New technologies mean a lot of changes are coming to the world of gambling business. This industry is famous for being among the first ones to adopt new software and hardware to create the most comfortable experience for players. This can be said, judging by such famous gambling platforms, like crypto casino BitStarz who started the implementation of operations with cryptocurrencies as early as possible to bring the new experience to gamblers from all over the world. It is important to dive into details surrounding the impact digital assets have jackpots in the digital age.
The Importance Of The Digital Age
The gambling industry has undergone massive changes in recent years with the rise of cryptocurrencies and blockchain technology. Perhaps nowhere is this more apparent than with big prizes and other payouts on gambling websites. Digital coins like BTC and ETH have had a monumental impact on how jackpots work and the amounts being awarded.
In the past, payouts of such a big scale were limited by the physical cash reserves held by a casino. There was a cap on how much a casino could pay out for a single big win. However, cryptocurrencies have no such physical limitation. Theoretically, a casino could now offer a billion dollar jackpot if they wanted to. The only limit is how much cryptocurrency the casino holds in its digital wallet.
This has led to some mind-boggling jackpots being offered in recent years. For example, in 2018, a Las Vegas casino offered a 1 million USD guaranteed big win for a slot machine tournament with a buy-in of only 100 USD. This would have been impossible in the pre-crypto days when jackpots were tied to physical bankrolls. Cryptocurrency has allowed casinos to be much more ambitious with their big prizes, because financial operations do not take that long to complete anymore. In fact, they can be completed within only a couple of minutes.
Cryptocurrency has also facilitated larger jackpots due to increased player liquidity. In the past, a player was limited by how much cash they had on hand. But with crypto, a player can quickly purchase additional coins from an exchange in order to keep playing. This enables far larger jackpots to be built up compared to only using traditional payment methods.
Of course, while cryptocurrencies allow for bigger jackpots, they can also increase the volatility. Traditional casino big wins accumulate gradually over time from a portion of the wagers. However, digital coin values can change rapidly. So a jackpot that is worth millions in crypto one day could be worth far less the next day. This introduces additional risk and uncertainty around big wins.
Blockchain technology is also changing how big prizes operate. Casinos that support digital coins are implementing provably fair jackpot systems that are recorded transparently on blockchains like ETH. This allows players to verify that jackpot accumulation and payouts are authentic and not manipulated by the casino. It gives players confidence that they can legitimately win these multimillion dollar crypto big wins.
Smart contracts enabled by blockchains are also being used to automatically pay out jackpot wins once they hit, without requiring human intervention by the casino. This creates faster payouts and less friction for players during the money awarding process. And again, it provides assurance that payouts will happen fairly and as programmed.
The Value Behind Jackpots With Cryptocurrency
Digital coins have rapidly accelerated the scale and ambition of jackpots offered at online and blockchain-based casinos. While million dollar plus jackpots used to be a rarity, they are increasingly becoming the norm in the crypto casino world. This is simply not possible with traditional banking methods. And provably fair blockchains and smart contracts also ensure transparency around big prizes accumulation and payouts.
However, there are also risks associated with the volatility of cryptocurrency values. A jackpot could be worth ten million one day and only five million the next if the price of Bitcoin crashed in half. This creates uncertainty for players. There is also the small possibility of technical issues on blockchains interrupting jackpot payouts. Among the top benefits of digital assets as an instrument for big money payouts:
- Faster operations;
- Almost zero fees;
- Full transparency.
Cryptocurrencies provide many advantages for gambling platforms in designing jackpots and for players chasing life-changing winnings. But at the same time, they represent a fundamentally different model with new challenges and risks compared to traditional fiat currency jackpots. As the industry evolves, best practices will emerge around cryptocurrency big win implementation and risk management.
In the meantime, we can certainly expect jackpots to continue getting bigger, faster with the rise of crypto. The possibility of winning millions, or even hundreds of millions of dollars on a single big win spin, is emerging as a reality in this new digital era. It is an exciting time for gambling enthusiasts and adds a whole new level of anticipation that at the next spin, your life could change forever with a single big prize.