An Overview
The UK Premium Bond scheme is a savings program operated by National Savings and Investments (NS&I), which is backed by the UK government. Instead of earning interest on savings deposits, holders of Premium Bonds are entered into a monthly prize draw, where they have the chance to win tax-free cash prizes ranging from £25 to £1 million. Each £1 bond is assigned a unique number, and all eligible bonds have an equal chance of winning in each draw. While there is no guarantee of winning, the appeal lies in the excitement of the prize draw and the potential for significant winnings without risking the initial investment.
A non-bitcoiner swears by this scheme and I can see why, it just doesn't sit right with me. I guess this is just another thing the fiat world produces. I've asked a few times how can there be no downsides to something like this, trying to get them to at least consider such promises from the fiat world, but it has no impact.
Would anyone know how something like this actually works on a deeper technical level, as I am greatly intrigued?