Title: Disrupting Crypto Exchanges Post by: g-uid on July 12, 2019, 08:44:58 PM Curious to know what you all think would be major disruptors for Bitcoin exchanges. Happy to kick things off with one of my own pet peeves, so here I go:
Am I totally off base? Always curious to know what the Bitcointalk community has to say. So if you have an opinion, please share it. Title: Re: Disrupting Crypto Exchanges Post by: timerland on July 12, 2019, 10:11:02 PM Curious to know what you all think would be major disruptors for Bitcoin exchanges. Happy to kick things off with one of my own pet peeves, so here I go:
Am I totally off base? Always curious to know what the Bitcointalk community has to say. So if you have an opinion, please share it. I don't necessarily think that the commission exchanges take is the most concerning thing. The majority of traders are completely fine with the exchanges taking a small percentage off trades, as demonstrated by the popularity of exchanges such as Binance, Coinbase, etc.. If people are predominantly concerned about fees alone, they wouldn't use Binance with a 0.1%, but rather use exchanges which offer much lower percentage rates (there are even sites with negative maker fees). Perhaps it matters more to whales, where percentage fees are a much bigger issue than plat fees. But for average traders, they should be more concerned about transaction fees to and from the exchange. Besides, lowering the fees alone on an exchange is barely a "disruption" to the industry. It's just modifying existing parametres. What I think will really disrupt the entire field is if decentralized exchanges are able to exist, whilst operating across multiple currencies, as opposed to the current model where it's limited to digital assets on one particular platform. Something like the BTS decentralized exchange, except it's not trading derivatives, but rather the underlying asset itself. Title: Re: Disrupting Crypto Exchanges Post by: g-uid on July 12, 2019, 10:19:13 PM The majority of traders are completely fine with the exchanges taking a small percentage off trades, as demonstrated by the popularity of exchanges such as Binance, Coinbase, etc.. If people are predominantly concerned about fees alone, they wouldn't use Binance with a 0.1%, but rather use exchanges which offer much lower percentage rates (there are even sites with negative maker fees). I'm not sure that I entirely agree with you. Have you considered that they use these exchanges because they don't have any other choice? Are there exchanges that don't charge percentage-based fees? Title: Re: Disrupting Crypto Exchanges Post by: BitHodler on July 13, 2019, 12:33:19 PM Have you considered that they use these exchanges because they don't have any other choice? In some cases people don't have a choice, but the main things to take into consideration are the level of liquidity an exchange offers, and how easy it is to deposit and more importantly withdraw fiat.If the above is in order, people will take even a relatively higher fee on average for granted just because of that. I don't think anybody here will use a low fee exchange when aspects such as liquidity and fiat withdrawals suck. Are there exchanges that don't charge percentage-based fees? As far as I know every exchange in crypto charges a percentage based fee. I have only seen legacy brokers offering stock trading and such work with fixed $5-$10 fees regardless of the amount traded. Title: Re: Disrupting Crypto Exchanges Post by: carlfebz2 on July 14, 2019, 11:46:46 AM Am I totally off base? Always curious to know what the Bitcointalk community has to say. So if you have an opinion, please share it. Title: Re: Disrupting Crypto Exchanges Post by: hugeblack on July 15, 2019, 06:42:05 AM I'm not sure that I entirely agree with you. Have you considered that they use these exchanges because they don't have any other choice? Are there exchanges that don't charge percentage-based fees? Trust and security when making transactions rather than focusing on fees as it is not a critical factor if trading thousands of dollars.When alternatives are available, you can search for the options that are best suited to you based on the type of trading you are doing, and determine the number of fees you pay. Just as happens when you send transactions in BTC, upper transactions use the main network (send 1 million using 1 dollar) and the small transactions prefer the lighting network (send 100$ using 0.11 dollar.) Title: Re: Disrupting Crypto Exchanges Post by: audaciousbeing on July 15, 2019, 02:09:14 PM Curious to know what you all think would be major disruptors for Bitcoin exchanges. Happy to kick things off with one of my own pet peeves, so here I go:
Am I totally off base? Always curious to know what the Bitcointalk community has to say. So if you have an opinion, please share it. I dont think there is need for any disruption because every option you listed up there have one thing in common which is profit motive. It now depends on how aggressive the proprietors of such platforms and other market factors that determine which of the options available will be implemented on such platforms. In your own case, I think you need to consider the option that would give you the needed cashflow that would keep the business running till it gets it footing before you can consider other options in other to expand. |