Why do we need so many cryptocurrency exchanges?

[bristlefront]

In addition to the exchanges listed on the CMC, there are many other exchanges.I have a question WHY do we need so many exchanges?What do You think the new exchange will be able to attract potential users?

We have many exchanges if ever there is a hacking that will happen since there are still many exchanges to choose but it is unfortunate if you haven't withdraw your funds before hacking occurs.

[stadus]

More exchanges are necessary because the crypto space is growing incredibly well.

I guess that's true, but we have a big number of exchanges in the market, of the total exchanges, I think only around 10% is real and reputable exchange.
Quality of exchanges are more important for people to trust the crypto space, most of people here are traders, and even investors they have to trade.

[Rooster101]

Multiple cryptocurrency exchanges offers a variety of services to the crypto community and with many available, people can choose the best exchange that suits them. Every exchanges offers different features like dependability, convenience and security to meet the needs of their users. Cryptocurrencies are increasing continuously ans they are already thousands of them and to accomodate all of them, more exchanges are needed.

[Chikitita2004]

  ultimately the ones who are serious about it will try to offers something better, whether it's regulations, better fees, faster platform, more detailed charts, more trading options, margin trading, etc etc. We do in fact need more cryptocurrency exchanges, hopefully decentralized ones as well.

I agree with you in this. Just like online stores are there in number and varieties of services so I think exchanges should also be similar to that, for users to have more options and each of them have different and unique services that they can’t find from the rest. The problem with trying to offer something better as you said is, scammers are also up to this promise. They promise too good services to entice and catch victims for their own benefit. These promises of unique and good services are being used as baits for easy catch.

[Genamant]

We do not need so many exchanges  we just need enough for the assurance of stability of supply of a certain coin ,enough to make sure that the price of a certain coin do not turn to an instant shit or dead coin.

[crzy]

Indeed, exchanges have become a lot recently, but on the other hand, the competition of exchanges brings benefits to users, because users need to be stimulated by shares or other incentives.

Competition is high and yet many good exchanges are still running simply because they have a good business here in cryptomarket and many users believe on them, we need more exchange that can give us more security.

[Nolimitz84]

We do not need so many exchanges  we just need enough for the assurance of stability of supply of a certain coin ,enough to make sure that the price of a certain coin do not turn to an instant shit or dead coin.

Alas, no exchange can guarantee the stability of any coin.And whether a coin will turn into shit depends only on the demand for it.Moreover, if the exchange will ensure the stability of the coins, many will simply leave the crypto world. Although volatility is a minus of the cryptoindustry, traders and investors love risk.

[Vishnu.Reang]

We do not need so many exchanges  we just need enough for the assurance of stability of supply of a certain coin ,enough to make sure that the price of a certain coin do not turn to an instant shit or dead coin. 

How can an exchange guarantee a certain amount of supply of a particular coin? Only the whales and promoters may be able to do that. In a typical ICO, anywhere from 30% to 50% of the coins are reserved for the promoters. And in case they decide to dump all of these coins in one go, then there is no doubt that it will become worthless.

[bittraffic]

We are in the verge of having the mass adoption which the current number of exchanges  may  not be enough to cover all we need if in the next few years 50% of the people in the world are going to use cryptocurrencies. The exchanges today aren't as complex as what are created these days too. A foreseen future is that we might all be needing the dexes because CEX are more vulnerable to hacks.

[proTECH77]

We don't need many exchanges but it is the lucrative nature of the exchange business that is aiding the springing up of new ones everyday. They just make money from fees and nothing to pay for apart from human resources to man the exchanges.

We need as much as many exchanges becasue the market is expanding day by day. The more these exchanges the more the seriousness on their part to secure investors investment. If we have only few exchange then the market be be manipulated by the owners, the more reasons we need more of these exchanges the better. 

[onrise]

Indeed, exchanges have become a lot recently, but on the other hand, the competition of exchanges brings benefits to users, because users need to be stimulated by shares or other incentives.

Their would always be competition and we would have many exchanges as well in future as well. If not thing is that we should be vary about what we are using and should only trust the well known ones which would help us and not get scammed .