Cryptocurrency (eg BTC or ETH) and blockchain in general, is more and more present in everyday life. Lotteries are one of the natural uses of blockchain. Cryptocurrency has many advantages over traditional payment systems.
"Bitcoin will still be the leading cryptocurrency for deposits in the near future. However, the strong growth of other altcoins demonstrates the interest in more advanced coins in terms of technology such as Ethereum. More players will prefer to diversify their funds with other cryptocurrencies. This is a positive trend related to the development of the market." - commented by Andrey Starovoitov, COO at SOFTSWISS, on the popularity of the cryptocurrencies
Crypto lotteries have massive jackpots
Cryptocurrency gambling services often come with massive jackpots that can make you rich. These jackpots are not fixed, but rather, the size of your winnings is proportional to the amount of money you put in and how lucky you are. Cryptocurrency gambling services do not limit themselves to a single game; they offer a wide range of games so that players can choose what they want to play.
One of the most important features of cryptocurrency gambling sites is provable fairness. This means that you can verify that a game is fair and that you are not being cheated by a third party.
The most common method of proving this is through cryptography or mathematical proofs that show how data has been encrypted so it cannot be altered after it has been created. The reason this matters in gambling is that players need to know their funds will remain safe at all times; if they trust websites with their money, then they're likely to keep playing and make more deposits over time. If these sites don't have enough confidence in themselves and refuse to provide transparency about their operations with cryptographic proofs for verifiable randomness (VRP), then it could mean bad news for both them and their customers!
IT security is still important
- Crypto gambling sites should use SSL encryption to keep your transaction information private when you gamble online.
- We also employ advanced security measures like two-factor authentication (2FA) where possible so that even if someone were able to hack into your account they would not be able to withdraw funds without having access to both your password and mobile phone number (or some other form of authentication).
- Blockchain payments are safe as long you manage your keys safely.
Why cryptocurrency lotteries are better than traditional lotteries?
Cryptocurrency lotteries may be considered better than traditional lotteries for a few reasons. One potential advantage is that cryptocurrency transactions can be processed more quickly and securely than traditional methods of payment. This may make it easier for players to participate in the lottery and for winners to receive their winnings. Additionally, some cryptocurrency lotteries may offer players more control over their experience, such as by allowing them to customize their entries or choose their numbers. Finally, because cryptocurrency is decentralized and not subject to the same regulations as traditional currencies, it may offer players more privacy and anonymity. However, it is important to note that cryptocurrency lotteries, like all forms of gambling, carry risks and it is up to individual players to carefully evaluate their options and decide if they are right for them.
Source: Building Games with Ethereum Smart Contracts - Lotteries, on Springer.com