{"id":122267,"date":"2021-04-22T22:52:57","date_gmt":"2021-04-22T22:52:57","guid":{"rendered":"https:\/\/precoinnews.com\/?p=122267"},"modified":"2021-04-22T22:52:57","modified_gmt":"2021-04-22T22:52:57","slug":"squares-cash-app-raises-minimum-bitcoin-withdrawal-to-0-001-btc","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/squares-cash-app-raises-minimum-bitcoin-withdrawal-to-0-001-btc\/","title":{"rendered":"Square\u2019s Cash App raises minimum Bitcoin withdrawal to 0.001 BTC"},"content":{"rendered":"
Square’s Cash App, a Bitcoin-friendly mobile payments platform, has raised its minimum withdrawal requirements for BTC holders.<\/p>\n
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. <\/p>\n
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. <\/p>\n
\u201cYou must have a balance of at least 0.001 bitcoin to make a withdrawal,\u201d reads Cash App\u2019s 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.<\/p>\n
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\u2019s hash rate. The average cost of a Bitcoin transaction reached $58 on Tuesday, just shy of the $62 record set in December 2017.<\/p>\n
Cash App has emerged as a popular method for buying Bitcoin, with fees on purchases accounting for the lion\u2019s share of its revenue. Cash App\u2019s Bitcoin-derived revenue reached $1.63 billion in the third quarter of 2020, accounting for 80% of its total sales. <\/p>\n