Why do we need so many cryptocurrency exchanges? - page 8.

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Quote from: Pursuer on May 19, 2019, 01:50:11 AM

Quote from: partysaurus on May 19, 2019, 01:37:44 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 this many but how can you stop people from wanting a piece of the crypto exchange money making machine? It a like the sport betting sites do we realy need 1000s of them? Off not but that won't stop new ones from starting.

it is not just about money grabbing, but mainly because the existing centralized exchanges all have big flaws in their design that doesn't satisfy the needs of the cryptocurrency market traders so new ones are created to attempt at filling that gap but eventually they either don't gain enough traction or if they become big (like binance) they turn into the same flawed thing.
for example KYC is one of the worst things in altcoin exchanges. new ones come alone without needing KYC at first, they become big then they enforce it!

They have to enforce KYC if they want to run legitimate business. Thee are strict legal rules when and why you have to implement KYC rules into your business. I guess no one wants to risk big punishment or closing the business because they are not complied with the law and actually I wouldn't like to do business with such exchange.

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Quote from: partysaurus on May 19, 2019, 01:37:44 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 this many but how can you stop people from wanting a piece of the crypto exchange money making machine? It a like the sport betting sites do we realy need 1000s of them? Off not but that won't stop new ones from starting.

it is not just about money grabbing, but mainly because the existing centralized exchanges all have big flaws in their design that doesn't satisfy the needs of the cryptocurrency market traders so new ones are created to attempt at filling that gap but eventually they either don't gain enough traction or if they become big (like binance) they turn into the same flawed thing.
for example KYC is one of the worst things in altcoin exchanges. new ones come alone without needing KYC at first, they become big then they enforce it!

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Quote from: kamudd on May 16, 2019, 03:53:01 PM

Actually I don't need too many exchanges, but I also can't prevent it when a lot of new exchanges are popping up because it is purely a competition and they are competing to offer better features to beat.

There are a lot of reasons.

For me, that is for profit and efficiency. I usually keep some of my cryptocurrencies in an exchange in order to sell them if a certain price that I like comes up. It is a hassle keeping them in your wallet, sending them to exchange, making cash out and then if that exchange had a good price for the crypto you send that back again for selling. Another is the efficiency or the features they offer to their users that usually make some of the things more easier.

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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 this many but how can you stop people from wanting a piece of the crypto exchange money making machine? It a like the sport betting sites do we realy need 1000s of them? Off not but that won't stop new ones from starting.

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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?

Despite the fact that we have really got a lot of cryptocurrency exchanges and exchangers, we cannot yet find such an exchanger so that any coin or token can be exchanged for regular currency. Universal exchangers, and especially stock exchanges do not exist.
We also need a lot of exchanges and exchangers in order for there to be healthy competition between them, which should lead to improved conditions for their use.

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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?

There is nothing wrong with that. More exchanges mean more choices. And some of these exchanges are limited to a certain geographical area and some of them allows the trade of coins of a certain type. We don't have a centralized exchange where all the available coins are being traded. Right now, there are close to 10,000 different altcoins in existence. The vast majority of them are not traded in any of the exchanges. I guess Cryptopia had the maximum number of coins (before it closed down), at around 600. Now Yobit may be the exchange with the maximum number of coins.

Leonardo7

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We need many exchanges for healthy competition. however, many are not living the dream but milking investors dry by their fraudulent charges as the banks are currently doing to their customers. We need innovative and superior technology in exchanges, which only a few offers. Maybe we should consolidate on the existing ones or just continue with new ones until we get it right.

jademaxsuy

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No, there is really no need for more exchanges and it will just depend on how establish the exchanges and how strong its support to cater huge demands of crypto exchange. However, if there are more exchange then it would be better serving the needs of every client that wants to trade using the exchange.

So, i disagree that the number of exchanges will be a disadvantage to the cryptocurrency system knowing the huge traffic or demands could be made globally.

BlackFor3st

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First of all, the more the better. If we have many exchanges then the project owners can choose the best exchanges for them to list their coin or token.
But if you are asking why there are many exchanges aside from coinmarketcap? It is because launching an exchange is very profitable.

New exchange will surely face a lot of hindrances and problems but there are plenty of new exchanges also that are slowly rising to the top because of their good marketing strategy, so everything will depend to the team behind the project.

