More exchanges are not usually better in all cases.
But in case of Binance it's different as Binance has had a lot of progress in just 5 Months.
It has a lot of Volume too.
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More exchanges are not usually better in all cases.
But in case of Binance it's different as Binance has had a lot of progress in just 5 Months.
It has a lot of Volume too.
in my eyes, steem listed on more exchanges, more word out there, more options and choice is good, can you explain why it would be bad?
it's not just about volume for me regarding the steem blockchain, exposure to it is important to retain the bloggers actively using it, if it's out there, exposed to new people that might bring about new users too, for me it's not simply about market cap.
Being on more Exchanges is not actually bad per se but it has some downsides too.
As you can see in the above image STEEM is currently listed on 6 Exchanges with one of them being a Decentralized Exchange.
Earlier STEEM used to be on many more exchanges but they closed STEEM support as they weren't getting enough Volume on their Exchange.
You can see in the Screenshot that even Poloniex has only 2.5% of the Total volume Transaction of STEEM.
Now imagine what happens if Poloniex decides that STEEM is not bringing them enough Volume and decides to close support for them.
Experienced people wouldn't do a thing but what about the Newbies. They might sell due to FUD.
For me, I think its good to be at about 5-6 exchanges with an almost equal distribution of Volume. I know that is hardly possible but I can wish right.
ah ok, super interesting to know. totally understand that now. great points. thanks for sharing. learn something new everyday! :)
Yeah Learning new things is one of the Perks here on Steemit.
I love it for that.
PS I can't believe I got a 2 USD upvote on my comment.
I guess I should Comment often.