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?

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    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 Jul 23 '14 at 15:55

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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