Square’s Cash App, a Bitcoin-friendly mobile payment platform, has increased the minimum withdrawal requirements for BTC holders.
The minimum withdrawal amount for Bitcoin accounts is now 0.001 BTC, or 100,000 satoshis, compared to 0.0001 BTC or 10,000 satoshis before.
With Bitcoin around $ 51,800, 0.001 BTC equals $ 51.80. The leading cryptocurrency was in the middle of another major correction on Thursday, down 6%. According to data from CoinMarketCap, Bitcoin is down more than 19% in the past seven days.
“You must have a balance of at least 0.001 bitcoin to withdraw money,” Cash App’s payout instruction reads. Users can still withdraw up to $ 2,000 worth of BTC every 24 hours and up to $ 5,000 within a seven-day period.
While Cash App seems to have quietly updated withdrawal terms, the change may be due to higher network costs. As Cointelegraph recently reported, BTC’s transaction fees are nearing their all-time high in dollars after a major drop in the network’s hash rate. The average cost of a Bitcoin transaction hit $ 58 on Tuesday, just short of the $ 62 record reached in December 2017.
Cash app has emerged as a popular method of buying Bitcoin with fees for purchases making up the lion’s share of the revenue. Cash App’s Bitcoin revenues reached $ 1.63 billion in the third quarter of 2020, accounting for 80% of its total revenue.