Square’s Cash app, a bitcoin-friendly mobile payment platform, has raised the minimum withdrawal requirements for BTC holders.
The minimum withdrawal amount for Bitcoin accounts is now 0.001 BTC or 100,000 satoshi, compared to 0.0001 BTC or 10,000 satoshi before.
While bitcoin hovers around $51,800, 0.001 BTC equals $51.80. On Thursday, the leading cryptocurrency went through the midst of another major correction, falling 6%. According to CoinMarketCap, bitcoin has lost more than 19% in the past seven days.
You must have a balance of at least 0.001 bitcoin to make a withdrawal, read the Cash App’s withdrawal instructions. Users can still withdraw up to $2,000 per 24 hours from their BTC account and up to $5,000 over a seven-day period.
Although Cash App seems to have quietly updated its withdrawal terms, the change could be due to the network’s higher costs. As Cointelegraph recently reported, after a significant drop in the network’s hash rate, transaction fees for BTC are approaching record highs in dollar terms. The average value of bitcoin transactions reached $58 on Tuesday, slightly below the record $62 set in December 2017.
Cash App has become a popular method for bitcoin purchases, with the purchase fee making up the lion’s share of the revenue. Cash App’s bitcoin revenue was $1.63 billion in the third quarter of 2020, accounting for 80% of its total revenue.
frequently asked questions
How do I increase my bitcoin withdrawal limit?
Help ‘ en-us ‘ 1015 account settings
How many bitcoins can I withdraw with the Cash application?
3106-bitcoin exit instructions
Is the money application a bitcoin exchange?
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