As the pace of cryptocurrency technology increases, more lottery players are beginning to recognise the benefits of crypto lottery games.
Essentially, crypto lotteries operate similarly to conventional lotteries. Players buy tickets, and when the lotto numbers are drawn and announced, they compare them to determine if they’re a winner.
But crypto lotteries enjoy many advantages over traditional lottery games, the biggest of which is that they pay out their winnings in cryptocurrency, most often Bitcoin, but other currencies are also used, like Ethereum, Litecoin, and Dogecoin.
This article will closely examine crypto lottery advantages to help you understand how to use them to your maximum benefit.
Faster Payouts
Getting paid in cryptocurrency instead of fiat currency assures players that they’ll receive their winnings orders of magnitude faster, almost instantaneously.
The reason payouts are faster is because crypto casinos use digital wallets that transfer funds in a peer-to-peer fashion. Peer-to-peer means payouts happen directly between the casino and the player with no middlemen like banks and other payment processors slowing things down and putting roadblocks between you and your winnings.
Conventional lotteries force players through a burdensome administrative process to receive their winnings. Personal information must be given to the casino and financial institutions to confirm your identity. And once established, they don’t delete your data. It’s stored on the servers of everyone who touched it and sold on the open market for advertising purposes.
Global Accessibility
Unlike conventional lotteries, crypto lottery games can be played anytime, night or day, from any internet-enabled device. So long as it’s legal to gamble online in your location, there are no restrictions to accessing crypto lotteries. Geographical barriers are eliminated, making the games globally accessible to anyone who wants to play.
Another benefit is that if online gambling is illegal where you live, nothing stops you from travelling to a location where it’s allowed and gambling with your crypto from there because jurisdictional gambling laws are geographically enforced, not universally. We truly live in a digital world.
Safety
Crypto lottery websites take security to another level when safeguarding your account. In addition to familiar security measures encompassing 2-step verification and SSL encryption, cryptocurrency is stored on the blockchain, creating a virtually impenetrable fortress of security.
Your job as a player is to ensure that the lottery website you want to use has all three layers of protection before transferring your crypto to them. If so, your crypto account is far safer than any fiat currency online lottery account in the world.
Transparency
Secure crypto lottery websites publicly store all transactions on the blockchain, making them wholly transparent and “provably fair.” When transactions are executed in the open on the blockchain, the outcome can’t be manipulated, and that gives it a provably fair status.
Transparent crypto lotteries garner more public trust and quickly become popular because players are assured that they stand a fair chance of winning and that the game operators aren’t unfairly tipping the scale further in their favour.
And sticking with only playing on licensed platforms further enhances the game’s fairness because regulators will force compliance with all applicable local laws and regulations.
Summary
The advantages of faster payouts, global access, safety, transparency, provable fairness, licensing, SSL encryption, 2-step verification, and blockchain technology make crypto lotteries systems far superior to traditional online lotteries.
There’s no rational reason to risk your crypto account and personal data and face possible identity theft by playing on a traditional online lottery website when such an obviously superior alternative exists.