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Actually I don't need too many exchanges, but I also can't prevent it when a lot of new exchanges are popping up because it is purely a competition and they are competing to offer better features to beat.

Jocuserious

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Personally me i don't needed many Exchanger, I would always like to have more popularity exchange and hard security development. Because the top exchange never goes unless the currency is attached.
Therefore, this exchange currency is less likely to be dumping. So I need more Exchange and I will not participate any new Exchange.

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Quote from: salty on May 16, 2019, 06:28:01 AM

Quote from: antisocial77 on May 16, 2019, 04:36:35 AM

We do even some friends think we are.its not important about the sector, the biggest problem is monopol corps.if there are no rivals, there will be no improvements, price balance or owners satisfaction.

Among the exchanges on CMC and it is worth competing! Why create thousands of new ones? Answer the truth, how much you really do not just use, but know the stock exchanges? I can list about 15. All! I will not explore all the exchanges listed on CMC just to save on commission.

Compare stock market with market of critpos is very wrong. First of all that purse exists a whole regulation, so you few. Secondly, because they are service providers and therefore intermediaries, the exchanges compete among themselves, so it is normal for us to have many of them, because it is simply a competition.

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Quote from: salty on May 16, 2019, 06:28:01 AM

Quote from: antisocial77 on May 16, 2019, 04:36:35 AM

We do even some friends think we are.its not important about the sector, the biggest problem is monopol corps.if there are no rivals, there will be no improvements, price balance or owners satisfaction.

Among the exchanges on CMC and it is worth competing! Why create thousands of new ones? Answer the truth, how much you really do not just use, but know the stock exchanges? I can list about 15. All! I will not explore all the exchanges listed on CMC just to save on commission.

There are a ton of stock exchanges, what are you talking about? There are 60 major stock exchanges in the world but there are a ton more with less volume. The crypto market is too fresh so it needs new exchanges that have more regulations or other legal requirements that might be needed in the future.

salty

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Quote from: antisocial77 on May 16, 2019, 04:36:35 AM

We do even some friends think we are.its not important about the sector, the biggest problem is monopol corps.if there are no rivals, there will be no improvements, price balance or owners satisfaction.

Among the exchanges on CMC and it is worth competing! Why create thousands of new ones? Answer the truth, how much you really do not just use, but know the stock exchanges? I can list about 15. All! I will not explore all the exchanges listed on CMC just to save on commission.

Nanagyasi

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What do you think would have happened if only two or say 3 exchanges exist???
Definitely there need to be more to enhance competition. We have seen exchanges with zero trading fees and that to me, is as a result of the competitive.

antisocial77

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We do even some friends think we are.its not important about the sector, the biggest problem is monopol corps.if there are no rivals, there will be no improvements, price balance or owners satisfaction.

bering

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For me it's simple that i don't need many crypto exchanges but the most important is we need trustable crypto exchanges with low fees, high volume of support and anything else which advantages for the users themself and if possible no KYC required to have an accounts at there because in my view it could be useless if plenty of exchanges but they have bad service

leps

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Exchanges are needed in this space but few are legit. All the exchanges want the same thing and that is to make money from this market. Now, these exchanges continue to pop up because many of these shitcoins are not listed in these big exchanges and the communties flock to these exchanges that list their tokens/coins so if you guys remember cryptopia was one the exchanges that listed shitcoins that were not trading anywhere else apart from yobit. These are very risky exchanges usually with low volume of for the most part with fake volume to lure in traders. I hope people got their lesson learned from the recent hacks to excchanges. Even binance was hacked but they have the funds to cover the losses. Most of the other exchanges can't take that hit and stand up. Remember, not your keys, not your coins. Buy a ledger or a trezor!

uneng

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We need real time concurrency. As more exchange options we have, the better the offered services will be.
That is a basic rule of free market: if a exchange is doing great, the concurrency will have to offer a better service to take the customers. Then the first exchange will have to improve their initial service even more to not lose the customers, and so on. It may be challenging for exchange owners, but for customers it's pure convenience.

DreamStage

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It's not about how much but to whom they belong to. Each exchanger belongs to a company owner.
Different approachs and mindsets, visualizations makes each exchanger a new one (unique pherhaps).
Having many exchangers gives us (the users) opportunity of allowing to chose from a big list on which is the best for our goals.
It's just a matter of preference in the end for each individual user.

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