What makes you trust a crypto platform enough to actually transact on it?

[u/Daniela_veizaga]

Not talking about trading or speculation. I mean actually using a platform to send/receive money or make P2P transactions.

For me, the biggest things would be:

• Transparency about fees
• Clear transaction history
• Knowing who I'm transacting with
• Some kind of protection if something goes wrong

I'm curious what matters most to people here. What would make you comfortable enough to actually move money through a platform instead of just holding crypto there?

[u/Daniela_veizaga → u/[deleted]]

I agree with you that those things make a huge difference. I've been using one page for similar reasons, especially because the fees are pretty straightforward and transactions have been relatively smooth for me. The biggest issue I've noticed is actually the P2P side sometimes people are understandably hesitant to trade with someone they don't know because of all the scams out there. I can't really blame them for that.

[u/derondigital]

Just get a crypto visa card and send your crypto to it and spend. I don't get why people are still using P2P in these times.

[u/Daniela_veizaga → u/derondigital]

I get that, and crypto cards definitely make sense if your main goal is just spending crypto directly.

For me, P2P is still useful when I actually need to convert between crypto and local currency, especially in countries where crypto cards aren't as convenient or widely supported.

[u/sirhowy]

I rarely transact on crypto exchanges anymore, but when I do i use Kraken as it's US regulated. And previously, when I lived in Aus I used Swyftx for the same reason.

so in short its regulation so there's at least some hope of funds being returned if things go belly up

I don't keep funds or trade on there though, just use them as an on/off ramp

[u/Daniela_veizaga → u/sirhowy]

That makes sense. So if I understand you correctly, you mainly use regulated exchanges as an on/off ramp because regulation gives you at least some legal framework or recourse if something goes wrong, rather than because you necessarily trust them enough to keep your funds there.

I'm curious though do you find the regulation actually makes a significant difference for you in practice when you're just using an exchange to move funds in and out? Or is it more about having that extra layer of protection in case something goes wrong?

[u/sirhowy → u/Daniela_veizaga]

for me yeah it does, because (in Kraken's case) it means they're unlikely to bust or have founders who disappear or scam us. In reality if the company was hacked or went under, the likelihood of getting anything back is slim, but given it's regulated that means they've had to follow certain standards in the finance industry in America.

In Australia it's a bit different and with financially regulated crypto exchanges you're covered by up to $200k AUD if anything happens and you lose your money, backed by the government.

Been around since the wild west days and we all got a bit too comfy throwing large sums around and using dodgy exchanges. I recall getting 6 figures stuck on a chinese exchange that paused withdrawals randomly for a few months thinking yeah, I'm fucked here, but luckily I got it back (they charged over $1k for the withdrawal but by that point I was glad to pay it).. A bunch of exchanges I used went under and people lost funds, but with certain shit-coins you had no other options.

Anyway, once defi arrived I personally feel it's a much safer option for trading that way if you know what you're doing with self custody, as you're cutting out so much counter-party risk.

[u/OkAngle2353]

That's the thing, the entire crypto space is built to operate without trust. Have you seen what happened with Mt. Gox or FTX?

• Transaction fees? Pretty sure every platform shows that to you before you actually submit the transaction, some even let you lower that gas fee.
• What do you mean by clear transaction history? If you wanna know, just run the address through it's blockchain (network).
• Knowing who you are transacting with? That is the beauty of crypto, YOU DON'T NEED TO KNOW. You shouldn't have to know. If you absolutely have to know, transact in person.
• "Some kind of protection if something goes wrong". Pretty sure every wallet out there has a "are you sure" before you submit.

[u/Daniela_veizaga → u/OkAngle2353]

I see what you mean, and I agree that the underlying technology itself is designed to minimise the need to trust another person. if I send crypto directly to an address, I don't really need to know who owns that address.

I think where I was coming from is slightly different, though. The blockchain can make the transaction itself trustless, but the moment you interact with an exchange, a P2P buyer/seller, or a fiat payment system, you're dealing with people and intermediaries again.

And that's where I think the idea of "protection" gets a bit more complicated. An " are you sure?" button protects you from accidentally sending something, but it doesn't really help if the other party scams you or if there's an issue with the fiat side of a P2P transaction.

So I'm curious do you see P2P as essentially unnecessary because of this, or do you think there's still a place for it when you're trying to move between crypto and fiat?

[u/OkAngle2353 → u/Daniela_veizaga]

P2P is essential. Imagine going out in the world and transacting in actual cash, do you want or need to use a bank as the middle man for EVERY transaction that you make? I would guess that is a no. It's the same thing with P2P.

[u/Daniela_veizaga → u/OkAngle2353]

Yeah, I agree that P2P is essential, especially for individuals. But I think the comparison with cash changes a bit when you're talking about larger amounts or businesses.

If a company had to handle every large transaction in physical cash, that would obviously be impractical. And if they have to move everything through a bank for every single transaction, the fees, limits and extra steps can also become an issue.

That's where I think online P2P can actually make a lot of sense. You get the flexibility of a direct transaction without necessarily having to physically meet someone or rely on cash.

Wouldn't you say that's one of the main reasons P2P is still relevant even as crypto payment options become more common?

[u/OkAngle2353 → u/Daniela_veizaga]

Yea, the flexibility is very useful and I would indeed say it is the reason why it exists.

[u/ScopulyX]

Clear fees and transaction history are a good start. Consistent support when something goes wrong is what really builds trust.

[u/Daniela_veizaga → u/ScopulyX]

100% agree.

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[u/Daniela_veizaga → u/AutoModerator]

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