Is Lucky Block Crypto Legit: What You Need to Know
Is Lucky Block crypto legit or is it just another virtual currency scam?
Honestly, there is no easy answer. Lucky Block (LBLOCK) is a new crypto that aims to develop a decentralized lottery by using blockchain technology. Thanks to its innovative approach, the token has seen significant gains amounting to 7,000 percent in a span of three weeks.
That said, LBLOCK was only released in 2022 and there is not enough information in the white paper for anyone to say that this is not just another scam.
Let’s take a closer look at Lucky Block crypto, its history, and future predictions so you can deduce for yourself whether or not it is worth your time and money.
What is Lucky Block Crypto
Lucky Block Crypto is a decentralized token used to play lottery games built on blockchain technology. The project is built on the Binance Smart Chain (BSC) and its ultimate goal is to create transparency and fairness in the lottery draw process.
Hailed as an innovative approach to lottery games, Lucky Block aims to resolve some of the most common issues in lottery games, such as security, liquidity, and fast payouts.
What’s more, since the technology is built on blockchain protocols, transactions are stored on public ledgers, which means all participants are treated equally and the winners are chosen purely by chance. Just like with provably fair games, this basically reduces the chances of fraud to a minimum.
Thanks to its unique take on the lottery, and the 880% cryptocurrency adoption growth worldwide, the LBLOCK token has amassed 30,000+ holders and an 800% price boost within the first months of its launch. It was considered the fastest-growing cryptocurrency in 2022.
The success of the LBLOCK token led to the introduction of the Platinum Rollers Club, a collection of unique 10,000 NFTs that is gaining a lot of popularity among collectors. You can currently buy Lucky Block NFTs on NFT Launchpad.
In August 2022, the new V2 token was launched at an initial price of $0.001476 (the V2 token exists independently on the Ethereum chain).
The self-reported circulating supply of LBLOCK tokens is 40,773,243,175.
How does it work?
To take part in the lottery, you must hold an LBLOCK token and buy a ticket (worth around $5). Draws take place every day and winners are chosen using an RNG, while the lottery is funded through LBLOCK transactions (4% of each goes to the lottery fund).
Once the draw is finished, the individual winner takes 70% of the jackpot, 10% goes to charity and another 10% is spent on marketing.
The final 10% is given to all LBLOCK holders according to the share of tokens they have. This way all players win.
History of Lucky Block
Lucky Block is owned by Block Media Ltd., a company based in the Cayman Islands but registered in the UK. Its CEO and founder is Scott Ryder, an entrepreneur with plenty of experience in the industry.
LBLOCK burst onto the scene at the start of 2022. The presale of LBLOCK was scheduled for February 2022, but the token sold out by the end of January, raising almost $6m from nearly 9,000 holders.
LBLOCK went up both when Biance listed its price on the website and when the company stated that they have a lottery pool of 6,000,000+.
In March 2022, the company launched the Lucky Block app which serves as a central hub for over 40,000 active players on the platform. Users can buy tickets and get paid via the app in LBLOCK tokens.
The first collection of NFTs was listed for sale on 19 March, entering holders automatically in the additional prize draws. In August 2022, the new LBLOCK V2 token was launched.
Lucky Block Tokens
Users can buy both LBLOCK V1 and LBLOCK V2 tokens. An Ethereum-BSC bridge was developed so that holders of LBLOCK V1 could convert their old coins to V2.
Lucky Block V12 uses the BEP-21 standard, while the V2 token V2 operates on the ERC-20 blockchain.
V1 coins can be used for DEX trading, playing games, and receiving rewards from the Lucky Block draws. V2 coins, on the other hand, are used to reach the greater Ethereum community and will allow Lucky Block users to play all casino games once integrated.
How much is the LBLOCK worth?
According to CoinMarketCap, the price of one LBLOCK token is $0.0001236, while the price of Lucky Block (V2) is $0.0001671. Initially, the price of the LBLOCK V1 was $0.0008 before peaking in February 2022 at $0.009. The price of Lucky Block (V2) peaked in February 2023 at $0.0001773 before decreasing significantly.
As with other altcoins out there, the LBLOCK is extremely volatile.
According to Currecy.com, the token’s price is set to reach
|Lucky Block price prediction for 2023||$0.000645|
|Lucky Block price prediction for 2024||$0.00073|
|Lucky Block price prediction for 2025||$0.000877|
|Lucky Block price prediction for 2026||$0.000795|
|Lucky Block price prediction for 2030||$0.002|
Many crypto experts believe that the value of LBLOCK tokens will increase with time. However, as mentioned above, the price has been volatile in the past, so there is no guarantee that it will go up.
Benefits of LBLOCK
In addition to being transparent and leveling the playing field for all participants, there are other perks to playing the LBLOCK lottery. Here are some of them.
Security and speed
According to the company, one of the major issues with the traditional lottery system is the amount of time it takes to pay out winners. Since cryptocurrencies already provide instant payouts to players and there is no paperwork involved, blockchain technology seems like the obvious solution.
Security is another issue. The online gambling world is no stranger to rigged games and fraud—an issue that can be resolved thanks to the transparency of blockchain technology.
The Platinum Rollers Club NFT collection
In addition to the daily lottery draws, Lucky Block NFT holders can also take part in the daily NFT Lottery Draw and win a prize of $10,000 (distributed among the holders).
What’s more, The Platinum Rollers Club NFT collection has not been sold out yet, so you can still mint a rare NFT (there are 25 rare pieces). Holders of a rare NFT can get double the jackpot prize and other benefits as well.
Lastly, the price of Lucky Block NFT is expected to increase dramatically during 2023 and beyond. At this rate, a $100 investment could translate to a $1000 return.
Extra prizes and giveaways
Other contests for special prizes are also held, including a drawing for $1m in BTC, once the entire Lucky Block BTC1M NFT collection is sold out. Other special prizes include a house worth $1 million, holiday trips, and many more.
Note that none of these giveaways have been awarded yet.
Chances to earn passive income
You can earn passive income from holding an NFT or by holding LBLOCK tokens, even without playing the lottery. You will continue to receive this income stream for as long as you hold the NFT or token.
Bottom Line: Is LBLOCK a Scam?
Statistics show that the online gambling and betting market will grow to $100 billion by 2026. Lucky Block is at the forefront of the market since it aims to correct many of the issues that have plagued lottery games for years. The LBLOCK token (and NFT) can also be a source of passive income providing payments as long as the person holds the asset. Plus, experts predict LBLOCK to hit $0.002 by 2023, making it a solid investment for most crypto traders.
That said, LBLOCK’s legitimacy is questioned by many, with several online users saying it is a rug pull and that customers will not be able to withdraw the money they invested. On top of the vast number of bad reviews, the white paper is seriously lacking in information and no actual giveaways have been paid out yet. Lastly, the token is not listed on any of the major exchanges such as KuCoin, Binance, and OKX.
While none of these things make Lucky Block a scam, you should do your own research and due diligence before investing in LBLOCK. Only invest if you believe in the project and, as with any form of gambling, never put in more money than you can afford to lose.