While many gambling sites online have offered the possibility to gamble with your digital currencies not many have offered the chance to win millions in this highly valued digital currency called Bitcoin. Late 2017 (on 18th December 2017) Lottoland announced that they launched a new lottery for Bitcoin. In Lottolands new Bitcoin Lotto you can win Bitcoins as well as cash money. This is the first time ever that you can win crypto-currency through a lottery format. Have you not invested in crypto-currency and are feeling lucky? Fear not – now you can and here is how.
How to play Bitcoin Lotto?
You can play Bitcoin Lotto now only at Lottoland. Most likely crypto-currencies will become more and more popular and this will lead to more lotto operators to accept these currencies and also make them available through winnings. But for now this lottery format is exclusive to one operator only.
Playing is very easy and the format of the lottery is simple. You can pick 6 numbers from 1-49 and the machine will also draw 6 numbers. Winning tiers are also simple to understand.
- 1st prize tier (match 6 numbers correctly): 1 000 Bitcoins
- 2nd prize tier (match 5 numbers correctly): 1 Bitcoin
- 3rd prize tier (match 4 numbers correctly): £ 50
- 4th prize tier (match 3 numbers correctly): £ 5
- 5th prize tier (match 2 numbers correctly): £ 1 *
* Lottoland has some varying information on their website about the lowest prize tier. The terms and conditions announce the prize tier to win £ 1 but latest draws have resulted in £ 1.50 payout.
Just remember that the Bitcoin Lotto is now only exclusive at Lottoland so ensure you have an account there. One line in the draw will cost you £ 3 and you can enter as many lines as you want.
What can you win in Bitcoin Lotto?
As mentioned you can win both Bitcoin and cash money in the Bitcoin Lotto. Like with any other currency also the value of Bitcoin does fluctuate. However what needs to be taken into account is that crypto-currencies are highly volatile (more than your usual currencies) so their value fluctuates very much even during short period. It is easy to follow the value of one Bitcoin online. During 2017 Bitcoin prize has SOARED. Coming back to the winning tiers and calculating what the Bitcoin Lotto jackpot is potentially worth:
Match 5 numbers = 1 Bitcoin
Match 4 numbers = £ 50
Get 3 numbers = £ 5
Get 2 numbers = £ 1
One Bitcoin has gone from ca. £ 700 to over £ 13 000. When the Bitcoin Lotto was launched and now the jackpot is worth more than a staggering 13 million or over 17 million US dollars.
How much more can Bitcoin gain in value? That is hard to answer but there are fact you need to know about Bitcoin if you are wondering yourself – could this actually be worth more than its monetary value in other currencies?
What should you know about Bitcoin
Bitcoin is a crypto-currency which means that it is a form of digital currency. Digital currency means that it is only held and controlled electronically. All crypto-currencies are controlled eletronically and they are decentralized. This means that no institution controls the currency (like central banks in the case of other currencies).
Bitcoins as other crypto-currencies are created by the process of “mining”. In mining the computing power of a larger network is used to solve problems and give value in the form of Bitcoin.
Can you use Bitcoins as regular money for your daily needs and payments? This is a a very common question to ask by you and also very important one. You might not know how digital currencies work but you need to know the actual value in them. You can definitely use Bitcoin and other digital currencies for your online shopping and even in brick-and-mortar stores now. All around the world more than 100 000 stores accept Bitcoin now as a method of payment. However holding value towards other currencies is not the only benefit of Bitcoin and when you have Bitcoin you also are invested in technology called Blockchain.
What is the value of Blockchain and how is Bitcoin linked to it
All digital currency transactions are anonymous but also everything is recorded. Blockchain is the technology that records all these transaction to a ledger. 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.
Odds of winning the jackpot in Bitcoin Lotto
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.