Last Sunday, both Bitcoin (BTC) and the main crypto currencies on the market were immersed in a correction that reached 20% for some assets. While many altcoins have rallied, BTC remains in a difficult outlook, and crypto service providers are looking to reduce the number of withdrawals.
Payment platform Cash, the Square (the driven signed by the CEO of Twitter, Jack Dorsey) established new minimum amounts for withdrawals BTC by users. Although the measure does not affect large investors, it does appear to go against small speculators. In principle, the measure does not have an expiration date.
The new minimum amount to withdraw funds in Bitcoin is 0.001, which is equivalent to 100,000 satoshis. Previously, the minimum set was 0.0001 (10,000 satoshis). In dollars (taking a BTC price at $ 52,000), the minimum withdrawal threshold went from $ 5 to about $ 50.
Despite the new modifications, the platform did not alter its maximum parameters: USD 2,000 every 24 hours and USD 5,000 per week.
Cash App gained popularity in the middle of last year, when Dorsey began to show himself as a true enthusiast for BTC and the rest of the crypto market. In the third quarter of the year, the revenue in the leading crypto currency to the platform touched a maximum of 1.63 billion dollars, which demonstrated a dominance of 80% of the total sales of the firm.