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.