Bit Competition is a platform that enables users to create, host and participate in raffle competitions. These give the creator the ability to fund a project they are working on, raise funds for a cause or host a competition to give them greater exposure online.
A raffle was chosen as we believe that this is the fairest way to hold competitions that benefit both creator and participant. For each game a limited amount of tickets are created and each ticket is individual to that game. This means that when the ticket is drawn someone will win, unlike conventional lotteries where the odds do not benefit the player. This system guarantees that only one person will win and that multiple people will not have to divide the winnings. Not only that, you are able to easily calculate your odds based on how many tickets in the competition in ratio to how many you have bought.
The role that Bit Competition provides is that of a mediator platform for both the host and the participants.
This means that the creator of a competition does not have the hassle of collecting payments and submitting them to the operator, and benefits from anonymity of the draw.
The participant benefits from the knowledge that they are buying a ticket directly from the platform and that integrity is maintained regarding the draw.
You are eligible to play as long as you meet the age requirements to gamble and you have read and understood the terms and conditions.
Even someone who creates a game can play as they are removed from the drawing of the ticket and payments to players come straight from us to you.
Anyone can create a game however please remember to think about what it is you are raising funds or holding the competition for. If there is suspicion that funds are being misdirected or we have any reason to believe that illegal activity is apparent, we will suspend and possibly remove games as per our terms and conditions.
Yes, it is completely free. There are no upfront or hidden charges.
Yes, absolutely, as there is no connection between the creator allocating the winning ticket or paying the winnings out. A creator is able to also play the competition that they set up as they do not gain any more of an edge than the players.
Yes it is possible. You will need to log in and submit some details, then rather than instant submission, there is a review process that is carried out by ourselves. Higher prizes can be 15BTC and 150BTC.
Due to the emphasis on the creator to sell the tickets and there being a 1 year expiry if not all tickets have been allocated by this time, we would rather creators run a series of smaller games instead of larger ones. Also, we say this in fairness as per the terms and conditions, our commission is deducted first then the prize is split in accordance with what the creator set up in the first place.
That is mostly down to your own creativity. If you have an already established user base or community then you can use this to get people to buy tickets to support your cause. At the same time you are providing a service that has the potential to give back to those that support you.
Each game has its own custom page that you can share and direct users to. This gives you the chance to run a competition on a global scale.
The easiest way is to look at your local exchange rate to BTC. Then simply multiply the prize amount by that number. There are also some great exchange calculators free online.
The games last one year from their creation or until all the tickets are confirmed.
It is possible for a creator to ask us to hold off on the payment of the winner, but only for the basis that the creator will be able to officially announce it for themselves at an announced time.
You should receive an email if you have won. We also do not hold funds so it would be worth checking your wallet to see if we have sent it to you. If you look on the website and the competition has ended there will be details of the winning ticket for that prize. If you are still uncertain please contact us through the contact page and we can assist you as to the winner, ticket number and date paid.
If not all tickets are allocated by the time that the competition ends it is split as follows:
- In all cases; First deducted is commission.
- Next, the remainder of the tickets. In the case of a 50/50 split between the draw winner and the game creator, a winner will be drawn and they will receive their portion as well as the creator.
The plus side to this is that while this will reduce the prize amount, there will be less tickets to draw from. This means each person that has paid for a ticket will have an increased chance of winning.
Creators commission is not paid if the draw is not complete. (This is the alternative to the half and half option on the create game).
You can create a competition for anything as long as it is not related to a criminal activity.
You can even create competitions just to give yourself a little extra income, we leave that up to your imagination.
Yes, as the chain is OpenWare; you can actually see the transactions being sent to the address that matches our winner archive.
The easiest solution is to get a crypto wallet, there is usually no minimum amount that you have to place down and there are some good providers found on the internet.
Yes, you will. This will allow you to both buy tickets and receive winnings.
Please refer to your provider of your wallet software, each will have their own method to gain these codes.
Note: Never give out your private wallet information to anyone. Send and receive codes are public and there is no chance that they can be used maliciously. If you are unsure, we strongly recommend that you research this via your search engine. YouTube contains useful information regarding safety and security using crypto currencies and we would not expect you to trust us alone in this matter.
No, it is our strict policy to only work in Bitcoin. (BTC)
Please note that bitcoin is the only crypto currency we are currently using. Any other crypto currency sent to us may be lost by yourselves and will be unrecoverable.
We do not accept fiat currency as we are happy that the nature of open source information adds a natural layer of integrity to our platform. This enables us to reduce the extra layers of checks when buying tickets etc due to money laundering.
If you provide us with an incorrect send you may not be entered into the competition as we may not be able to match your payment to our system (alternately it may just delay payment).
