The Irish Bitcoin Lottery
Irish gamblers have a new game to play. It’s called the bitcoin lotto jackpot, and it can be found in the Gibraltar-based chain called Lottoland.
Financial Russian Roulette
Bitcoin, a famously volatile form of cryptocurrency, is popping up in unsuspecting places all over the world. On Monday, Ireland’s first bitcoin lotto kicked off with a jackpot of 1,000 bitcoin, which today is valued at €9.8 million (€4.4 million less than the jackpot was worth yesterday).
The bitcoin draw takes place 6 days a week, Monday through Saturday, and the jackpot is always 1,000 Bitcoins, but the value of that jackpot will more than likely change from day to day. But, if you find yourself a winner, you can opt for a cash payout instead.
A Passing Fad, or Here to Stay?
This draw is structured similar to the Irish lottery, or really any daily lotto draw, and Ireland’s Lottoland is jumping on the current bitcoin fad by bringing something a little different to the players. “Bitcoin is a worldwide phenomenon, and Lottoland is giving our customers the opportunity to get involved in the big league,” Graham Ross, country manager of Lottoland in Ireland.
The big question on EVERYONE’S mind is how long will bitcoin be around? It is more than well known that the price and value of bitcoin fluctuates daily, sometimes in a small margin of difference, sometimes in a very large margin. And there is really no way of predicting which way it is going to move.
Crime and Cryptocurrency
Part of the appeal is that bitcoin is not government regulated, but that is also part of the reason it is so volatile.
But, the European governments started talking on Monday about possible steps toward regulations during a global panic about what this currency is being used for just below the surface.
The possibilities are certainly endless, but the biggest fears are that bitcoin is being used by drug traffickers, money launderers, and terrorists. Will it still be as popular as it is currently if it was regulated by the government? After all, users without criminal intent do not have much to lose if the currency is put under government scrutiny.
This lottery drawing is nearly identical to every other lotto drawing you know and love, the only difference being that your payout can come in the form of bitcoin. All you need is €3.50, and you can even enter online from the comfort of your own home.
It is an interesting offer, and will definitely draw both routine lotto players, and fresh faces. One of the biggest draws is that those who have wanted to dip their toes in the bitcoin water but cannot afford to buy it from the source can now play to win for less than the price of a McDonalds meal.
To purchase just a single bitcoin in Ireland today would set you back €9,864, so it almost seems that Lottoland is providing a cheaper solution for those interested. And for those who would rather take their winnings and run, they can play knowing that if they win, they are more than welcome to opt for the static cash payout of whatever the 1,000 bitcoin is worth on that day.
No matter the reason you may choose to throw your hat into the ring, I have a funny feeling that this innovating and interesting lotto draw will catch on!
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