Topic: Why make New Crypto Exchanges - page 4. (Read 920 times)

That is the ups and the lows in all aspects of human and business life, even though we have several exchanges that already doing great there is still room for new development and at times it will not go well. I have known an exchange that have finished all it development but are currently tie down due to AML. The fact is there are still going to be lots of them in the future as the crypto space keep growing new exchanges will pop up. Just be carful before buying into any of their project because some of them have their token sold to users who will never have the opportunity to trade them.

Unfortunately new exchange have turned to quick money grab tool, the founders are not very interested in making a name or trying to create a standard product that will satisfy consumers, most of this newly launched exchanges all have hidden agenda, they are part of the problem new projects are facing on a daily basis, at the end they will milk and wreck that project, it is very important to stay away as possible as we can.

many new exchanges were made for speculation and for pump and dump practices. The new exchange has no credibility to trust as there will be several obstacles to face when making a withdrawal. I often find new exchanges have issues regarding unilaterally withdrawing and freezing accounts.

Better to use a highly credible and recommended Exchange like Binance. Even though implementing KYC will not be a problem when the Exchange is able to protect its customers.

Crypto exchange market is business when you have a lot of investor on your exchange will make many coin wanna list in your exchange, but make crypto exchange is the faster way how to scam many people, you can check information how many exchange have been scam and run away many investor assets, from cryptopia until BCNEX are the best scammer, first time make exchange and have many coin listing and they look trusted at the early, but when have many investor trusted with their coin they close and make decision exactly have hacked and their account stole, but exactly they make drama after run away much investor fund. other way why I hate with exchange because listing shit coin on their exchange, just care with listing fees only without have responsibility with coin keep higher price.

You have very strange thoughts. Without the creation of new cryptocurrency exchanges, there will be monopolists and progress will stop. You will have fewer ways to buy and trade cryptocurrency.

I am sure that is because they want to make money from the exchanges. And we can see that the exchanges really make that money. They can get additional money from listing the new coins/tokens in their exchanges. So that makes people who have money want to make a new crypto exchange because they see the potential to make money will be bigger. But we will see if their exchange can survive or compete with the other exchanges or it will only survive in the short term and will scam people just to get their money.

The most appropriate reason is to run a business and earn money. Not only on crypto exchanges. any business that we have seen before our eyes are already existing. developers and business owners just take advantage of what's trending right now. If they see an opportunity to run a crypto exchange business, then they will.

Well said, new exchanges used to provide with varied features.  When we get into the usage of cryptocurrencies, exchanges play a very big role. It is good to go with reputed cryptocurrency exchanges than the new ones. Right now the need for exchanges gets limited within the cryptospace. Maybe it'll get transition from an exchange to a banking service provider in the future.

as long as it is seen as very profitable, in all sectors of business even though it already exists and is considered very good, people will try to make it too. because they believe that what they do will be better with renewable facilities and lower costs.

Likewise with exchanges, because this is seen as a very promising job and they hope to get opportunities by making improvements to existing ones that are easier or anything that can attract people to move to their place.

The logical thing will be done by someone who might have worked in that sector and could make changes and try to profit, especially if someone wants to fund what he will do. they think there is still a chance to do that.

There's no denying that not all crypto exchanges are good. However, the current number of crypto exchanges are not enough to serve the world population. A very insignificant percentage of world population knows about bitcoin and an even insignificant percentage of them use bitcoin for trading and other activities. So the current number of exchanges are not enough to serve all. Bitcoin and other cryptocurrencies are gaining momentum slowly and the adoption is gradually increasing. Binance is definitely a good exchange and because of their services, they have quickly move to the number one spot among the competition. But that doesn't mean that the need of a new exchange has finished.

Every country has a different set of rules and regulations. As the bitcoin adoption grows, we will soon need country specific exchanges to cater the local community in their local currency. In this process, many exchanges will fail for different reasons. But if that failure comes in the way of new innovation, a technology will never grow. I would say, the more competition we have in crypto market, it will only be beneficial for the commoners like us.

if im the one that can make a rule i dont want a new exchange exist anymore .

we have tons of here already and old exchange are still there and seem to have no plan to shutdown thier business , it would be fine if older and rusty exchange wont operate because that will make this enevironment clean and people can foccus on mainstream exchanges only .

the tendency of newer exchange is that the scam can also grow but what can we do ? nothing , we cant stop them .

