Why do we need so many cryptocurrency exchanges? - page 5.

kudil

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'Free as a bird'

Quote from: Nolimitz84 on May 13, 2019, 03:35:51 PM

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?

That is competition, each exchange give the best service for all users, such user-friendly, low fees, fast-transaction, etc. So that's why new exchange always present with the best offering, better, but sometime it's only expectations.

I guess, at least we need one exchanges in each country (local exchange), so they will provide us FIAT pair or Local currency on the exchange.

Personally, I like the presence of many exchanges, I can use it and choose the best for me, for trade or hodl my coin (so, not only in local exchange, hehe).

Wingo

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Quote from: Nolimitz84 on May 13, 2019, 03:35:51 PM

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 really don't need many of the existing exchanges. It's like a business, exchange platforms is one of the most profitable platforms we can easily think of if we are talking about assets. If we try to see the good thing about it, the new exchanges are providing competition to this domain of the market. This made many exchanges provide a better user experience, and provide benefits to their users and many other schemes to attract more users.

angeliza

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Thanks for this interesting discussion!

iMark

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Quote from: niisarearning on May 22, 2019, 03:14:41 AM

Quote from: Nolimitz84 on May 13, 2019, 03:35:51 PM

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.

Yeah there are lots of exchanges, and I was very surprised because I see lots of exchanges that I had never heard before, many of these new exchanges, mostly listed ICO or some small altcoins which did not have a market in a big exchange. of course there are advantages and disadvantages, the advantages are there are many options that you can use to trade, marketcaps are getting bigger, but the drawback is the risk will be even greater, many exchanges will emerge then a lot of scam exchanges, or shitcoin that is traded freely

olamidey

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Buy, sell and store real cryptocurrencies

I'm happy seeing this thread. I've used virtually all the exchanges and I wonder why the multiplication of exchange. Agreed we all started with different exchange at a time and depending on the tokens we had, moved to other exchanges. It's becoming scary with exchange opening almost everyday. Some don't even have use cases or a clone of existing ones. Yes, competition is needed but when value lacks in this new exchange, it's easier for them to be hacked and go under

Dingdongjl

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Its not that we need it, its a business and in every business there is competition and we cant stop that.

In the other side it is good for us because we can choose among those exchange where we will trade our coins with higher value.

XinXan

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Quote from: rdbase on May 21, 2019, 09:00:31 PM

Quote from: XinXan on May 21, 2019, 02:19:37 PM

Quote from: rdbase on May 21, 2019, 03:56:40 AM

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.

So? My point is that there are really big fish on bitmex, people there have millions of dollars. I mean you cant even withdraw at all times, only once per day

Wayan_Pedjeng

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Quote from: pushups44 on May 22, 2019, 10:10:27 AM

Quote from: Nolimitz84 on May 13, 2019, 03:35:51 PM

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, but we do need the competition that will sort the good from bad ones. Sooner or later decentralized exchanges will arise. Those exchanges that do not provide value to traders will gradually disappear.

Why do we need competition among the exchanges? Competition should be between the crypto-currencies and not between the exchanges. That said, I don't want any monopoly among the exchanges. But to prevent the monopoly, we don't need more than a dozen exchanges. But then no harm is there if we have a thousand instead of a dozen.

pushups44

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Quote from: Nolimitz84 on May 13, 2019, 03:35:51 PM

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, but we do need the competition that will sort the good from bad ones. Sooner or later decentralized exchanges will arise. Those exchanges that do not provide value to traders will gradually disappear.

Raul Lopez

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More exchange, more competitors, lower comissions for the users. I think is good that there are so many exchanges but, are all they safe? For me, that point is more important. What do you think?

denzkilim

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Quote from: Nolimitz84 on May 13, 2019, 03:35:51 PM

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?

Who said we need many Crypto Currency trading platforms? Huh

Most of the new exchanges that are sprouting all over are illegal and they don't have any license to operate their businesses and most of these exchanges do not care for its customers and they only wanted our money. We don't need many exchanges we only need the legit ones with high volumes and with real people who are trading with it. Cheesy

Kiweikoo

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Quote from: BitBustah on May 20, 2019, 09:20:58 AM

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.

niisarearning

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Quote from: Nolimitz84 on May 13, 2019, 03:35:51 PM

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.

Dontme

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Quote from: Nolimitz84 on May 13, 2019, 03:35:51 PM

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.

TIDOVEE

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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.

Evgenklm

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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.

reallester

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Quote from: soulripper on May 21, 2019, 06:33:06 AM

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.

Sithara007

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Leading Crypto Sports Betting & Casino Platform

Quote from: XinXan on May 21, 2019, 02:19:37 PM

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.

rdbase

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Join the world-leading crypto sportsbook NOW!

Quote from: XinXan on May 21, 2019, 02:19:37 PM

Quote from: rdbase on May 21, 2019, 03:56:40 AM

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.

Bitkoyns

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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.

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