Square’s Cash App, a Bitcoin-friendly mobile payments platform, has raised its minimum withdrawal requirements for BTC holders.
The minimum withdrawal amount for Bitcoin accounts is now 0.001 BTC, or 100,000 satoshis, compared with 0.0001 BTC, or 10,000 satoshis, previously.
With Bitcoin hovering around $51,800, 0.001 BTC is equivalent to $51.80. The leading cryptocurrency was in the midst of another large correction on Thursday, having fallen 6%. Bitcoin is down over 19% over the past seven days, according to CoinMarketCap data.
“You must have a balance of at least 0.001 bitcoin to make a withdrawal,” reads Cash App’s withdrawal instructions. Users can still withdraw up to $2,000 worth of BTC every 24 hours and up to $5,000 within any seven-day period.
Although Cash App appears to have updated its withdrawal terms silently, the change may be due to higher network fees. As Cointelegraph recently reported, BTC transaction fees are approaching all-time highs in dollar terms following a major decline in the network’s hash rate. The average cost of a Bitcoin transaction reached $58 on Tuesday, just shy of the $62 record set in December 2017.
Cash App has emerged as a popular method for buying Bitcoin, with fees on purchases accounting for the lion’s share of its revenue. Cash App’s Bitcoin-derived revenue reached $1.63 billion in the third quarter of 2020, accounting for 80% of its total sales.