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.

Everyone has equal opportunity to bring change to the system, but very few get successful.

As I am personally belonging the crypto industry since its born, many exchanges came, many survive, many gone away.

But still, many new exchanges are coming with many new features. And trying to prove or offer new services to their users.

Always change should be in the right direction which gives more comfort, mobility, and security with trust.

Better UI and UX including AI and ML can boost user accessibility, usability, and engagement.

Adoption of new technologies with new features can also enhance the userbase.

Currently, the world is not just welcoming decentralized economics but also engaging with decentralized social media platforms.

It's all about making money. People know how profitable in crypto space and making a crypto exchange is also their way to earn money. It's up to you to choose which crypto exchange you want to trade or use.
Every people want to earn, putting a crypto exchange is their way , So you can find a work suitable for you to earn if you don't like to work in crypto exchange.

If it wasn't profitable, people wouldn't be making them. Perhaps there is a demand for places for trading altcoins with minimal regulations - this demand could come from traders or from the people behind altcoins - they are always ready to pay exchanges for listing their coin. You are right that these smaller exchange won't be able to truly compete with giants like Coinbase, but they don't need to - as long as they are making profits with any means possible, they will have a reason to exist.

I would say we don't have enough exchanges, or at least decent exchanges, even until today. The market is still relatively small but the exchanges are also as limited. There's so much room to grow in terms of services provided by exchanges. Many times have we heard of people complaining and nagging against the kind of services even from the top exchanges such as Binance and Coinbase. If this happens constantly, then perhaps there is still a thousand reasons for any developer able enough to create something to compete.

The controversial Bitfinex which was hacked with the equivalent of at least $2 billion in today's Bitcoin price is still at the top 5 as per CMC with $1.5 billion in volume. The old Bittrex and Poloniex which were also peppered with customer complaints are still enjoying hundreds of billions of USD in daily volume. Bithumb was raided at least a couple of times in less than a week and has been facing lawsuit and yet it is still enjoying more than a billion of trading volume. Even the more controversial HitBTC has almost a couple of billions in daily volume. And who hasn't heard of the shittiest of all shit exchanges, YoBit? Well, it is still very much alive and kicking after all these years of scamming and still has tens of millions in volume.

Incidentally, just yesterday I withdrew my Bitcoin from another unknown exchange, Beaxy, with a terribly high withdrawal fee of 0.00075BTC. But I still wonder why people are not ditching it altogether. It still has a volume of no less than a couple of millions daily. Now, if you tell me that all these figures are fake volumes, then that is perhaps another reason for a developer to come up with at least an honest one.

Every shit exchange operating today is enough reason for developers to create a better exchange.

New exchanges just come and go they only sweeten from the start to attract more investors and buy some tokens there but sometimes after all a lot of use there are often problems where for some reason I never use a new exchange because it's very risky and I don't want it to happen both times the same fall.

I have noticed that most of the new exchanges end in a scam and nothing develops because their intention is only to deceive not to develop, therefore I am more of leaving than having to keep buying there.

Sometimes we are forced to used that shitty exchange when the tokens we buy got listed on them. So we don't have a choice, unless we have to wait for a long time before the project itself listed in on such exchanges such as Binance and other top tier exchanges.

But we don't know the nature of a new exchange though, Binance in 2017 was fairly new but they became big and now I would say the golden started for crypto exchanges. If some new exchanges exited or became a shitty exchange so be it, move on and try others.

Exchanges are created and abandoned. Scammers use exchange to steal money from investors. Because of this, you have to be cautious with new exchanges and more cautious if they are very easily to accept listing new coins. Some shit exchanges are very easily to list new coins that are shit coins. No value coins and no value exchanges cooperate together to steal money from investors.

I lost my money on a scam exchange like that when I bought some shit Cryptonote coins and months later the team exited and shut down the exchange. No time frame to withdraw funds.

I see your point but there's a reason why new exchange sites keep coming up because the purpose of those new exchange sites to catch the hype.

You're right about this. That makes sense if you have a trusted exchange site who can provide all of your needs and why do you need to use a new one? that should be the context. Crypto project is about who can survive or die.

Remember binance and any other new platforms were also starting from nothing. It's not wrong at all but that's all your choice.