New Withdrawal Minimums for Bitcoin Users
In a recent development that’s got Bitcoin enthusiasts buzzing, Cash App has adjusted its minimum withdrawal limits for Bitcoin. The platform now requires users to maintain a balance of 0.001 BTC (about 100,000 satoshis) to make a withdrawal, up from the previous minimum of 0.0001 BTC (10,000 satoshis). With Bitcoin’s value dancing around $51,800, this means you’d need a whopping $51.80 just to hit the new limit.
Riding the Rollercoaster: Bitcoin’s Recent Performance
As if getting the news about higher withdrawal limits wasn’t enough, Bitcoin has also been on a bumpy ride lately. The cryptocurrency took a hit, dropping 6% in value recently and suffering a total decline of over 19% in just a week, according to CoinMarketCap data. Who knew investing in digital fortune cookies could be so volatile?
Your Withdrawal Options
For those looking to make moves, here’s the skinny on your options: Cash App allows you to withdraw up to $2,000 worth of BTC every 24 hours and $5,000 within seven days. This might sound generous until you realize you have to meet that pesky 0.001 BTC threshold first.
What’s Behind the Change?
Cash App’s silent update on withdrawal limits seems to stem from the increasing network fees associated with Bitcoin transactions. A recent report from Cointelegraph revealed that transaction fees skyrocketed to an average of $58, just a hop away from the all-time high of $62 set back in December 2017. It turns out that keeping up with the network’s hash rate drop isn’t just a concern for hardcore miners!
The Popularity of Cash App for Bitcoin Transactions
Cash App has surged in popularity as a go-to platform for Bitcoin transactions. Why? Well, in the third quarter of 2020, the app reported an astounding $1.63 billion generated from Bitcoin activity alone, which accounted for a staggering 80% of its overall revenue. That’s not pocket change; that’s a Bitcoin buffet!
So, if you’re a Cash App user with an eye on Bitcoin, be sure to keep the new limits in mind as you strategize your crypto moves. Happy trading!
