More than perhaps any other industry, the cryptocurrency industry is built around empowering users. While Bitcoin was the first truly digital currency to reach the market, today’s investors have hundreds — if not thousands — of digital assets to choose from.
This freedom of choice and abundance of variety has served as a cornerstone of innovation, as virtually anyone can find a selection of digital assets that reflect their ideals and meet their needs. Now, over a decade into the industry, we’re also seeing users benefit from the number of cryptocurrency exchanges that exist in the market.
Democracy is best upheld by a variety of voices
When the cryptocurrency movement was first birthed, its intent was simple: eliminate the gateways and centralized authorities that dominate the financial industry. After all, users should be in control of the decisions that impact them.
More than ever, we’re seeing that the rise of cryptocurrency exchanges is helping fulfill this promise. While there were once only a few options available to individuals who wanted to buy or trade digital assets such as Bitcoin, there are now many legitimate exchanges for users to pick from.
Not only does this variety of exchanges help cater to different markets and geographic needs, but it also helps uphold the democratic ideals that the cryptocurrency industry was founded on. Since there are so many digital asset exchanges out there, individual exchanges are not able to dominate the market or serve as “tastemakers.”
While one exchange may promote a certain idea or specific digital assets, users who disagree with these choices are entirely able to conduct their trading activity elsewhere. As a result, new digital assets are able to enter the market without much friction, and users are given the gift of choice.
Ultimately, this means that the amount of exchanges on the market today ensures that users — not the exchanges themselves — are in control of the industry’s future.
Protecting the value of digital assets
Echoing the previous point, the number of cryptocurrency exchanges that exist on today’s trading market actually serves to safeguard the industry and protect the value of digital assets.