I bought TF dip yesterday with Swan and now Iβm midkey panicking because I canβt withdraw it for a while.
Do you think Swan will be impacted by SVB collapsing?
Discussion
Why canβt you withdraw it?
It has a hold thing on it that says once you buy it you canβt withdraw it for 10 - 30 days.
Hemm. But I think Swan uses a prime custodian which means they donβt have you bitcoin, the custodian does, so if they goes away, you should still be fine but 30 days is an eternity in Crypto
Nah both dont corrolate with eachother, also they're insured by the fdic up to 250,000$ so unless you have more that 250k in bitcoin on swan you'll get your money back if (which i highly doubt would happen) they get affected/wiped oit
π«ππ§‘π» thank you!!
The bitcoin is not insured. Only your fiat.
Thatβs why Iβm nervousβ¦ even though itβs a trivial amount on their sats are sats and I donβt wanna lose any of them.
Imo you should be fine since swan bitcoin only operates with bitcoin and not shitcoins, crypto exchanges on the other hand are shipping bricks currently, you can withdraw in 10-30 days to your cold wallet after the funds settle, im in the same boat as you so i understand where you're coming from
Thanks so much! I appreciate you sharing. Itβs comforting knowing Iβm not alone. I was feeling a bit like an idiot.
I would suggest you Spread out your buys using different exchanges if you can.
Their custodian is Prime Trust.
If you didnβt lock it up should be able to withdraw unless the transaction hasnβt settled by the bank either way cold storage is best Bitcoin itβs self is like an IRA just hold what you can afford
Most definitely!
Why canβt you βwithdraw for a whileβ?
10 - 30 days is what the site said yesterday.
Weird restriction, buy p2p or use an exchange that doesnβt have withdrawal time restrictions.
Has this been a normal time frame historically? The company that says they value holding your own keys makes you wait 10-30days to do so? π€
I wouldn't use them again. Has the amount of sats been locked in? What happens if BTC goes 3x from here? do you get today's rate in sats on the day of your withdraw?
Donβt panic. Swan will probably be fine. I buy from Swan daily and withdraw about every 10 days. Iβve no plans to change. I assume you didnβt lump sum your life savings in one shot yesterday.
Peace.