“The whole idea of withdrawing from a tradecoin is stupid,” said Ian Kavanagh, a senior associate at Coinlab, a Dublin-based bitcoin startup.
“It is going to have to be a big change in mindset.
People are going to need to make a decision on whether they want to withdraw their bitcoin from tradecoins or not.”
The Coinlab team, which works with the Irish Bank Resolution Corporation (IBRC) to help businesses make the most of bitcoin, has been using the tradecoin withdrawal process for several months now.
“We are seeing a lot of people doing the withdrawal from tradecoin as the exchange is closed, and a lot are saying it’s going to be very hard to get it back,” Mr Kavanag said.
“The reason for this is because tradecoin does not have a hard cap on how much you can withdraw.”
The tradecoin withdrawals are limited to €1,000, with a limit of 1,000 coins a day.
“I am sure this is going not to last forever,” said Mr Kavanc.
“But if you are looking for a way to get your coins back and to make the change to a currency that has a hard limit on it, it is going be hard to go without.”
Mr Kavenagh said that he had already seen the demand for a trade coin withdraw.
The process The first tradecoin was launched on the day of the Brexit vote on June 23, and has since been popular with traders. “
A lot of it is just people being desperate, but also because it’s something that they want.”
The process The first tradecoin was launched on the day of the Brexit vote on June 23, and has since been popular with traders.
The withdrawal process requires that traders create an account on Coinlab’s website and then send €500 in a bitcoin to a designated contact on the exchange.
Once that contact receives the bitcoin, they are required to provide the transaction ID and the currency of the trade.
The transaction will then be confirmed by Coinlab and the bitcoin is then removed from the exchange for a further deposit of 1 BTC.
Coinlab is currently using the Tradecoin withdrawal to help traders make the switch to a more secure currency.
The company has also started offering the process on its own exchange, TradeCoin.com.
TradeCoin is also currently accepting bitcoin for deposits, which allows customers to withdraw up to €5,000.
Mr Kavaanagh said the company would be adding more options in the future, including a bitcoin debit card.
The tradecointalk thread on the coinlab forum attracted more than 10,000 posts and 1,100 comments in the past 24 hours.
“As a result of the huge uptake in the coin, we are now seeing people asking about the tradecoincheck thread,” he said.
A spokesperson for the Irish Bourse confirmed that the tradecoins were in fact being withdrawn.
“Tradecoin is currently under investigation by the IBRC as it relates to the trading of the cryptocurrency in question,” they said in a statement.
“This investigation is ongoing.
Tradecoin is not currently listed on any national exchange and there is no intention to remove the coin.”
A similar process was used by the bank to help settle its bitcoin withdrawal last week, with the bank confirming that it had removed the cryptocurrency from its exchange and “reinstated trading in a different bitcoin”.
The Irish Government has been encouraging people to use the bitcoin withdrawal process to take their money out of the country, with Finance Minister Michael Noonan calling the move “a major step forward” for the cryptocurrency.