user18710: 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?

user5292: Different countries, different laws, different currencies, different banks, different payment systems.
Competition and free market.
No single central point of failure.

18710: <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>
 5292: <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>
