Topic: [2019-06-27]Millions of investors can't sell their bitcoins (Read 408 times)

The title doesn't sound correct, it is estimated that there's around 35 million users of exchanges, and most investors have more than 0.01 BTC are whatever is the limit, and not all exchanges have such high minimal withdrawal thresholds, so the number of affected investors should be much lower, maybe a few hundreds of thousands in worst case. And of course "can't sell" is also not correct, people always can make direct trades, or use currency converter services instead of the markets.

Strange that all these news came around, even I was around on every day for this month (usually I am not), trading for fun on a small amount but none of my trades were blocked or cancelled. To be sure I only had in total 300k satoshi and I only do BTC=Alt Trades, but that is still about 30+ dollars and it's small enough to be counted as a small trade, so how come I didn't get affected?

They can still sell them via OTC if they wanted to. But probably only for BTC <> Alts, and not BTC <> Fiat because the buyer might not want to have additional fees (even if it's possible that the seller sends more BTC to cover the fees).

I am not surprised of this minimum rule imposed by many cryptocurrency wallets. I am not sure though if top and famous exchanges like Binance and Kucoin have the same rule or if the minimum is the same. Maybe it is time to petition Blockchain.com to do something about this limitation so that people will not feel stuck with their coins and could not do anything about it. Actually, this opens up a good opportunity for other service providers to work with this market category offering them better alternatives. In my view, part of the ways we can encourage massive adoption is we relax limitations resulting into empowered members of the cryptocurrency community.

Millions of 'armchair' investors piled into Bitcoin – now they can't sell



Those who own digital currencies like Bitcoin worth less than £100 may be stuck with their investments
due to minimum limits for selling introduced by wallet providers.
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One Telegraph Money reader who purchased around £90 worth of Bitcoin at the height of the craze was surprised to find he did not own enough of the digital coin to be able to sell through his provider Blockchain.com.

He purchased 0.0062 of a coin, but quickly found he needed around 0.008 of a coin in order to sell. When he checked again this week the minimum amount had risen to 0.01.
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Gary McFarlane, a crypto analyst at Interactive Investor, the stockbrokers, said Blockchain.com's minimum was far above the average transaction fee of $2.31 (£1.82). He said many of those who purchased cryptocurrencies would have been doing so speculatively and would own small amounts.

According to analysis by Interactive Investor, almost 18 million wallets currently hold less Bitcoin than Blockchain.com’s limit. A single person can own multiple wallets.

Mr McFarlane said: “Although individuals holding their Bitcoin in exchange wallets still own the holdings, they effectively can’t access it with these rules. Worse still, the exchange could be using those funds for liquidity on the exchange – such is the crypto wild west.”
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