Some websites have begun offering Bitcoin lotteries. If you’re thinking about trying your luck with them, here are some things to know first.
The Legality Varies Based on Where You Live
Bitcoin is still largely unregulated. However, many countries started setting rules to regulate Bitcoin gambling, including lotteries. It’s smart to see what the laws in your country are before getting started.
Look for Bitcoin Lotteries Offered By Regulated Gambling Sites
Prior to entering a Bitcoin lottery, read the website’s fine print and determine whether you’re dealing with a regulated provider. If so, that means the site must follow the gambling regulations of the respective company, and it might give you some recourse if something goes wrong when attempting to collect winnings.
One of the questions most often on people’s minds is whether Bitcoin lotteries are legitimate. You’ll have better luck finding a regulated one if you look for regulated providers. Keep in mind, though, that many Bitcoin gambling sites get regulated in…