Online lottery websites are not something new but only recently have multiple Cryptocurrency and Bitcoin lottery websites begun to emerge in large numbers on thw world wide web. You might be asking yourself what the big deal is, well the big deal is that playing a decentralized lottery game online is something that many people find very attractive and the opportunity to win a large amount of Bitcoins is something that millions of people around the world would love to have happen to them over-night.
Unlike regular government run lottery games such as the USA Powerball lottery and the European Euromillions which are run and regulated by governments, cryptocurrencies and Bitcoin are not regulated yet and are also decentralized, meaning that they are mostly anonymous and users don’t need any fiat money in order to enter the raffle.
Furthermore, people betting on the outcome of a Cryptocurrency lottery draw can pretty much play from anywhere in the world on the same website and worldwide access is just what the blockchain is all about.
How Do These Lotto Games Work?
Most of these Bitcoin lottery websites work by using the blockchain in order to identify the winning numbers for the lottery. The prize is usually around 10 or 100 Bitcoins and the price of entering the raffle is usually around 0.0000001 BTC to enter. There are even some “free” Bitcoin lottery websites out there.
Are These Types Of Sites Legit?
The problem when it comes to cryptocurrencies and online gambling is that unlike government run lotto games, cryptocurrencies are still mostly unregulated and there is a chance that you will lose all of the money you put into your account and the Bitcoin lotto website may even be a scam.
There is a chance that you will be wasting your Bitcoins on a scam website.
There are a few websites that write reviews of other Bitcoin gambling websites and brands but they are in many cases paid advertisements or affiliate marketers that write positive reviews even when reviewing a website that they know to be a scam.
Our recommendation is that if you want to gamble or play lottery games online you should do so on a website that sells regular lottery tickets online for government run lotto games. The fact is that currently cryptocurrencies are not really a regulated market so your best bet would be to stay away from Bitcoin lotto sites until cryptos become regulated.
Don’t waste your precious Bitcoins on Bitcoin lottery websites just yet…