Last updated on October 17th, 2020 at 10:35 pm
If you live in a civilized country and are of legal age, you must have played the lottery or bought a scratch ticket at least once in your life. More than 50 % of American play the state lottery. While the world of gambling has changed greatly due to the emergence of online casinos, many lotteries have remained traditional.
The emergence of blockchain technologies changed certain aspects of life, which have been around for centuries. Some historical records show that the earliest lotteries appeared back in the 15th century. The city governments used them to fund various projects.
Today, governments don’t need lotteries to fund armies, but they still get hefty sums from gamblers. In fact, governments have a monopoly over state lotteries. They make and change the rules whenever they see fit, keeping the transparency out of the game. All a person gets to see is a ticket and the results on TV/Internet. The utter trust in the organizers leads to extra expenses.
Decentralized Blockchain Lottery vs. Traditional Lottery
New vs. Simple
One of the major traditional lottery advantages is its simplicity. Everyone knows where to buy a ticket, how to fill out the numbers, and where to find the latest information about the results.
Learning the way another lottery works may take time. In fact, many people don’t use the internet to play the lottery. They buy physical tickets and check the results on TV. This is mostly true for elder part of the population. While it is possible to buy lottery tickets online for most of the traditional lotteries, checking MegaMillions and other lotteries results is too complicated for many gamblers.
Other people consider the lottery a certain tradition. They enjoy taking a walk to the nearest lotto outlet, chatting with friends at the door, and feeling a rush of adrenaline when turning on the TV. It’s a process many people aren’t ready to give up.
Meanwhile, the younger generation may enjoy decentralized blockchain lottery much more. They don’t have such traditions. They know how to use the Internet and they may be frustrated with the lack of transparency in traditional state lotteries.
Fast vs. Slow Payout Times
Those who play traditional lottery know how long it takes to get their money. Long payout times are frustrating. People can take advantage of their prizes weeks or even months after they win a lottery. If they choose to get the entire amount at the same time, they may need to pay huge fees and taxes.
Decentralized blockchain lottery allows you to get your winnings immediately. In fact, you get to see where your money is, which percentage goes to the prize pool, and how much you can actually win. Since there is no third party, the prize pools are bigger while the time it takes to get the winnings is shorter.
Another factor that contributes to honest payouts is the lack of unclaimed prizes. How many stories have you heard about winning tickets that end up in the garbage? Billions of lottery prizes go unclaimed every year. This problem is eliminated with decentralized blockchain lottery.
Cryptocurrency vs. Currency
Anyone, who has a few bucks, can go and buy a lottery ticket at the nearest outlet. However, your couple of dollars won’t do you any good if you want to play blockchain lottery. You’d need to learn what cryptocurrency is and how to use it. This is one of the biggest downsides of such lottery today. Everyone has heard about bitcoin, but who really knows how to get it?
Today, purchasing cryptocurrency is not straightforward. You’d need to learn how to use crypto wallets, exchange platforms, etc. Each cryptocurrency transaction may carry a fee. If you don’t use cryptocurrency on a regular basis, buying it just to play the lottery may be too costly.
Overall, decentralized blockchain lottery is the lottery of the future. With time, its disadvantages are bound to turn into benefits. However, today, the traditional lottery is not about to give up its ground. The future will tell who wins the battle.