The launch of the first cryptocurrency in 2009 changed how people viewed money and how they transact online. In the years since then, crypto has gone mainstream, and thousands of new cryptocurrencies have been launched.
Despite crypto’s surge in popularity, many leading online casinos still did not support deposits using the currency for a long time. It wasn’t until 2012 that players could use their preferred currency at the world’s first crypto casino. More than a decade later, some of the best online casinos now accept cryptocurrency.
Hybrid currency online casinos are convenient for all money gaming activity. Read on to find out more about these casinos and how they operate.
What is a Hybrid Casino?
There is a distinct difference between a hybrid casino and a hybrid currency casino. A hybrid casino is an online gambling platform that allows access to games such as slots and live dealer games happening in a physical casino.
Live games allow online users to interact with the dealer and other players via their device’s camera and microphone. In doing so, they create the feel of a brick-and-mortar establishment with all the convenience and perks of an online casino.
What Is a Hybrid Currency Casino?
Many hybrid currency casinos also offer live dealer games—but their defining characteristic is that these gambling sites accept fiat currency and cryptocurrency to deposit into and withdraw from player accounts. Moreover, these sites use crypto’s blockchain technology for several of their games.
When depositing funds into your player account, you have the option of using regular payment methods (such as Visa, Skrill, and PayPal) as well as depositing into a crypto wallet. This wallet is linked to the site, and any deposit you make into it will appear in your player account.
While hybrid currency casinos allow players to deposit and withdraw using cryptocurrency, this feature only sometimes extends to actual gameplay.
For many of these sites, once the crypto is deposited into your player account, it is converted from cryptocurrency into fiat currency. You can then use this currency to play and place wagers on the site.
When you wish to make a withdrawal and select crypto as your preferred method, your winnings will be converted back into crypto before being paid into your wallet. This differs from full crypto casinos, which allow deposits, play, and withdrawals using cryptocurrency.
The integration of hybrid currencies, incorporating both cryptocurrencies and traditional fiat, allows players to enjoy the best of both worlds. Be the first to play on these casinos, where decentralized transactions and blockchain-powered smart contracts ensure swift, secure, and transparent financial transactions. Whether you’re a tech enthusiast or a gaming aficionado, these forward-thinking casinos are creating an inclusive and dynamic environment that caters to a diverse audience.
How Does a Hybrid Currency Casino Work?
For the most part, these casinos operate in the same way as regular casinos. Most require registering a player account, depositing funds, selecting your favorite game, and withdrawing your winnings after playing.
However, these casinos operate a bit differently when it comes to game selection because they often employ blockchain technology to administer some of their games—particularly slots.
Operating slots using a blockchain rather than a standard random number generator gives the advantage of being provably fair. Provably fair games are unique to blockchains and allow players to verify the randomness of a spin’s outcome.
Benefits of Using a Hybrid Currency Casino
The two main benefits of a hybrid currency casino are that players can deposit funds into their accounts using cryptocurrency and that these casinos provide provably fair games.
Players prefer to use crypto for convenience. Crypto transactions of any value can be completed in minutes—much faster than transferring fiat money into and out of accounts, which can sometimes take days to verify and process.
In addition, provably fair games improve player experience and trust. The calculation used to determine the outcome of each wager is written to the blockchain each time a wager is generated. Players can access these records and determine whether or not the result was proven fair and without interference.
Apart from this, playing on any online casino makes your games accessible from almost any device and provides a great selection of games and frequent promotions and bonuses.
Disadvantages of Using a Hybrid Currency Casino
The main disadvantage of hybrid currency casinos is that your cryptocurrency is often converted into fiat currency to use in games.
Some hybrid currency casinos may charge a small service fee for this conversion. As a result, some players choose to convert crypto using a popular exchange instead and use the resulting fiat currency to gamble on traditional sites.
Another slight disadvantage is that because hybrid currency casinos support fiat currency, they generally have KYC (Know Your Customer) policies—something full crypto casinos do not. For this reason, hybrid currency casinos may not be the ideal choice for players wishing to remain entirely anonymous when gambling.
