Square’s Cash app, a Bitcoin-enabled mobile payment platform, has increased its 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, previously.
With Bitcoin hovering around $ 51,800, 0.001 BTC equals $ 51.80. The major cryptocurrency was in the midst of another large correction on Thursday, after falling 6%. Bitcoin has fallen more than 19% in the past seven days, according to data from CoinMarketCap.
“You must have a balance of at least 0.001 bitcoin to make a withdrawal,” reads the Cash App’s withdrawal instructions. Users can still withdraw up to $ 2,000 in BTC every 24 hours and up to $ 5,000 in a seven-day period.
Although Cash App appears to have updated its withdrawal terms silently, the change may be due to higher network fees. As TBEN recently reported, BTC transaction fees are approaching all-time highs in dollar terms following a significant drop in the network hash rate. The average cost of a Bitcoin transaction hit $ 58 on Tuesday, slightly below the record high of $ 62 set in December 2017.
Cash App has become a popular method of buying Bitcoin, with fees on purchases accounting for the lion’s share of its revenue. Cash App’s Bitcoin derivative revenue reached $ 1.63 billion in the third quarter of 2020, accounting for 80% of its total sales.