The popularity of cryptocurrency is continuing to grow significantly in all parts of the world. Cryptocurrency is defined as a digital currency utilized for alternative forms of payment created through using encryption algorithms. Through the use of encryption technology, cryptocurrencies function both as a currency and also as a virtual accounting system. All cryptocurrency transactions are verified and records maintained by a decentralized system using cryptography, rather than by a traditional centralized authority. Avazoo recently announced the addition of cryptocurrency as an option to purchase raffle ticket entries into the worldwide Billion Dollar Raffle through the company’s website. Due to the raffle being a worldwide event, the company wanted to offer more than just the traditional way of purchasing an entry with a credit or debit card for instance. The introduction of cryptocurrency to Avazoo’s payment platform opens up a whole new niche to potential raffle players who might not have otherwise participated in the raffle due to a reluctance of purchasing a ticket using the traditional means of a credit or debit card.

Shawn Hoover, Operations Oversight Director for Avazoo, spoke about the introduction of cryptocurrency to the company’s payment platform, “We were extremely excited to officially launch the cryptocurrency option as an additional way to purchase a raffle ticket entry and participate in this great humanitarian effort! There is no denying the popularity of cryptocurrency around the world. There are still a lot of people who don’t fully understand the concept of it yet, and that’s why we still offer the traditional payment option of using a credit, debit, or prepaid card, as long as the person’s name, who is making the purchase of the raffle ticket entry, is on the card. For the growing number of people who are comfortable with the use of cryptocurrency however, Avazoo is thrilled to offer this technology as an additional way to join the raffle and help contribute to this incredible philanthropic project.”

Mr. Hoover went on to say, “It only makes sense that we offer an option for anyone using cryptocurrency as their method of payment for a raffle ticket entry, that we also offer those players the option to purchase an Avazoo NFT, and receive a free raffle ticket entry with their purchase. This is yet another growing trend in technology that goes hand in hand with the cryptocurrency technology. NFT’s, or Non-Fungible Tokens, are unique digital assets that cannot be copied, substituted, or counterfeited, and are assigned unique identification codes that are recorded on the blockchain. The technology follows the way cryptocurrency is recorded and protected, which is why we have decided to incorporate NFT’s as an option for anyone wanting to mint their raffle ticket entry on the blockchain, proving ownership, should that specific entry become valuable over time due to, for instance, being the entry that wins the One Billion Dollar top prize in Avazoo’s first worldwide raffle. There is so much potential at our fingertips with technology today, that we wanted to offer as many options as possible to all of our players so they feel comfortable participating in this worldwide event.”