Viewing a response to: @divine-sound/p3lb8jll5
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| author | littymumma |
|---|---|
| permlink | f3wlnjl9x |
| category | musing-threads |
| json_metadata | "{"app":"Musing","appTags":["cryptocurrency","exchanges","blockchain"],"appCategory":"cryptocurrency","appTitle":"What are the key issues of existing cryptocurrency exchanges?","appBody":"<p>I think the exchange market of cryptocurrency is such an area which need much more development and there are several issues related to cryptocurrency exchange and I will try to highlight the important ones.</p>\n<p> </p>\n<h4><strong>Complex User Interface</strong></h4>\n<h4><br></h4>\n<p><img src=\"https://cdn.steemitimages.com/DQmfUy2EhrxkgA31npJPE9nAtR6h2YYWj6CUKF4mgQeP1kU/001.png\" /></p>\n<p>Whenever it comes to offering an exchange service to a crypto user, it should not be unnecessarily exaggerated and the model of exchange should not seem like high tech things at first hand for a customer/user. It should not be perceived by a user, like a rocket science and it should not feel like….. training before entering into using an exchange. The complex user interface will ultimately contract the marketplace and a simple user interface will expand the marketplace. </p>\n<p> </p>\n<h4><strong>High Exchange Fees</strong></h4>\n<h4><br></h4>\n<p><img src=\"https://cdn.steemitimages.com/DQmbtMxyFo6s9zzCwA6VrA2XQDCPZphv78wEW9FRyVx1qvS/002.jpg\" /></p>\n<p> Here the exchange fees in a cryptocurrency exchange mean the combination of conversion fee plus withdrawal fees. The exchange fees of the existing cryptocurrency exchanges are so high that, if someone is doing a very small amount of exchange then it is like 15 to 20% in certain cases, however for the big amount it is within 1 to 3 percent which varies from exchanges to exchanges. The withdrawal fees in some exchanges are even as high as 0.0005 BTC or so. Some of the cryptocurrency exchanges intentionally extract more profit from the exchange service they offer and makes it very inconvenient for a cryptocurrency trader and this is one of the setback in creating a healthy crypto Ecosystem. This high commission fees should be brought down and then only the marketplace can grow further and also can help in mass adoption in cryptocurrency. </p>\n<p> </p>\n<h4><strong>Unnecessary registration and verification</strong></h4>\n<h4><br></h4>\n<p><img src=\"https://cdn.steemitimages.com/DQmWRc2vWQ4e7xb9gWk1eZ9CdXBxB8niAPzooY2QdvCVDBh/003.png\" /></p>\n<p> Almost all existing cryptocurrenncy exchanges ask for registration to be able to start exchanging. Further, they also ask for verifications for being eligible to withdraw. Technically speaking, the exchanges within the cryptocurrency segment does not require any kind of verification and to make it simple further it does not even require registration. Let the decentralization prevail, when it comes to exchanging cryptocurrency also. This verification is normally a lengthy procedure and it does not enable a user to have instant access to the exchange facilities, therefore it is a constraint to the expansion of the cryptocurrency market. </p>\n<p> </p>\n<h4><strong>Limited selection of cryptocurrencies</strong></h4>\n<h4><br></h4>\n<p><img src=\"https://cdn.steemitimages.com/DQmeVstAwusrdQzYvFfjHWoUGunS5Vvw7Z2HrXYV42AmCss/004.png\" /></p>\n<p> When an exchange does not have a wide selection, then it restricts the user or potential investor to crypto, to participate in the cryptocurrency market and it not only restricts the opportunity to a user/investor but also it restricts the inflow of investment into the crypto market. So a wide selection of cryptocurrencies is equally important to make a healthy Ecosystem in cryptocurrency market. </p>\n<p>The existing should address these issues and the upcoming and new cryptocurrency exchanges should provide a true solution to these problems otherwise the exchange market will not grow further to its potential.</p>\n<p>Image Reference:- Images are taken from various sites through google search.</p>\n<p>Thanks.</p>\n<p>littymumma</p>","appDepth":2,"appParentPermlink":"p3lb8jll5","appParentAuthor":"divine-sound","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
| created | 2018-11-02 02:03:03 |
| last_update | 2018-11-02 02:03:03 |
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