What will Yobit's future look like?

[MrSpasybo]

Yes, the worst thing that Yobit users can face is the presence of hundreds of Shitcoins and also hundreds of dead coins that have no value at all, so a new user may find himself bankrupt if he buys one of these coins.

In addition to this, the prices of coins listed on Yobit differ from the market price. I remember that when I was working on the exchange, there was a significant difference in the prices of BNB, ETC, and many well-known coins from their real price in the market.

In addition to all of the above, new coins that Yobit creates every period of time and makes a bump on them and then their value becomes close to zero.

Liquidity on Yobit is very bad due to the decline in trading volume and the number of users. I think traders can only buy and sell BTC and ETH with good liquidity, the large slippage of other tokens can make it difficult for investors to manage their trading strategies on Yobit.

Shitcoins are a real problem that Yobit faces, or Yobit has considered them part of its official development plan. Investors should be careful with tokens that have tickers very similar to popular tokens in the market, sometimes I am also quite confused with them because the ticker is familiar but the price chart is really abnormal ^^

[Freemind]

To expand its reach to more users, Yobit needs to change its business model and may need to require KYC from users. This could lead to more revenue but could also put Yobit at legal risk. Currently, there is no legal framework for crypto in Russia, and even their government does not have a clear position on crypto. This may be what is preventing Yobit from innovating.

Caution is perhaps the best thing that the Yobit team can continue to maintain, but they can completely innovate the interface to make Yobit faster and more user-friendly. I also don't like the existence of hundreds of shitcoins on Yobit, Yobit should refuse a bit of transaction fees to ensure a better user experience.

The question is why Yobit is going to change their business model, if they may not want to change it?. I mean, if they've done well over the years (we all have different ways of understanding what it means to perform well) they may not want or need to change the way they do things. We understand that a business must grow, expand and innovate to attract new users, but we don't believe that maybe they don't want to do it.

It is possible that it is due to the lack of legal regulation in Russia regarding cryptocurrencies and they do not want to risk it. But having a business for so many years operating in the same way and practically without changes, I don't think it is the best way to have a business either.

The last time I read news about regulations in Russia they said that this year a lot of things were going to change and cryptocurrencies would be accepted by the government, have they finally discarded that idea?.

[electronicash]

why change their model?  it looks like they are fine still after years of its existence. most of the exchanges they compete with before 2017 i think have already gone dead but yobit still alive. i still have not submit KYC to them and looks good still and i have no problem getting those tokens in my wallet.

what i can suggest though it add newer tokens that is on its own blockchain.  i only found out TON was already added recently and very fair withdrawal fee. can't find this in binance.

[MrSpasybo]

The question is why Yobit is going to change their business model, if they may not want to change it?. I mean, if they've done well over the years (we all have different ways of understanding what it means to perform well) they may not want or need to change the way they do things. We understand that a business must grow, expand and innovate to attract new users, but we don't believe that maybe they don't want to do it.

It is possible that it is due to the lack of legal regulation in Russia regarding cryptocurrencies and they do not want to risk it. But having a business for so many years operating in the same way and practically without changes, I don't think it is the best way to have a business either.

The last time I read news about regulations in Russia they said that this year a lot of things were going to change and cryptocurrencies would be accepted by the government, have they finally discarded that idea?.

The crypto market has great potential, and many companies also want to profit from it. Many new CEXs have emerged and developed strongly over the years, taking market share and attracting users from Yobit. It is a pity that I do not have enough data to compare trading volume or number of users on Yobit to see how its business is doing, I only see that the trading volume on Yobit right now is only $45M per day, down 22% from the end of 2023.

Russia is still focused on the war in Ukraine, crypto was mentioned right after the war broke out with the possibility of using crypto to avoid sanctions, but this was not done either. Currently, Russia still does not have any legal framework for crypto, which means that crypto is still in a gray area and all crypto companies like Yobit need to be careful not to be punished or jailed in case the government officially bans crypto.

[KryptoBull]

I am really concerned about Yobit's future when it cannot convince domestic users in Russia with poor service, few trading pairs and not being strongly promoted.

Are you using Yobit? Will you continue to trust Yobit and be satisfied with all of Yobit's services?

I've heard of Yobit but never used it. Its interface is rather unattractive and lacks many user-friendly features found on platforms like KuCoin and Binance. As a result, I haven't paid much attention to its liquidity, even though I'm aware that poor liquidity can contribute to a CEX downfall. A CEX with low liquidity often struggles to compete and grow.

The best course of action for users is to leave Yobit and explore more reputable CEXs such as Binance, Bybit, Coinbase, and Kraken. It's unwise to entrust crypto assets to a subpar CEX with numerous issues like Yobit.

[MrSpasybo]

I've heard of Yobit but never used it. Its interface is rather unattractive and lacks many user-friendly features found on platforms like KuCoin and Binance. As a result, I haven't paid much attention to its liquidity, even though I'm aware that poor liquidity can contribute to a CEX downfall. A CEX with low liquidity often struggles to compete and grow.

The best course of action for users is to leave Yobit and explore more reputable CEXs such as Binance, Bybit, Coinbase, and Kraken. It's unwise to entrust crypto assets to a subpar CEX with numerous issues like Yobit.

YoBit used to be quite popular among Russian crypto investors. I'm not sure if it was as well-known and used by investors globally. Having worked in Russia, I was introduced to YoBit in the early days of my crypto journey. It was a pretty good platform to use until the rise of other top-tier CEXs such as Binance, Huobi, and KuCoin.

I've personally reduced my usage of YoBit significantly. Binance offers a more compelling proposition with a wider range of trading pairs, better liquidity, and numerous programs benefiting both holders and traders. I did revisit YoBit for a brief period to participate in an airdrop from a crypto forum, but that phase ended quickly. Now, YoBit is merely a nostalgic footnote in my crypto investment journey.

[bhadz]

I've personally reduced my usage of YoBit significantly. Binance offers a more compelling proposition with a wider range of trading pairs, better liquidity, and numerous programs benefiting both holders and traders. I did revisit YoBit for a brief period to participate in an airdrop from a crypto forum, but that phase ended quickly. Now, YoBit is merely a nostalgic footnote in my crypto investment journey.

I've seen their glory days and it was one of the known crypto exchanges before. Are they still a non-kyc exchange? Because with the popularity of binance and other exchanges nowadays, volume went low from this exchange. And their sketchy interaction with users have probably helped to decrease their popularity. I agree that its now one of the nostalgic footnotes of anybody and we're able to see such growth of each individual while they were there.

[MrSpasybo]

I've seen their glory days and it was one of the known crypto exchanges before. Are they still a non-kyc exchange? Because with the popularity of binance and other exchanges nowadays, volume went low from this exchange. And their sketchy interaction with users have probably helped to decrease their popularity. I agree that its now one of the nostalgic footnotes of anybody and we're able to see such growth of each individual while they were there.

As far as I know, Yobit still doesn't require KYC, meaning anyone can sign up and use the platform anonymously. That's probably the only advantage I can see with Yobit, but unfortunately, I prioritize profits, so I've moved to better CEXs.

I spent a lot of time on Yobit in 2017 and 2018, especially when I participated in many airdrops on the platform, hoping those tokens would become extremely valuable in the future. Unfortunately, that didn't happen, and my experience on Yobit gradually worsened to an unacceptable level.