<p>Different countries, different laws, different currencies, different banks, different payment systems.</p>

<p>Competition and free market.</p>

<p>No single central point of failure.</p>

CC BY-SA 3.0
2014-07-23T15:39:39.470Z
2014-07-23T15:39:39.470Z
Jannes
<p>In laymen's terms, why is there a need for different bitcoin exchanges? Is it currently the wild west and eventually these exchanges will consolidate. Or can exchanges actually provide different value to their customers, justifying their existence. I ask  this because there are 100+ exchanges out there? Why doesn't everyone just flock to the most reputable and liquid one?</p>

CC BY-SA 3.0
2014-07-23T15:55:29.927Z
Why is there a need for different banks? For different grocery stores? Etc. Why doesn't everyone just flock to the most reputable and well stocked/cheapest grocery store?
dchapes
<exchanges>
Why is there a need for different exchanges?
HipsterGlasses
# Why is there a need for different exchanges?

(Asked by: username_0 on 2014-07-23)

In laymen's terms, why is there a need for different bitcoin exchanges? Is it currently the wild west and eventually these exchanges will consolidate. Or can exchanges actually provide different value to their customers, justifying their existence. I ask this because there are 100+ exchanges out there? Why doesn't everyone just flock to the most reputable and liquid one?

**Tags:** exchanges

> **Comments:**
> **username_1**: Why is there a need for different banks? For different grocery stores? Etc. Why doesn't everyone just flock to the most reputable and well stocked/cheapest grocery store?  

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## 1 answers

### Answer by username_2 on 2014-07-23. Score: 3

Different countries, different laws, different currencies, different banks, different payment systems.

Competition and free market.

No single central point of failure.


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