Why do we need so many cryptocurrency exchanges?

[prtty2gal2]

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?

The more the commodity would be, the more would be the growth and demand for that. In short, anytime there are new exchanges, they come up with new advanced features and skills which attracts peoples to joint their exchange. There are hundreds of trustworthy exchanges in the market currently and each exchange has some uniqueness which makes it stand in the most competitive world.

There is huge competition going on in-between the exchanges which would always bring something more better for the users over there. We do not actually need a number of exchanges but we need selective ones who have the most features and benefits for trading onto them.

[1714506020]

1714506020

[soulripper]

The more exchanges in the market mean we can choose what is the best for us to use. More choices for us to pick which one is the best and more easy to make some arbitrage with some exchanges..

[XinXan]

I noticed some exchanges have region restrictions now like what bitfinex did back at the end of 2017 with not allowing any customers from united states to have an account with them.
Also bitmex http://www.bitcointradingsites.net/bitmex-usa
Bittrex had to open a separate entity operating out of malta because of these restrictions associated with us customer base. https://bitcoinist.com/bittrex-segregates-us-traders-with-launch-of-international-exchange

USA costumers will usually use Coinbase because it's fully regulated there. A lot of big players use Bitmex which is kind of surprising, considering how shitty it is, every time there is a big move happening their system crashes, you can't place orders and have to click 100 times to make it work.

[Pamadar]

The more exchanges in the market mean we can choose what is the best for us to use. More choices for us to pick which one is the best and more easy to make some arbitrage with some exchanges..

One of our advantage as traders is this arbitrage opportunities, if there's a lots of exchange to deal with we can perform this trading strategy, find some good edges between those available exchangers but also be aware of possible negative side of this practice, there's also scam exchange or bots that manipulating the trade process around.

[Ray55]

The new exchange can attract evenly, as long as there is an old exchange of many days. Because I think an exchange company did not have a Famous in a day, they have to be famous again. So you can be a new company.
Yes, however, if they keep their transition fees a little less and the transition on their website is a little faster than other websites, then they may soon come to the famous not-so-top position. I do not think there is a need for more new exchange at the moment right now in the market.

[Ojengonggu]

now a new exchange is starting to grow and come. And is this necessary ...? perhaps from the trade side it is very necessary because this provides an opportunity for traders to seek more attractive and profitable exchanges, among others and with many exchanges that will make them compete to get member by increasing services and lower costs

[Pasaway2701]

The more exchanges in the market mean we can choose what is the best for us to use. More choices for us to pick which one is the best and more easy to make some arbitrage with some exchanges..

For us to be able to choose which exchange offers low transaction fee and has strong security. There are many exchanges because they are making improvements. Also not all crypto is listed on the exchange, sometimes it just choose certain exchange where you can do trading.

[MakeMoneyBtc]

now a new exchange is starting to grow and come. And is this necessary ...? perhaps from the trade side it is very necessary because this provides an opportunity for traders to seek more attractive and profitable exchanges, among others and with many exchanges that will make them compete to get member by increasing services and lower costs

The thing is we already have dozens of exchanges competing between themselves for which one offers the best services and the lowest fees so we don't really need more to join this fight because people will have to suffer from this. The problem is not that new exchanges are created. The real problem is that all of this exchanges are basically useless and they don't bring anything new to the value so they are created only for profits.

[Hypnosis00]

now a new exchange is starting to grow and come. And is this necessary ...? perhaps from the trade side it is very necessary because this provides an opportunity for traders to seek more attractive and profitable exchanges, among others and with many exchanges that will make them compete to get member by increasing services and lower costs

The thing is we already have dozens of exchanges competing between themselves for which one offers the best services and the lowest fees so we don't really need more to join this fight because people will have to suffer from this. The problem is not that new exchanges are created. The real problem is that all of this exchanges are basically useless and they don't bring anything new to the value so they are created only for profits.

It's all about market competition, the one who will gain trust from investors will also be the one who can generate more profits.
If we look into some exchanges, we might see that there are having ICO before they launch their system and used their tokens as one of their tradable pairs. But we can find that most all exchanges BTC and ETH pairs are present, this will mean that they are focusing more on the top coins rather than of their own coin instead.

