Cryptocurrencies are the potential payment methods of the future. Bitcoin has been a popular trading asset for a long time. It is already the leading digital payment method when it comes to decentralised payment processes – the blockchain.
You can use Bitcoin for gambling or in raffles, in casinos and also at online poker tables. So, why not organise lotteries with massively high jackpots that accept Bitcoins and Altcoins rather than dollars and euros? We took a closer look at the most important Bitcoin lotteries.
Calculating the odds of a possible win is relatively easy in the lottery. As you know, the probability of winning with the correct numbers is very low. To be more specific, in the instance of the Euro jackpot, the odds of winning are 1:95 million.
At this ridiculous rate, just a few people on earth can hope to win the Eurojackpot. To win the Eurojackpot, the lottery player must have not only 5 winning numbers but also 2 Euro numbers.
However, as shown by the most recent draws, there are also attractive prizes waiting for the winner(s).
What if you could play the lottery every day and have the opportunity to make the biggest profit of your life? This is the reality that many people seek, not just locally, but worldwide.
After a hard day's work, you can get yourself a ticket in hopes of "winning".
In reality, this does not happen very often, and over time, a massive mountain of expenses accumulates. This makes it impossible to buy a ticket and take part in the lottery repeatedly.
In the end, the lottery triumphs, while most consumers have lost their time, hope, and money. So far, nothing new, as they have built lotteries on this premise for hundreds of years.
But it doesn't have to be that way anymore! The solution is a cryptocurrency lottery. Above all, one platform demonstrates how to do it correctly.
Welcome to “PoolTogether”! Where you save money and have a chance to win every week.
PoolTogether is a no-lose lottery, and the system works as follows. A participant who would normally purchase a ticket now buys one using stablecoins such as DAI or USDC.
The customer stores those via the platform on the DeFi (decentralised finance) lending protocol Compound, in which they collect the ticket in a pool with many other lottery tickets. The hundreds of thousands of euros and dollars that the customers have deposited start to generate interest thanks to DeFi.
Essentially, one absolutely randomly chosen lucky winner gets all the earned interest. Made possible by a cryptographic random generator.
You can leave the lottery ticket in the pool for as long as you like. If you no longer want to participate in the lottery or require the money that you have invested before, simply withdraw it from the pool and exchange your stablecoin back for the currency of your choice.
In the end, you may have wasted your time, but with one significant difference, you haven’t lost any money this time. Quite the opposite of today's lotteries, where this “hobby” can cost thousands of euros over the years.
Another advantage is that this type of lottery has no national borders or regulations. It operates on a decentralised protocol, allowing anyone from all around the world to participate.
Furthermore, in the future, you might deposit your tickets in a variety of pools: In really small ones, where you can only draw little prizes but have a higher chance of winning.
But also in very large pools, with millions of individuals taking part, where you potentially achieve a lottery win that would completely overshadow today's jackpots!
As you can see, blockchain technology has completely changed and developed an entire segment that we have known for so many years. Thanks to cryptocurrencies, blockchain technology and decentralised finance, the legal crypto lottery will be fun, exciting and enriching for everyone.
New technologies can significantly improve participation in lotteries and prevent players from wasting thousands of euros over the years.
For this reason, PoolTogether shows once again how blockchain and cryptocurrencies are revolutionising so many sectors.
The possibility to participate using cryptocurrencies makes the lottery available to people all around the world without restrictions imposed by local currencies.
Besides Bitcoin, other cryptocurrencies such as Ethereum have grown in popularity in recent years.
For good reason, because the popular coin can be convincing with a high level of security and is therefore considered a completely safe currency. That’s not all. In the meantime, an enormous economy has developed on the Ethereum network, which also includes Ethereum online crypto lottery pools.
We would also like to go over how to avoid fraud and rip-offs in detail. We must carefully analyse several factors at the same time because this is the only way to filter out the best offers from the broad masses.
With Ethereum, we can characterise payment processing as 100% safe. To begin with, blockchain technology is entirely forgery- and fraud-proof, as we already explained before.
This is by far not the sole precaution that Ethereum lottery operators rely on to protect their users' funds. Almost all utilise two-factor authentication on top.
The platforms also use SSL encryption as a standard, which encrypts the important information of the players. This type of protection is also used in online banking and is considered entirely secure.
Furthermore, all users benefit from the fact that, unlike bank transfers, there is no requirement for the customer to transmit any private account information. Payments with Ethereum are extremely secure by definition.
Ethereum is a cryptocurrency that was first introduced in 2015. Since then, it has grown in popularity and its value has skyrocketed. Today Ethereum is the cryptocurrency with the second-largest market capitalisation, which should give you a very good thought of the coin’s popularity and use case.
