Jackpot Lottery Winner
"I played the recommendation... and I won the first prize!"
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Crypto is obviously taking over the world, and since this new financial tool is taking over gambling websites, why stop there? Is it too much to ask for a crypto lottery adoption?
Not really. In fact, this may be a possibility very soon. Cryptocurrencies are becoming mainstream, and even big organizations are investing billions of dollars into these assets that were once called ‘speculative’.
They are slowly progressing towards the banking sector, they are already dominating the world of online gambling and P2E games, and there are some rumors that we might see the next big crypto lottery coming up.
With all the advancements in the industry, I don’t see why this is so surprising. After all, we are well past the ‘speculative’ phase of crypto, and as we see organizational and governmental support, I think it is time to update our lottery system into something more futuristic.
But how is it going to work? Let’s dive deeper into crypto lotteries and find out what can we expect from them in the future.
"I played the recommendation... and I won the first prize!"
See the winning lottery tickets of magayo Lotto users
Well, just as the name suggests, they are just like regular lotteries that can be both physical and digital, but instead of having a FIAT prize purse, they will reward cryptocurrencies to the winners.
But this isn’t just a cosmetic change and change of funds. In fact, fusing lotteries with Blockchain technology brings so many new opportunities that weren’t possible before. First of all, let’s talk about transparency.
Do you trust your local lotteries? Yes, most of them are controlled by the government, but with all of that money, sometimes the process feels corrupted and unfair. But this is where blockchain technology comes in handy.
If a lottery is made directly on a blockchain network, it can record every single transaction in the process. On top of that, we can add a smart contract (which eliminates any intermediaries that might affect the process) where the blockchain can choose a random winner using a RNG algorithm.
This smart contract is embedded on the blockchain and available publicly, so everyone would be able to see how the process works and how winners are selected.
So, these self-executing contracts can handle everything automatically, without any regulatory body overseeing the fairness of the process. From buying tickets to payout out winners!
This ensures that every draw (winner) can be verified by anyone, which is quite the opposite of traditional lotteries, where in most cases we’ve found some form of setup or tinkering with the results.
Lastly, crypto lotteries will provide global access. Yes, since we are talking about a crypto form of payment, every single person, no matter where they live can access them and place money to play.
This will eventually increase the ‘jackpot’ payout, and lead to more opportunities where lotteries don’t exist.
You might think this sounds like something from Black Mirror, but crypto lotteries are booming. In fact, crypto gambling in general is skyrocketing:
Are there any crypto lotteries at the moment? Well, we know for a fact that crypto gambling is quite popular nowadays, and there are many crypto casinos. Learn more here.
But what about crypto lotteries? There are some platforms that offer some form of crypto lottery, but it is still not at the scale of traditional lotteries all over the world.
In other words, there is plenty of room for improvement and in the future, we expect more companies to jump on this trend, especially with crypto increasing in popularity.
These platforms are growing because people are realizing that crypto lotteries offer transparency, security, and the chance to win big without the typical headaches of traditional lotteries.
Alright, let’s break it down. Are crypto lotteries all sunshine and moon-bound Lambos? Not exactly.
The Good Stuff
The Not-So-Good Stuff
Good question. The legality of crypto lotteries varies depending on where you live. Some countries are all-in on crypto, while others still think it’s the devil’s currency.
In the UK, for example, crypto gambling is allowed but regulated by the Gambling Commission. On the other hand, in the US, it’s a mixed bag. Some states allow it, others don’t.
Globally, places like Malta and Curacao have embraced crypto gambling, offering licenses to many platforms.
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