-party software to draw lottery balls. However, one thing to note is that this type of bitcoin lottery game is closer to that of ‘Keno’ as compared to any available traditional lottery ticket games. The major difference between Keno and the lottery game is that winning in Keno are based on sold tickets. 

For instance, when you choose Bitcoin lottery using third-party software provider and if 6 balls are drawn from the possible 50 at random. In this case, numbers in the lottery game will be running between 1 to 50. And eventually, prizes will only be paid when users will match 3 balls from their Bitcoin lottery ticket.

Conclusion

Bitcoin lottery game is one of the interesting games that users really enjoy on their weekends. The rewards paid in the Bitcoin lottery are quite impressive. But the rewards entirely depends on what type of Bitcoin lottery you choose. You will be surprised with the rewards with each type of lottery. 

And if you are one of those users who are still playing traditional lottery games, it’s time to change your choice to Bitcoin rewards. Since the volatility of Bitcoin is pretty huge, your rewards can double the funds you pay for the ticket. All you have to do is wait for the right time and transfer your Bitcoin from your crypto wallet to your bank account. All it requires is patience and the right time for the transaction! So good luck with your winnings. After all, the game is based on luck.