Just like other cryptocurrencies, Ethereum operates on the basis of blockchain technology. All processes are managed and stored in a decentralised manner.
This ensures that transactions are entirely forgery-proof and can be thoroughly examined even after a long period of time.
Of course, fees will certainly be charged for transactions at the crypto lottery’s Ethereum wallet. Fortunately, most of the online gambling sites as well as the crypto lottery providers cover possible costs for their players.
For particularly large or multiple payouts within a certain period of time, fees of different amounts will have to be paid. If this is the case, each provider will inform the players in the cashier section about the possible costs and fees.
In this scenario, the participants can fully rely on their provider and are not at risk of being caught off guard by unexpected charges.
In order to make a deposit in an Ethereum lottery, no special prior knowledge or experience is necessary. It's actually extremely easy and can be done in a couple of minutes. The first step is to open your account at the provider’s online lottery site.
There are no fees, and registration can be completed within a few minutes. Then proceed to the payment area and select the suitable payment method.
For deposits with Ethereum, the operator will provide his wallet address, which you simply have to copy. Call up your own crypto wallet next, enter the provider's recipient address and transfer the funds.
All deposits are quickly credited to your online crypto lottery account, allowing the game to begin after just a few minutes. Real hurdles or complicated steps do not have to be considered here at all.
Of course, the entire goal of playing a lottery is to win the jackpot or at least a decent share of it.
Funds and winnings can be withdrawn just as easily via the connected wallet as the transfers to the lottery provider were previously done. Payouts are also processed at an extremely fast speed, so you wouldn’t need to wait too long for your prospective win.
Just remember – in order to protect themselves from fraud or other criminal actions, a provider may ask their players to confirm their identity. This check is frequently necessary right after registration, although in some situations it can be done right before the withdrawal.
By far one of the most secure ways to enter the world of crypto lottery is through the PancakeSwap lottery website.
Innovative DEX (decentralised exchange) has developed in parallel with DeFi and is the gateway to the DeFi market. However, many DEX have entered the market with new technologies that are more likely to put off inexperienced investors.
One of these sensational DEX is PancakeSwap! Many users may be familiar with the DEX Uniswap on which PancakeSwap is based. We are going to answer the question, “What is PancakeSwap?”!
PancakeSwap and other decentralised exchanges are largely similar in their general purpose and functions. They do, however, differ in technical elements, which we will look at right now.
Furthermore, we will explore the CAKE crypto tokens, their different functions, and how they compare to others.
The PancakeSwap DEX operates on the Binance Smart Chain, which means it utilises BEP-20 tokens. The exchange provides a bridge that you may use to import non-native tokens.
Eventually, interacting with the PancakeSwap DEX is easy and you trade cryptocurrency pairs like in any other exchange. As an AMM (automated market maker), the liquidity for the token swaps is provided by the users themselves, who get LP tokens in exchange for supplying liquidity to the exchange pool.
There are also auto-compounding functions and the much-discussed syrup pools. PancakeSwap describes it as the easiest way to earn free tokens on the exchange.
All you have to do is stake Cake tokens. In return, you will receive tokens free of charge. There are several cryptocurrencies in these syrup pools, with an automatic investment feature to increase them.
The Cake token is essential to how the DEX works. It is the heart of its ecosystem, as you receive Cake for many of your platform interactions. It is an inflationary cryptocurrency, with newly minted CAKE token used for a variety of projects, including new and existing products.
CAKE has a circulating supply of almost 253 million tokens, with 75% being distributed to yield farmers and 25% to SYRUP token holders.
The liquidity mining program works with 40 Cake per block, which equates to 501,200 CAKE coins per day. The essential point is that the CAKE tokens in each product serve a purpose, which leads to rising demand as usage grows.
The PancakeSwap Lottery is the main attraction. Every other day, there is a drawing for which tickets can be purchased. If someone hits all six numbers on the ticket, they will receive 40% of the prize pool.
In order to get to a certain level of funding, the total prize pool size has exceeded $1.1 million. As a result, PancakeSwap has switched to Chainlink's Verifiable Random Function (VRF) to ensure that all winners were chosen impartially.
And now, with the birth of NFTs, PancakeSwap is also advancing into that space with the PancakeSwap NFT market. This is the most recent larger version of the DEX, launched in September 2021. Binance refers to this as the fourth main pillar of the Binance blockchain ecosystem.
The NFT marketplace was well launched on day one, with trading volumes reaching $3.6 million. To celebrate, PancakeSwap also launched a special collection of NFTs called PancakeSquad.
