How to Buy Bitcoin Cash
Bitcoin Cash Price in USD: Convert to US Dollar
Although Bitcoin (BTC) remains the most popular cryptocurrency, it has two significant drawbacks: low transaction speed and high commissions. The developers of Bitcoin Cash (BCH) tried to solve these problems in their project.
Next, we will consider what Bitcoin Cash cryptocurrency is, its distinctive characteristics and the main ways of buying.
What is Bitcoin Cash
The Bitcoin Cash coin was created in 2017 and is a fork of the Bitcoin blockchain.
The hard fork of the Bitcoin blockchain was occured due to disagreements in the community about network scaling. Some participants in this dispute wanted to increase the block size, while others opposed such changes. Subsequently, those who wanted to increase the block size followed the Bitcoin Cash fork, while the opponents of the change remained on the main Bitcoin network.
The BTC network limits the block size to 1 megabyte (MB), processing up to 7 transactions per second. In Bitcoin Cash, the block size was first increased to 8 MB and then to 32 MB. This affected the speed of transaction processing: it can reach up to 100 per second, which is much higher than in Satoshi Nakamoto’s original blockchain.
Bitcoin Cash has the same Proof of Work consensus mechanism as the original Bitcoin network. Both have a block completion time target of 10 minutes and a maximum coin supply of 21 million.
Where is the best place to buy Bitcoin Cash
There are many ways to buy Bitcoin Cash. You can buy it through:
- Payment services;
- Cryptocurrency exchanges;
- Banks like Relovut and others.
Despite the many ways to buy Bitcoin Cash, it is most profitable to buy a coin on cryptocurrency exchanges. This is because exchanges provide the following conditions: the best exchange rate, high liquidity, many payment methods, the possibility to buy cryptocurrency from a card.
Instructions for buying Bitcoin Cash
Step-by-step instructions for buying Bitcoin Cash include several steps, presented below.
Decide on the level of risk
Investing in cryptocurrency is always a risk: you can not only make a profit, but also lose all the money invested. This is due to the high volatility of the crypto market. Therefore, you need to adhere to the rule of not buying cryptocurrency with the last money and not investing funds that you cannot afford to lose.
Choose a crypto exchange
The next step is to choose a cryptocurrency exchange. To decide on a trading platform, you should study the working conditions: balance replenishment methods, commissions and limits on deposit and withdrawal, user reviews and other parameters.
The Editors’ Choice for buying Bitcoin Cash is Binance exchange. This choice is provided by:
- Speed: Binance can process up to 1,400,000 orders per second;
- Convenience: Trading crypto assets with Binance is quite simple. It only takes a few steps to buy Bitcoin Cash instantly;
- Security and reliability: the exchange is trusted by millions of users around the world;
- Liquidity: the highest liquidity and largest volumes for many trading pairs.
You can also buy BCH on other exchanges. Reliable options can be found in the table:
Register an account
To buy Bitcoin Cash, we chose Binance exchange although you can choose any trading platform. Creating an account on Binance consists of the following steps:
- Open Binance official site;
- Click on Register in the top right corner;
- Select a country of residence and click Create Personal Account;
- Enter email address, create strong password, click Next;
- Verify email and phone number. To do this, enter the activation code which will be sent to e-mail, and then the code received on the phone.
After that, an account on Binance will be created, and you can start working with the exchange.
Top up your account
Account replenishment methods may vary depending on the exchange. So it is important to check in which pairs the coin is traded. On Binance, BCH is traded in tandem with EUR, so we will transfer this currency on the exchange. The replenishment procedure consists of several steps:
- Click Wallet in the upper right corner of your personal account → select Fiat and Spot;
- Specify EUR as deposit currency and select Deposit;
- Specify payment method, for example, bank card → click Continue;
- Enter amount and card details → make a transfer;
- Check up your account on money presence.
Buy Bitcoin Cash (BCH)
We will buy Bitcoin Cash for euros on the spot market. For this:
- Activate the tab Trade → Spot;
- Select the trading pair BCH/EUR;
- Specify the order type, for example, Market;
- Enter the amount for EUR to buy BCH with;
- Click Buy BCH.
How to sell Bitcoin Cash
Selling BCH looks the same way as buying, except that we fill out the forms above the red Sell BCH button.
Where to store BCH
BCH is supported by a variety of wallets, including software, hardware, mobile, and exchange-provided wallets.
If the user plans to actively trade and needs quick access to funds, it is better to choose the “hot” type of crypto wallet. However, you need to remember that such vaults are constantly connected to the network and, in order to secure your funds, you should not forget about security measures (two-factor authentication, complex password, etc.). Reliable “hot” wallets:
Trust Wallet — mobile, multicurrency, the official wallet of the Binance crypto exchange;
Atomic Wallet — desktop, mobile wallet with atomic swap functionality;
Exodus is a versatile desktop and mobile multicurrency wallet.
If you do not plan to make daily transactions, and the wallet will be used for long-term storage, then we advise you to give preference to a hardware cold wallet.
“Cold” wallets provide more secure to funds because they do not have constant access to the Internet and store the user’s private keys offline. Popular hardware crypto wallets: Leger and Trezor. They support a large number of blockchains and have built-in security features. But keep in mind that all hardware wallets are paid.
How to withdraw Bitcoin Cash to my wallet?
- Open your Binance account;
- Select Wallet → Fiat and Spot;
- Select BCH and click Withdraw;
- Specify the transaction network, for example, BSC;
- Get wallet address to transfer coins: to do this, open a crypto wallet where coins will be withdrawn, for example, Exodus;
- Select BCH in wallet;
- Click the Receive tab, then the system will display address and QR-code;
- Copy this address and paste it in the Address line in the withdrawal form on the exchange → confirm the transaction;
- Check for cryptocurrencies in the wallet after the transaction is completed.
- Pass registration and verification (if required);
- Top up your account;
- Open spot terminal;
- Specify a trading pair, for example, BCH/EUR;
- Select order type, e.g. Market;
- Enter amount to buy;
- Click Buy BCH.
|Founder||Satoshi Nakamoto||Bitcoin Unlimited|
|Scalability solution||SegWit, Lightning Network||Increased block size|