Why make New Crypto Exchanges - page 2.

Innerpumper

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Quote from: KoochieMane on November 26, 2020, 03:30:32 PM

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

You're right. Now there are so many new exchanges of AMM type where all exchanges will be done with automatic swaps without any bids and offers, there only have liquidity and can be revoked at any time and it will make a loss to anyone who buys them instantly. In fact it seems to have an impact on the cost of gas transactions on eth. you can check it directly at https://ethgasstation.info/. I hope it can be handled by some new project in the future or even when eth 2.0 is properly released perfectly.

Fredomago

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Quote from: pixie85 on December 04, 2020, 07:32:54 PM

The simplest answer is: because you can do it better.

If you think there's not enough quality services around you and especially if there's not enough or no good exchanges that use your local currency making a new one is a great idea.

If I had the money and a few trusted partners, I'd think about launching one myself.

If you have enough funds and good understanding about to this business, investing or taking your chances to build your own exchange is worth risking your money. This industry has lots of potentials so probably if you do have enough funds to use as start-up and you also have good knowledge within this market then proceeding is not bad.

Answering OP, this is business and if there's an open market for business why not grab the
opportunities and take advantage, it's your guts that will fit you in any business venture that
you'll going to take.

Prince Malik

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And the worst is that all those new exchanges will give you nothing better than the other and also the majority if them have a huge withdrwal fee...but this not mean that there will not be any new exchange that can be better than binance

pixie85

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The simplest answer is: because you can do it better.

If you think there's not enough quality services around you and especially if there's not enough or no good exchanges that use your local currency making a new one is a great idea.

If I had the money and a few trusted partners, I'd think about launching one myself.

TedMosby

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https://bitcointalk.org/index.php?topic=5274318.0

we have 4.66 billion internet users today.
https://datareportal.com/global-digital-overview#:~:text=The%20number%20of%20internet%20users,875%2C000%20new%20users%20each%20day

The current number of unique active users of cryptocurrency is estimated to be 101 million or more.
https://news.bitcoin.com/cambridge-universitys-third-crypto-study-records-101-million-cryptocurrency-users-worldwide/

so the ratio will be,

101 million : 4.66 billion
it's just 2.17%

you can still compete to get the rest.

Nellayar

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Quote from: mindrust on November 26, 2020, 03:34:59 PM

Quote from: KoochieMane on November 26, 2020, 03:30:32 PM

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange? Even with a marketing campaign, theres not much you can innovate. All exchanges that promise "no KYC fiat trading" is either a scam or will be shut down due to AML policies.
Exchanges which allow anyone to list their own coin ( exists ) are very vulnerable to Dip and Ditch schemes.

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

Why study medicine and become a doctor while there are hundreds of thousands of doctors that are very good at what they are doing?

Why become a software engineer and make apps while there are apps with the same functionality exist already?

Why open up a Chinese bistro when there are many?

Why?

Because they can do it and they can still make money of it. That's why.

This is one of the good analogy that tells why there are many existence of a certain business or jobs even there is a lot of competition here. Exchanges become more numerous because of the profits it give to the users and owners of the exchange. There are many exchanges in cryptocurrency because it can be brought all over the world. Even there is a great competition, the usage and other utilities that exchange can give to the traders will make an edge for them to have an advantage to the market. Just take a look at binance, it is really a great exchange which has good security and liquidity. So, even there are many exchanges exist and will exist, they will outnumber them all.

AjithBtc

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Vave.com - Crypto Casino

Quote from: DarkDays on December 04, 2020, 05:45:53 PM

Quote from: kayvie on December 04, 2020, 04:24:48 PM

There is a lot of reason but the main reason is to make money. Don't think of it really hard since there are more exchanges coming from the next following years. They all want to make money andtake advantage of the continuous increase in numbers of altcoins in the market. By that reason, it is enough for them to make new exchanges.

There's some truth to that. Unfortunately, the main reason for initiate a new exchange is not to make it better or safer. NO, it is a money making project. Sure, you invest some initial money and time into it, enough to make it last until you get enough customers, get some money and ditch.
So, I'm yet to understand why we need any more exchanges when we already have the likes of Binance and Bitfinex.

The very first response of the thread will give a better understanding about having new exchanges.

Whats the need of more cryptocurrencies coming into existence. If one has got the answer, then he'll understand the need of new cryptocurrency exchanges. Everything is tied to money, if cryptocurrencies weren't associated with money this could've never been this popular.

