Bitcoins can exist without exchanges, but would you support the argument that the existence of exchanges are among the factors facilitating the popularity and accessibility that people have to bitcoins?
A centralized exchange is a global financial market without centralized institutions and government supervision. In addition, the digital currency market itself is also a high-risk financial activity. Just as Bitcoin developed because of the consensus, algorithmic mechanism based on mathematics. Therefore, the existence of an exchange has both advantages and great risks. For example, FTT time gives us a lot of safety tips. The necessity of the exchange cannot be ignored. So be careful, I currently use decentralized exchanges much more frequently than centralized exchanges.