What effect can cryptocurrencies have on Jackpot slots

Published on the 2021-04-29

One of the biggest buzzwords of the last couple of years is a term that wasn’t even in the English vocabulary over a decade ago but is now as particularly prevalent among those who are in the know. 

That word is ‘crypto’ or any kind of derivation of the word; ‘cryptocurrencies’ or ‘crypta’ for the even ‘cooler cats’ and as a result, this has led to a surge in popularity of a new industry created almost overnight. 

Over the last couple of years, this has almost become a craze, though one that even top investment banks and hedge funds are starting to take seriously. Cryptocurrencies are essentially digital currencies that use decentralized networks and as a result of this, are free of any control from governments and authorities.

The 18 months has seen other industries adopt cryptocurrencies as a form of payment method and one in particular has been the online gambling sector. As a result of this, you can now find a small number of online casinos that are specialist cryptocurrency sites and trends indicate that this could grow considerably over the next couple of years.

Why is cryptocurrency popular in the online gambling industry?

There are a lot of savvy online casino players who have realised the benefits of using cryptocurrencies for their gambling experience and, as awareness spreads this could well increase in the future. As such, this presents many good opportunities for players to really maximise on their experience as well, with many identifying certain products that offer good value.

With many reasons why cryptocurrencies have become so popular in online gambling, let’s take a look at what these are and how they can benefit your jackpot slot experience.

Security of use

While all legitimate casino sites are equipped with SSL (Secure Socket Layer) encryption technology, that protects financial transactions and as such, keeps player’s details safe and private, these are not always foolproof.

However, when you use cryptocurrencies to make a deposit and a withdrawal to a casino site, you can be sure that this is 100 percent secure. This is because the technology with which digital currencies were built with are focused on absolute anonymity, which means that privacy is unmatched by any other payment option out there.

To make a deposit at a casino site that offers cryptocurrency payments, all that is required is for you to connect your particular cryptocurrency wallet and the beauty of this, is that no personal information is attached to this, which means you are guaranteed 100 percent anonymity.

No transaction fees

While some payment options in the online gambling industry can carry transaction fees, this is not the case for cryptocurrency deposits. This means that you do not have to worry about being charged when you make a deposit and withdrawal, which can sometimes be the case for certain payment options such as Skrill and Neteller.

Rapid transaction time

This is one of the most important priorities for online casino players and while most payment options at casino sites register instant deposits, it is in the case of withdrawals that frustrate some players, with it being common to have to wait up to three days to receive any funds that you withdraw from your online casino account. 

When you use cryptocurrencies the withdrawal times are virtually instant, aided by the framework that this is built on, which means that funds are transported in rea time.

Ability to see more than you win

Because some cryptocurrencies can very quickly increase in value in the space of a few hours, this means that if you win big while you are playing a jackpot slot and then make the withdrawal to your crypto wallet, you could end up with a lot more.

For example, if you win £100 and transfer this to your crypto wallet, the particular cryptocurrency that you trade, might be worth £120 when you come to withdraw it. This is where a lot of savvy online casino players have realised that they can really take advantage of when it comes to playing with cryptocurrencies at their favourite casino site.

What NetEnt jackpot slots could be best to use for cryptocurrency deposits?

While some people will have their favourite NetEnt jackpot slots, for a number of reasons, that could range from theme, ease of use, or even jackpot size, there are some that might make sense to use if you are looking to maximise your profit potential.

If you are a player that is more risk averse, the best jackpot slots for you would be those that have a low volatility as this will help you to steadily increase in your bankroll over a longer period of time. This is because these type of jackpot slots have a higher payout frequency, though for lower amounts. In doing this, it also means that you can spend longer on the particular jackpot and increase your chances of still being in the game when the jackpot prize pays out. 

Such NetEnt jackpots that have a low volatility rate include the Mega Fortune jackpot slot, which incidentally is one that is often associated with the largest jackpot wins. Even if you do not land the grand prize, you should be able to build up a decent amount of winnings, which when converted back into cryptocurrency has a good chance of making you a profit on your profit if the price movement has increased.

If you are more inclined to take risks, it could be that it means you have already built up a substantial cryptocurrency portfolio and the amount that you deposit at your preferred casino site is mostly profit on high risk investment. In doing this, it means that you have a significant bankroll already and as such you can increase your chances of adding to it based on your NetEnt jackpot slot of choice.

Should this be the case, then one that has a high volatility rate might be for you. This means that payouts are less frequent for wins, though are often considerably high and these often require a high bankroll alread, which can pay off significantly. The Grand Spinn NetEnt jackpot slot is credited with having a high volatility rate and could be the one for you, if you choose this strategy. 

Specialist cryptocurrency jackpots?

There is no reason why in the future that we could see the first cryptocurrency only jackpot slots appearing at casino sites and with NetEnt leading the way in terms of innovation, they are certainly in a good position to make this happen. Especially having recently merged with Evolution Gaming which gives them even more expertise at their fingertips.

Whether or not this happens soon, or if at all, it is certainly a case of watch this space, though it would definitely provide even more excitement for players.