How much does the community trust crypto banks

[CETAN.IO]

How much does the community trust crypto banks? Since if we look at many people use P2P exchangers and through different ways to withdraw to Fiat , but could use a Bank account and buy and sell through a cryptobank, when do you think people will abandon the exchangers in favor of cryptobanks?

[Tipstar]

I don't know what exactly you are asking about but there are a lot of trusted exchanges and crypto banks at the moment.
If you are a trader, centralized exchange like Binance and DEx provides a easy and cheap experience with trading. If you just want to convert one coin to another their are many of spot exchange and spot DEx. If you want to store your coin for interest, both of exchanges and interest bearing wallets like Celsius and NEXO provide it.

[bitmover]

How much does the community trust crypto banks? So if we look at how many people use P2P exchangers and through different methods, but could use a Bank account and buy and sell through a crypto Bank, when do you think people will give up exchangers in favor of crypto banks?

Can you give an example of a "crypto bank"? Never heard of them.
Exchanges are the closest thing we have to a bank here, especially coinbase which has its custodial wallet. They are basically a bank, holding your funds for you.

Exchanges are, imo, a necessity. We need them to buy and sell cryptocurrency with high volume and security. The problem is when people start using them as a bank, storing their coins.

The risk is enormous, as those exchanges lack regulations they often run away with clients money. There were many exit scams in the past, and we will see more in the future. none of them is 100% safe imo. But there are better ones and worse ones,...

[Yaunfitda]

How much does the community trust crypto banks? Since if we look at many people use P2P exchangers and through different ways to withdraw to Fiat , but could use a Bank account and buy and sell through a cryptobank, when do you think people will abandon the exchangers in favor of cryptobanks?

Crypto banks? never heard of it, as what @bitmover, crypto exchanges are the closest we can get to a crypto bank. Of course there are disadvantages of it, like not having our on set of keys to the coins. And then we have the looming hacks around.

I don't think that people are going to shift to crypto bank if there will be one. Traders needs exchanges, obviously, to buy/sell crypto to make money. Will the crypto banks give us that option? Nah, so the likelihood of people abandoning exchanges are nil, in my opinion. Maybe crypto banks will have it's purpose, but I don't think that it will have the support of the majority here.

[torrantz]

How much does the community trust crypto banks? Since if we look at many people use P2P exchangers and through different ways to withdraw to Fiat , but could use a Bank account and buy and sell through a cryptobank, when do you think people will abandon the exchangers in favor of cryptobanks?

The crypto community doesn't fully trust the crypto bank. Crypto bank is something that is not yet needed. That only makes centralization to the user's fund. I have seen so many crypto bank platforms that have already turned out to be the failed projects. People will never try to abandon the exchange sites but they will abandon the crypto bank.

[Mister.Satan]

Would you mind name a few "Crypto Bank" since this the first time I hear them? If there is a big name behind back up those banks then maybe I will change my mind but right now, the crypto community's trust for anything has a -bank attached to them is like similar to a normal bank. Yes, none cause if we have, we wouldn't right here in crypto.

[TheGreatPython]

How much does the community trust crypto banks? Since if we look at many people use P2P exchangers and through different ways to withdraw to Fiat , but could use a Bank account and buy and sell through a cryptobank

Crypto bank or crypto exchange, you may call them however you prefer but trusting them should be done only if you are able to file a complain against them in case of a dispute. It means a crypto bank should be legally bind with your geographical location and they must disclose all their physical administrative location along with registration/licence details.

Simply, if you are able to find crypto bank which acts exact similar to your traditional banking and additionally accepting crypto deposit/withdraw then what will be blocking you from trusting that services?

when do you think people will abandon the exchangers in favor of cryptobanks?

There will be no big differences between exchangers and cryptobanks. I guess people will not abandon one for another. Probably all crypto exchangers will upgrade themselves as a cryptobanks in near future given that after governments will legalize adoption of  cryptos.

[HunterUnchained]

That, however good and prospective it is, has been truncated severally by projects that have initiated the plans long before now. A prime example is the now defunct European Crypto Bank. They came with a whole lot of hype and even raised some good funds for the same purpose of actually creating a crypto bank to promote crypto transactions seamlessly. They ended up messing the whole idea and disappearing with investors funds without trace.

The existence of P2P platforms and the success rate experienced by these platforms has relegated the idea of crypto banks to the background. I mean why will anyone want a crypto bank that will most certainly disappear when they have p2p platforms that can do the same job even better?

[irixo10]

How much does the community trust crypto banks? Since if we look at many people use P2P exchangers and through different ways to withdraw to Fiat , but could use a Bank account and buy and sell through a cryptobank, when do you think people will abandon the exchangers in favor of cryptobanks?

If I understand you well, cryptobank as in, a platform where various crypto can be listed or stored and directly sold to various fiat, just as in traditional banking sector? If that is what you meant by cryptobank, I think something like that once tried coming to the crypto space during ICO but they exited scam, can't really remember the name of the project. Nevertheless, even if they should come now, I don't think I will trust them, I prefer my assets being in my personal wallets.

[InwardContour]

How much does the community trust crypto banks?

What exactly do you refer to when you mentioned "cryptobank", something like LUNO or what? Or you mean some sort of online bank to save crypto and get profit/lend? Well, how does it pose a challenge to exchanges, there is no correlation in my opinion. Does the so-called cryptobanks serve the same purpose as exchanges? Whats even the need for saving crypto in a crypto bank, when one of the core features of crypto (decentralization) will be defeated. You may need to explain further, your point is not clear enough.

[mindrust]

I trust no exchanges. (Crypto banks)

I don't trust legacy banks neither.

I am slowly pulling my money out of them too. There will be some ugly shit happening soon I feel it.

[gensol]

I do not trust such banks except there's a prove of their fiat holding in banks secondly if they're registered with known government authorities to ensure security of funds of users.

[Psynthax]

cryptobank already exist and it's called coinbase, so many people mostly first timer saving their money there it could be called as such and no, most of people who are already experienced enonugh in dealing with crypto prefer to have their own wallet than letting third party saving your money. too much unnecessary problem that you might face in the future if something happen to them.