No other exchange today has my trust, I don’t care if they compete on fees. When your btc is at real risk of they by an exchange, trust is everything. There is no FDIC insurance for exchanges.
Now if Chase were to do BTC exchange at better rates... i would probably switch.
>U.S. dollars in your Gemini Account are eligible for FDIC insurance, subject to applicable limitations. Please see the FDIC Insurance section of our User Agreement for more information.
Thats for the cash in your account, not the cash value if you hold coins and geminis wallet gets hacked. Coinbase has the same level of insurance. Its the same ($200k limit it think?) as cash accounts in traditional banks.
This is exactly the risk. Once regulators are comfortable that "crypto trading for retail investors" is acceptable as a product, then what stops the big exchanges and brokerages from entering the space and competing the fees down to zero?
Trust is not just in the form of the institution itself being established and trustworthy, though that's important.
It's also whether the institution can effectively do cyber and key security. This is where a non tech first company like Chase would have a lot of trust to build.
No other exchange today has my trust, I don’t care if they compete on fees. When your btc is at real risk of they by an exchange, trust is everything. There is no FDIC insurance for exchanges.
Now if Chase were to do BTC exchange at better rates... i would probably switch.