[sngwinner]

I like to use different exchanges so definitely, I would like to see more exchanges erupt. The more the exhanges, the more new features are brought up and the essier it becomes to use. Moreover, it generates competition between the exchanges and that will lesd to a better performance 

[reality18]

As knowledge broadens in any field, people begin to move in and utilize the platform. The same principle works in crypto. Bitcoin was the first cryptocurrency to be launched but other coins followed later and now there more thousands of cryptocurrencies on the market. There are numerous exchange sites because every exchange intends to offer its unique services which may be in terms of low transaction costs, fast transaction speed, security etc.

[Bitkoyns]

If you can see about many exchanges rate the value are too different from one another many exchange means that there are lots of provider and competition this will help the price to gain more value than others they need to put a good value for them to used by the people.

[rdbase]

I noticed some exchanges have region restrictions now like what bitfinex did back at the end of 2017 with not allowing any customers from united states to have an account with them.
Also bitmex http://www.bitcointradingsites.net/bitmex-usa
Bittrex had to open a separate entity operating out of malta because of these restrictions associated with us customer base. https://bitcoinist.com/bittrex-segregates-us-traders-with-launch-of-international-exchange

USA costumers will usually use Coinbase because it's fully regulated there. A lot of big players use Bitmex which is kind of surprising, considering how shitty it is, every time there is a big move happening their system crashes, you can't place orders and have to click 100 times to make it work.

The thing with bitmex is all those people using it are only using it to gain leverage so to cash in on bitcoin when it rises or falls. It is not an exchange but a tool for those who are into trading on shorts and longs.
I dont use them so I couldnt tell you how lucrative this could be.

[Sithara007]

USA costumers will usually use Coinbase because it's fully regulated there. A lot of big players use Bitmex which is kind of surprising, considering how shitty it is, every time there is a big move happening their system crashes, you can't place orders and have to click 100 times to make it work.

I created an account with Bitmex in 2018, but never traded on that exchange. Heard mixed reviews about it. Some people were happy with the quick withdrawals, but as you pointed out some were disappointed with the frequent outages. Somehow this exchange has managed to gain the top spot for BTC/USD daily volumes (just hoping that the exchange data is not faked). Now after the bull rally, the volumes have risen to somewhere between $2 billion and $5 billion per day.

[reallester]

The more exchanges in the market mean we can choose what is the best for us to use. More choices for us to pick which one is the best and more easy to make some arbitrage with some exchanges..

Yes that's my purpose too for arbitrage my coin into more exchange with best price , this happen when my local exchange can't handle price to sell it. And I am happy when exchange can withdraw fund without sending any document for KYC, even Cryptocurrency don't need that like debit or credit card.

[Evgenklm]

I agree, the stock exchange has really opened a lot recently and continue to do so.But on the other hand, it is a competitive market among them, because of this they are forced to retain their customers or attract, for users it brings its advantages.

[TIDOVEE]

we would not have needed many exchanges, but i think each exchanges created are with better services and as a result of the competition and comparison it either relegate other or challenges others to upgrade. and this is all to the advantage of traders, the exchange charges are also different and faster.

[Dontme]

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 don`t need so many exchanges. It is bad for the crypto community because many exchanges are doing dirty activities like hacking and scamming. We only need few solid and safe exchanges. Few exchanges could lead the market with better progress.

[niisarearning]

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?

As I seen there is lots of exchanges popping up every day . It’s having big advantage and disadvantage . First thing is that most of the coins are getting listed in this exchanges where they are not having option to listed in big exchanges . Cons is these exchanges are not backing with real bitcoin or ethereum its just a digital indicator or number.

[Kiweikoo]

People like to have many choices, simple as that

Why do we have so many different video games?

Why do we have so many different clothing stores?

why do we have so many different online casinos?

Hope you get my point

Yes, peoples love having a lot of options to choose the best ones for themselves. The exchanges standing for a long time have really attracted a number of peoples on their exchanges and also considering newly launched exchange, we can't see that great trades onto it for initiative. Peoples love having a lot of options for themselves where they can opt for the best one and also there are a lot of peoples who are trading on multiple exchanges at a time and making profits from the small price variation for the single coin but on multiple exchanges. Benefits and features about the exchange makes it more widely usable.