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?
Bitcoin in another way round can exist without exchanges, and if it does it will be very difficult to have a Bitcoin transaction that will give you Fiat currency, because P2P is very hard before you can as well see the transaction with very big amount, i will tell you that exchanges is what means the transaction of Bitcoin with fiat currency to be very simple and easier for us.
Bitcoin without exchanges would've never been this high in growth. Exchanges have played a big part, there are flaws as scams to ruin the reputation of bitcoin. In other way these exchanges have made more good to the uplifting of the market. As suggested bitcoin can function without exchanges, but we don't experience the same level of convenience and comfort as now.