The market keeps widening and to meet the needs we're in need of more exchanges, even when we've got reputed exchange platforms like Binance and bitfinex.

dunfida

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Quote from: DarkDays on December 04, 2020, 05:45:53 PM

Quote from: kayvie on December 04, 2020, 04:24:48 PM

There is a lot of reason but the main reason is to make money. Don't think of it really hard since there are more exchanges coming from the next following years. They all want to make money andtake advantage of the continuous increase in numbers of altcoins in the market. By that reason, it is enough for them to make new exchanges.

There's some truth to that. Unfortunately, the main reason for initiate a new exchange is not to make it better or safer. NO, it is a money making project. Sure, you invest some initial money and time into it, enough to make it last until you get enough customers, get some money and ditch.
So, I'm yet to understand why we need any more exchanges when we already have the likes of Binance and Bitfinex.

We dont need lots but they do keep on building and making one yet they do know that this is a profitable business when you do really get some sufficient users of your platform
which would be the most or main challenge on any new platforms out there.They dont get enough users until they do die and vanish and the cycle continue.As long this market
do still have money to involved on and do able to make profits with it then they wont be stopping on making one.This is a big profitable business when you do able to get some
sufficient marketshare but same as you said that we arent needing lots if there are already some existing which do already make the job done well.

DarkDays

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Quote from: kayvie on December 04, 2020, 04:24:48 PM

There is a lot of reason but the main reason is to make money. Don't think of it really hard since there are more exchanges coming from the next following years. They all want to make money andtake advantage of the continuous increase in numbers of altcoins in the market. By that reason, it is enough for them to make new exchanges.

There's some truth to that. Unfortunately, the main reason for initiate a new exchange is not to make it better or safer. NO, it is a money making project. Sure, you invest some initial money and time into it, enough to make it last until you get enough customers, get some money and ditch.
So, I'm yet to understand why we need any more exchanges when we already have the likes of Binance and Bitfinex.

Astvile

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How are you so sure that making new crypto exchanges are not profitable anymore? have you had any experience about launching one? The main reason why more and more crypto exchange are popping out is to make money. Plus having many exchange will make a healthy competition in the crypto exchange industry.

concept2

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They can still make money from exhange. Thats why the idea of opening an exchange is attraction. As you can see. There are many failed exchange. However, if you succeed, the result is unimaginable. Therefore, there are still many investors want to open their own exchange for a stable profit and revenue each month. Respect their job and their dreams

kayvie

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There is a lot of reason but the main reason is to make money. Don't think of it really hard since there are more exchanges coming from the next following years. They all want to make money andtake advantage of the continuous increase in numbers of altcoins in the market. By that reason, it is enough for them to make new exchanges.

sayaya17

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Quote from: KoochieMane on November 26, 2020, 03:30:32 PM

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange? Even with a marketing campaign, theres not much you can innovate.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

Everyone’s thinking is different. And this is a matter of trend. If something is booming, then others will follow that trend. Because usually many people
want to benefit from it. If at the moment there are many advantages of creating a crypto exchange business, then there will be many a new crypto exchange will emerge. Over time, the exchange will show their respective shortcomings and advantages. It depends on the owner, the extent to which he manages the exchange.
If we have a clear and good vision and mission, then it will be a great and popular exchange like Bittrex, Binance and other great exchanges,
which we already used to trade. But it is not a simple thing to create a new exchange. It requires skill and experience.

Altryist

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Why are they opening new exchange offices on the streets? It's very simple - because it generates income for their owners! It's like a new business. You can open a store, a car wash, or something else, or you can open a crypto exchange. Cryptocurrency is popular now, and this is a very young direction that will only gain popularity in the future.

SonyChristopher

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Quote from: KoochieMane on November 26, 2020, 03:30:32 PM

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange? Even with a marketing campaign, theres not much you can innovate. All exchanges that promise "no KYC fiat trading" is either a scam or will be shut down due to AML policies.
Exchanges which allow anyone to list their own coin ( exists ) are very vulnerable to Dip and Ditch schemes.

There is nothing wrong with new exchangers, because all of them survive, whoever remains will win, like the competition of several companies and this fate is owned by all companies.
Everyone can do anything on the internet, you can also make exchanges, no one forbids.

