Blockchain technologies have also affected the fans of prize drawings and lotteries, allowing them to play using digital coins. Expecting what number will fall up and thinking about what I would do with the winnings – what could be more exciting? With today’s abundance of sites where you can play the lottery online, it is difficult to find the best one, especially if you are searching for a site accepting cryptocurrency.
Our experts have prepared a series of informative guides on how to choose the best Bitcoin casino. This one reveals all the secrets of choosing the best Bitcoin lottery sites.
Crypto Lottery Explained
In general, lotteries using cryptocurrencies are completely similar to regular lotteries. The only difference is that you can play using Bitcoin or other digital coins. The reward here is a certain cryptocurrency. The user transfers coins from the crypto wallet account and takes part in the lottery. According to the results, participants are credited with the corresponding amount of virtual money in their crypto wallets.
Bitcoin Lottery Features
There are a few key features of cryptocurrency lotteries. They are mainly due to the presence of digital coins in the game. The most important nuances are:
- Winning in digital coins adds some specialty and extra interest to Bitcoin lottery sites, as many people today are interested in digital currencies and want to get Bitcoin as a prize. As well, their popularity explains by the possibility of not paying taxes on winnings.
- To play the online lottery, the gambler needs a cryptocurrency wallet of any type and Bitcoin, Ethereum or other coins on their balance.
- There are regular lottery options where the prize fund is minimal. But the player can buy access to paid draws. These kinds of a lottery are characterized by larger rewards and the bigger chances of winning.
Advantages & Disadvantages of Crypto Lotteries
Despite their popularity, Bitcoin lottery sites have both benefits and drawbacks.
Crypto Lotteries Pros:
- Big prize amounts.
- Low entry rates.
- No experience is required.
- Can be played by anyone, anywhere, even on mobile devices.
- Large selection of Bitcoin lottery operators.
- Completely transparent.
- Guaranteed to be truthful and fair.
Crypto Lotteries Cons:
- Cryptocurrency is not regulated by law.
- The risk of losing money is high, as with other gambling entertainments.
- To start playing lottery, a crypto wallet and coins are needed.
For those who have doubts about whether they adhere to the responsible gambling rules, we have answered a number of questions on this topic
How to Play Bitcoin Lottery Online
So, now that you know all the ins and outs of how crypto lotteries work, it is time to figure out how to get started. Follow our detailed manual below to find out how to sign up and top up the account on the Bitcoin lottery sites.
Choose the Best Bitcoin Lottery Site
The first step is to choose a reliable site where you can play the lottery using Bitcoin. These can be platforms specializing exclusively in crypto lotteries. It can also be a full-fledged Bitcoin casino. In such online casinos, gamblers can play both more traditional games (blackjack, roulette and slot machines) and various crypto lotteries. The main thing is that this site must be trustworthy, have a license and good reviews, and work only with licensed software providers.
Open Personal Account
Once you have chosen the best Bitcoin lottery site, you need to open an account. This process is no different from registering on most gambling sites. First, find the “Sign up” button. In the window that appears, enter all the necessary data. Then, after reading and agreeing to the terms and conditions, click the “Register” button.
Credit Your Account
After creating your account, you need to deposit some funds to start playing the Bitcoin lottery. You can do this in your personal account’s “Deposit and withdrawal” section. The system shows your Bitcoin deposit address. This is a unique wallet address, so make sure you keep it safe. Then copy the address and go to your external crypto wallet. Once you transfer digital coins to your deposit address, the crypto lottery site administration should deposit the funds to your account. By following these steps, you can enjoy the online lottery in full.
Withdraw Your Winnings
If you are lucky to win the lottery, you need to withdraw your winnings. This can be done in the same “Deposit and withdrawal” section. You need to enter your external crypto wallet address. For convenience, this may be the same address used to deposit the account.
Legality of Crypto & Bitcoin Lotteries
As for Bitcoin lottery sites, there is a simple principle here: if cryptocurrency is not banned in the country, this automatically legalizes all activities related to it. Unless there is a legal prohibition, drawing Bitcoin, Ether, Monero, and other digital coins is considered permitted.
Bitcoin lotteries are a complete analogue of the draws with fiat rewards allowed in Canada. Online lottery operators need to prepare the events properly. If all the rules are observed, then the law is not violated. Users can participate and win crypto coins.
Legal Bitcoin lotteries meet the following conditions:
- Availability of registration documents that comply with legislative acts.
- Full, on time, as well as regular payment of all winnings to participants.
Very big prizes cause doubts. In the same way, do not play online lotteries with very low rewards. Both factors indicate some kind of “gray” scheme.