Bitcoin dominance increases by the day while many altcoins fade into darkness. Bittrex, a popular cryptocurrency exchange, delisted 15 coins from their exchange just this month… and only gave a 2 week withdrawal limit. You should know this is a reality for exchanges in 2019, and how you can prevent it from burning you…
The reality of the situation was perfectly summarized by professional crypto trader DonAlt:
One of the many insane parts about all these delistings these days is that the withdrawal time is usually only two weeks. Back when I started out, I checked every month to see how my Dogecoins were doing. Nowadays that time is enough to lose both your coins and your market.
Many people are under the impression that altcoins can be an extremely profitable investment. While this can remain true, investors should beware of the negative situations around altcoin ICO scams.
A report from ICO advisory group ‘Statis Group’ in 2018 claimed that 80% of initial coin offerings in 2017 were identified as scams. Many projects capitalized off of the 2017 bull run, but were simply copies of others or had poor fundamentals.
Delisting doesn’t only happen to poorly performing coins though. Binance removed Bitcoin SV due to its founder claiming that he is Satoshi Nakamoto, the creator of Bitcoin.
There are many altcoins that have maintained relevancy, but no matter which one you are holding, it would be smart to check up on them frequently.