Quote from: KoochieMane on November 26, 2020, 03:30:32 PM

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

I don't think so, because many new exchangers are giving out money with more events. look for credibility when you want to join a new exchanger, look for reviews on websites like
https://scamdoc.com
https://icoholder.com
or websites that provide other rating searches,
looking for as much info as possible, about the location? CEO? Advisor? and other... so you will be more alert

Mpamaegbu

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Quote from: KoochieMane on November 26, 2020, 03:30:32 PM

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange?

Binance isn't even that long in the industry. It came into business in 2017. So, it's just three years old in the game. But before Binance, there were other exchanges that ran their businesses differently. Binance happened and revolutionized the game and gave a lot of traders and investors assurance of the safety of their funds. When I joined this forum in 2017, there were slightly over 750 cryptocurrencies listed on the CMC but today there are almost 6,000 of them. I think, the more the merrier applies here. Let more exchanges come, those without innovations will fizzle out with time.

Quote from: KoochieMane on November 26, 2020, 03:30:32 PM

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

Uniswap is a new exchange. Will you say it hasn't brought something new to the industry?

AakZaki

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In my opinion, there is a rapid development of blockchain projects in the form of digital currency that requires a safe trading place, has attractive features and has a large user base. The second is looking to make a profit, either in money or big names in the cryptocurency industry. This advantage is not only for the exchange, but of course it will affect the developer because volatile coins will provide an increase or decrease in prices that can be used to take advantage. Those who recognize the opportunity that the crypto industry is a golden opportunity and have a good future crypto exchange are promising profit generators.

just_Alice

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Quote from: KoochieMane on November 26, 2020, 03:30:32 PM

Lately i see many new crypto exchanges / shitcoin exchanges.
I find that creating new exchanges these days isnt profitable anymore, why would someone switch from a long known exchange like binance/coinbase/etc. to some brand new exchange? Even with a marketing campaign, theres not much you can innovate. All exchanges that promise "no KYC fiat trading" is either a scam or will be shut down due to AML policies.
Exchanges which allow anyone to list their own coin ( exists ) are very vulnerable to Dip and Ditch schemes.

Overall i find working on a new Crypto Exchange a waste of time, money and effort unless you have some truly insane idea.

Am i wrong? Correct me if im wrong, willing to hear all your opinions.

I think it's unsurprising that new exchanges emerge, as the demand for cryptocurrencies keeps growing and the new exchanges are trying to make some profit out of it. It's like if you've asked why different companies develop smartphones when there are already iPhones. I personally use different exchanges depending on my interests. Some exchanges offer lower fees than others, so it's more reasonable to use them if you're exchanging some big money. Some exchanges add new altcoins, the ones you can't find on others. Also if you're an active trader, you'd be interested in swiftly working exchanges, so that the price won't drop while your request is being processed, and there are many other examples.

taufik0911

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HEX: Longer pays better

Quote from: Baskeyairdrop on November 29, 2020, 08:53:20 AM

They make new crypto exchange because they want to make money. If there are ten food vendors at a spot and there are 100 people who want to purchase food, all the food vendors would be patronized.
We all have our reasons for choosing a particular exchange. Either because of their exchange rate, their not too complicated interface, their speed of transaction etc...
All exchange cannot offer the same thing that is why more keep coming.

like cryptocurrencies that initially only existed one in the world then grew to hundreds of thousands of coins / tokens that exist today, it is evidence of development where each token has its own advantages and strives to be the best by improving the features and security that exist in exchanger before
The lack of enthusiasts on these exchangers is a common thing, as coinbits were initially just bad exchangers which have now become one of the good exchangers

wedosgibas

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here we go

Quote from: Lorence.xD on November 27, 2020, 12:33:39 AM

Quote from: mindrust on November 26, 2020, 03:34:59 PM

Why study medicine and become a doctor while there are hundreds of thousands of doctors that are very good at what they are doing?

Why become a software engineer and make apps while there are apps with the same functionality exist already?

Why open up a Chinese bistro when there are many?

Why?

Because they can do it and they can still make money of it. That's why.

I wanted to disagree but given that bitcoin is decentralized, I think that it is fair to say that the analogy answers the question. There is only one problem that I can see here, is that the given analogy is not businesses which means that a competition will not be applied and we could be oversaturated with exchanges that the users will have a hard time choosing which one is to use, I am not saying that it is bad, it is in fact more beneficial because as more exchanges pops up, the better for the customers because they have options and exchanges will do anything to keep their customers.

There it is, in the end it depends on the user or consumer itself. Like Binance, it's newer than some of other exchanges, but it's a leader now.

Topic: Why make New Crypto Exchanges - page 2. (Read 920 times)