Lottoland has stated that it will be the first to license a Bitcoin lottery game in its drawing format. This is a huge because bitcoin and cryptocurrency are becoming highly sought-after forms of currency.
The first Bitcoin Lotto was held by Lottoland a few days ago. The game was a standard numeric draw of 6/49, which is nothing to fancy. To win and receive the jackpot, a player had to have six winning numbers.
The Bitcoin Lotto’s first jackpot was 1,000 bitcoins. This is a large amount because one Bitcoin is worth several thousands of dollars.
The price of Bitcoin fluctuates most of the time, but right now, it’s sitting at $15,000. A person who wagers and wins could see a jackpot prize of up to $18 million.
Bitcoins are a great form of currency for the economy. However, because of the fluctuation in its price, its true value isn’t always known. Even as you read this sentence, the value has changed.
Some people feel the cryptocurrency is like “play money.” They feel this way because of how often the value changes.
“It’s kind of like Monopoly money,” CNBC’s Jim Cramer opined this week. “It’s just pure gambling at this point. I mean if you want to gamble, go to Vegas. Las Vegas is fabulous.”
He makes a very compelling argument, and he is not the only one who feels this way.
Cramer is not the only person who is frustrated with the fluctuations in the value of Bitcoin. Many are griping over how just a few weeks before the introduction of the Bitcoin Lotto, the value of 1,000 Bitcoin was at $14 million. Only a few days later, the value jumped to $18 million.
Now, this may very well sound like a great investment. But, what people are arguing about is a person can have $18 million one minute and then, the next, Bitcoin’s value will be $10 million. There is no regularity. For people who gamble this way, they are missing out on so much.
They believe it is much better to bet in a live casino or with real cash than with the Bitcoin, and they do make very a salient point.
As an economic for lottery
Lottoland is not the first to implement Bitcoins into its formula. There are many online casinos that are doing the same thing. Bitcoin is becoming more of a major player in the online casino world because of its high demand.
Although its value continues to fluctuate, Bitcoin many believe it will become a major economic issue in the future. This is because of the war of words between North Korea and the United States.
Lotta Lotto Hype
Lottoland is an operator, but it does sell tickets. This is an important piece of information. Instead, Lottoland takes bets on the Internet, and then the outcomes are regulated by lotteries sponsored by the government.
Many critics believe that Lottoland is a detriment to nonprofits and federal programs. This is because the games are sanctioned by the government.
There are many good arguments against using Bitcoin, as well as what the government’s role is in deciding how the games are to be won.
There is still very much to be debated against, and many people are even arguing vehemently against the whole system. With Bitcoin becoming more popular, it looks like there will be no stopping how influential it will become later on down the road.
Lottoland said, “if there are two Lottoland winners of the Bitcoin Lotto and two winners of the BonoLoto jackpot, the two Lottoland winners would each win 250 BTC.”