If you provide an incorrect receive code, we cannot guarantee that you will receive any winnings if you win. If the transaction bounces back to us, we will try to contact you regarding the matter. However, if the transaction is successful due to the inaccurate receive code being in use by somebody else, we have no means to return the bit currency. Please always check your codes.
We also would like to point out that as we only deal in Bitcoin there is no ability for us to convert this into any other form of asset. It is down to you to provide us with a working Bitcoin receive address otherwise you will not be paid.
It is imperative that you check your send and receive codes before creating or playing a game. We hold no responsibility for incorrect data entered by the users of the site.
Your wallet’s send and receive codes are safe for you to enter as these are public.
Note: we will never ask you to provide more than your send and receive code. Whether this is through email, over the phone etc. If you are allegedly contacted by someone requesting more than this information, it is probably a scam.
There is plenty of information regarding this on the internet especially on YouTube, which gives you a good idea of how to stay safe regarding Crypto currency.
(we would prefer for you to search for yourself rather provide a link ourselves as we believe this promotes a healthier and safer practice).
The most likely reason that it is not on the system yet. It takes time for Bitcoin to go through the exchange, although it does not usually take too long to provide confirmations. It can on occasion take up to 72 hours. We will not confirm any ticket that has not been confirmed by the Blockchain.
There are transaction fees to buy tickets, this occurs due to the blockchain. We do not charge any extra fees ourselves. (There may be fees added by your exchange provider, these are out of our control).
Also, the fees for sending the winnings are paid by us. This means that if you win 1BTC you actually get 1BTC.
The odds calculator is designed to show you the odds and potential return based on how many tickets you are looking to enter into a game.
You can use this to find a game directly or enter an amount separately.
You need to be of legal age in the country you are playing in.
In the unlikely case a game is suspended, there will be no option to purchase tickets. The creator of the game is responsible to the contestants for providing causes with integrity and which are working legally. We will only suspend a game if it does not meet our guidelines or if it is found to be working illegally or unethically with our principles.
No refund at any time is available for bought tickets. In exceptional circumstances we may deem it fair to draw the competition for the remaining paid contestants if there is an issue with the game’s creator. This is completely at our discretion.
By some definitions it is classed as a lottery, however we feel it is fairer to define it separately as a raffle as in our opinion they are very different.
The reason this is a raffle as opposed to a lottery are for the following reasons:
There is a set limit of tickets given out in any one competition.
Only one winner is drawn.
As long as the minimum amount of tickets are bought, there will be a guaranteed winner.
You cannot pick the same ticket as someone else in the same competition. Meaning that your odds of winning are calculable and consistent with the amount of tickets you buy.
That depends on the tax structure in your country. Some countries tax winnings. Some have taxes on cryptocurrency. Since tax law can change, we would recommend investigating this yourselves.
Commission would be classed as earnings rather than winnings for the purpose of tax, however there may be differences of rules depending on your country of residence. Again, we would recommend investigating this yourselves.
It would also be noted that a creator of a competition that opted for commission should not class the rebate as winnings.
If you are unsure, it may be advisable to contact a tax consultant.
We take the utmost care to limit data needed to play a competition. We only hold details of winners for audit purposes. No information we receive is passed on to any 3rd party with exception to assisting law enforcement regarding crime.
Winner information data is also stripped down to only prove that the transactions took place.
Login information regarding creators wanting to create larger prizes are kept separately and the data is kept only for as long as is needed.
Combating gaming addiction is very important to us. The methods we use to minimise gaming addiction are as follows:
- There is no ability to pool money into an account, meaning that you are not entitled to spend to clear the account.
- We do not offer aggressive incentives, for example free offers, Cash matching etc.
- The nature of funding a wallet takes time and consideration before purchase. This reduces emotional bidding.
- We provide an odds calculator as part of the site to allow you a clear picture of your chances to make more informed decisions.
- You can only play as many competitions as there are hosted on the site, therefore this should reduce token playing.
- There are no ‘instant win’ games, so this reduces cyclic obsessive behaviours.
- As Bitcoin accounts are usually set up using debit cards, this adds a level of management regarding age and availability.
We take the utmost care to limit data needed to play a competition. We only hold details of winners for audit purposes. No information we receive is passed on to any 3rd party with exception to assisting law enforcement regarding crime.
Winner information data is also stripped down to only prove that the transactions took place.
Login information regarding creators wanting to create larger prizes are kept separately and the data is kept only for as long as is needed.
We take these matters very seriously and part of the protection is that the Blockchain is open source. This means that anyone can track inputs and outputs through our games.
We do not offer any exchange and therefore are robust in maintaining fraud and money laundering prevention. We will also work with law enforcement if there is any suspicious activity taking place and reserve the right for any reason to suspend and dissolve games that are believed unlawful.
If you have any questions regarding any of these, please do not hesitate to contact us