Back with another bitcoin lottery piece and continuing where I left off from last time. Just to recap, bitcoin lotteries offer open-source lotteries for anyone willing to participate but you can only do so with bitcoin. Using bitcoin can be advantageous and it can be problematic for you as the price of the bitcoin fluctuates and you may get more or less from the lottery.
Now the trust issue is where you need to be really careful with bitcoin lotteries. Most online cryptocurrency transactions need the services of an e-wallet for your bitcoin. This e-wallet can be used to make instantaneous transactions of bitcoin to other wallets like in this case the lottery’s wallet.
Now the reason you need to be careful in your dealings is because in a wallet, your private keys are stored with all of the access to your bitcoins that could be worth a lot. So, trust is a very important factor while using bitcoin wallets for your lottery. You should remember to send only the requested amount of money.
The regulations on the bitcoin lottery industry and even bitcoin itself are pretty loose and catching culprits is extremely difficult. So, if a fellow lottery player has been scammed, you need not get into that mess at all. If you are scammed at any point, the only thing you can probably do is raise awareness by going on Reddit or social media. The system isn’t probably going to return you anything. (Learn more about online lotto scams here)
Now if you prize yourself in your lottery skills and your luck factor, this is a new area that you could focus on. Bitcoin lotteries aren’t rigged and if you are a match for it, you can make really good bucks here. The key approach to winning a lottery has not changed and probably will never change in our entire lifetime.
So, if this post made you a little nervous, don’t be. There are plenty of legit bitcoin lottery websites and setups that you can try. Yes, there is no guarantee but is there any in the online lottery genre? Many people have been conned in the conventional lotteries that are even systematically rigged in some cases. So, don’t worry and play your bitcoins!