Square Cash, a Bitcoin compatible mobile payment platform, has raised the minimum withdrawal requirements for BTC holders.
The minimum withdrawal amount for Bitcoin accounts is 0.001 BTC or 100,000 Satoshi, up from 0.0001 BTC or 10,000 Satoshi before.
With Bitcoin hovering around $ 51,800, 0.001 BTC equals $ 51.80. The leading cryptocurrency experienced another major correction on Thursday after falling 6%. Bitcoin has dropped more than 19% in the past seven days, according to data from CoinMarketCap.
“You must have a balance of at least 0.001 BTC to withdraw,” reads the instructions for withdrawing funds in the Cash app. Users can still withdraw up to $ 2,000 in BTC every 24 hours and up to $ 5,000 for seven days.
While it appears that the Cash app has quietly updated its withdrawal terms, the change could be due to higher network fees. As Cointelegraph recently reported, BTC transaction fees are close to a constant high in dollars after a significant drop in network segmentation. The average bitcoin transaction cost on Tuesday was $ 58, just below the record $ 62 recorded in December 2017.
The cash app has become a popular way to buy bitcoin, with the largest share of revenue coming from purchase fees. Revenue from using Bitcoin with the Cash app reached $ 1.63 billion in Q3 2020, accounting for 80% of total sales.