Better to arrive late than never ...
But what about when you start the race and take the first steps in the field, there is no doubt that the name will be immortalized, like what happened in many previous times of immortalizing the name "Armstrong" as the first person to step on the moon or "Karl Benz" and making the first car ...
Inevitably the public collective memory preserves the first names and perpetuates their name, and the field of cryptocurrency is no exception.
Where entities such as cryptocurrency trading platforms are expected to be the first engine of the cryptocurrency market, and its features were previously formed to appear as it is today.
"Jesse Powell" viewed from Kraken platform point of view through a podcast interview on the role of the first trading platforms and their impact on digital currency trading , claiming that the process of digital currency , which is the first to include the new digital currencies will enjoy a big advantage in the future trading platforms.
But is the inclusion of new cryptocurrencies really all that a user needs?
Answer: Yes, but that is not all.
When a trading platform for a digital currency is listed in a new form (the first listing of this currency), this makes the platform in the past and distinction, but the process also has disadvantages and risks.
An example is the exchange platform X that launched a cryptocurrency pair in a market yet to be discovered by the larger cryptocurrency community.
In this example, Platform X is the first to do so, and is relatively unprepared for any barriers that may arise in its path that you may discover for the first time.
Relatively speaking, compared to other trading platforms other than Platform X that want to follow suit, it will definitely have the opportunity to learn from and benefit from the mistakes made by the leading platform X.
There are other disadvantages, too, that are additional costs and overheads related to unexplored markets.
We remain on the same topic of the new cryptocurrency trading platforms and go back to the year 2018 at the height of the ICO, when thousands of new cryptocurrencies appeared, trading platforms were listing many currencies using criteria that were not clear or organized as they are today.
Mark Kennigsberg of CoinJanitor stated:
The fact that so many cryptocurrencies were making money actually made trading platforms lax about listing requirements.
I think it's a circle that ramped itself up and created this snowball.
Looking at the present time, many digital currencies that were at one time prosperous and were listed by many trading platforms did not become mentioned and became dead without value, as many of them disappeared as quickly as they appeared.
Accordingly, the competing trading platforms that seek to include and list the currencies that appear quickly in an attempt to gain a head start and the initiative may later be subjected to a confidence vibration, especially if it turns out that the listed currency is a fraudulent currency and the platform has listed it without good verification of it and its reliability, which causes the loss of users who in turn will convert They are upset about the trading platform that provided them with this suspicious currency, and they turn to other alternative platforms.
Lessons and lessons:
The history of the cryptocurrency market is replete with the aforementioned examples in which trading platforms vied to be the first to initiate new listings, including Bitcoinmarket.com and Mt. Gox, two of the world's first bitcoin trading platforms.
While the former fell into fraudulent trades, the latter succumbed to a major breakout process, and they both shared the lack of foresight and miscalculation that they later acquired when new trading platforms emerged competing with them in the same market.
The case of the Coinbase platform is also an interesting example.
Since the platform started as a Bitcoin wallet in 2012, its founders were concerned that it was too late to launch the first cryptocurrency exchange.
But now and in the year 2020, Coinbase seems to understand the purpose and role it should do without having to be the first in the field, and the same can be said on Binance, which is one of the largest cryptocurrency trading platforms in the world.
He told "Jesse Powell" in another statement when asked about the future of cryptocurrency trading platforms, he replied:
I think you'll see basically every platform converging on a set of very similar features.
Sure, competition will shift to implementation and interface, and maybe even just marketing and branding.
Accordingly, in conclusion, it can be said that the lesson is not whoever launches a platform first or who quickly inserts a digital currency, but the lesson is in meeting the user's need for what he is looking for and interacting with his desires and requirements.
