The BitCoin Lottery has launched in Ireland. The odds of winning at 14 million to 1. To play the Bitcoin Lotto costs €3.50 per line, with the chance to win at least 1,000 BTC.
Match 6 numbers to get your hands on a jackpot worth (at least) a thousand of those elusive bitcoins, and match 5 numbers to get one bitcoin (or the current cash value). There will be draws every day (except Sunday) so plenty of chances to bet and win the cyber-currency that the world has been talking about. Lottoland is the innovator when it comes to lottos, which is why we are the first in the world to offer a fully secure and licensed bitcoin lotto.
Bitcoin is unique in that it is the first decentralised digital currency. By being decentralised it makes it very difficult for governments to manage and regulate the currency. The Bitcoin network is not run by a single company or person.
There is no physical element to a bitcoin so the iconography media is just a visual representation.
Where are Bitcoins accepted?
While widely used to hide some shady activity, there are many organisations that accept them. In 2015 it was estimated that “The number of retailers accepting the cryptocurrency Bitcoin has passed 100,000, according to the latest industry figures.”
Small amounts of bitcoin are called satoshi. Named in homage to bitcoin’s mysterious and unknown creator, a Satoshi is the smallest amount of bitcoin representing 0.00000001 bitcoin
Where do Bitcoins get their value?
In short, Bitcoins get their value from the open market. When demand for bitcoins goes up, so does the price, and consequently when demand falls so does the price. “Because Bitcoin is still a relatively small market compared to what it could be, it doesn’t take significant amounts of money to move the market price up or down, and thus the price of a bitcoin is still very volatile.”
Where does one store these bitcoins?
The short answer is in a digital wallet, which exists in the cloud or a local computer. If you lose your wallet so too do you lose the bitcoins.
Sources & further reading