We all know Bitcoin, the king, and forerunner of altcoins. Since its inception in 2009, this cryptocurrency has performed excellently. It has stayed at the top of the crypto chain, despite the entrance of many other competitors into the cryptocurrencies scene.
However, no matter how good a system is there’s always room for improvement. The Bitcoin blockchain, despite all the merits that came with it, had some hiccups. There were a lot of users on the network and transaction fees were on the increase.
At the time of its creation, previous owners of Bitcoins also, automatically, had some Bitcoin cash. It is recognized uniquely from the Bitcoin Classic (BTC) with a different symbol, BCH.
How to buy Bitcoin Cash?
Bitcoin Cash emerged as the most prominent Bitcoin fork in the summer of 2017, and has since rose by several steps on the crypto leaders chart. Despite the earlier misgivings over its chances in the marketplace, it has weathered the storm to gain its pride of place as the 4th most capitalized crypto. It commands a $13.6 billion market valuation as at the end of July, 2018.
How to get Bitcoin Cash on the exchange?
Bitcoin Cash is traded globally and can be bought on any of the leading exchanges like Coinbase, Binance, BitStamp, Poloniex and Kucoin. The point to note here is that Bitcoin Cash can be bought on these exchanges in different ways. Some exchanges would accept fiat payments, and others might accept crypto payments only.
Different exchanges have a requirement or more that needs to be met before anyone can use their services. Opening an account, providing proof of identity and using an acceptable payment method are important steps to consider.
For crypto traders who want to cut the chase and explore a faster Bitcoin Cash transaction, Changelly provides an easier way out. A bank debit or credit card, an email address and a BCH wallet address makes it possible to buy Bitcoin Cash.
How to buy BCH without exchange?
You can buy Bitcoin Cash easily whether you have a crypto account yet or not. You can buy Bitcoin Cash with fiat money and own some units right away. You do not have to open an exchange account to buy Bitcoin Cash.
How to buy Bitcoin Cash with cash?
If you want to buy Bitcoin Cash with USD or other currency, you will have to explore cash accepting avenues. The easiest cash accepting avenue is a crypto ATM, You only need to scan your wallet address at the ATM and enter the amount you want to buy. After depositing the cash equivalent, your account will be credited. You can find a crypto ATM by using Google Map.
You can also use a P2P marketplace for a cash transaction.
Use a peer-to-peer trading system
Peer to peer trading systems bring prospective buyers in contact with holders of cryptocurrencies who are willing to sell them.
You can directly exchange fiat currency and have Bitcoin cash transferred directly into your wallet. It is important to state here that you will be dealing directly with individuals and the risks are a little higher here. You have to be careful not to give away too many unnecessary details and thus expose yourself to scams and frauds.
A good precaution is to never use the same public key twice; this makes it difficult to trace transactions back to you. Your public key is the cryptocurrency wallet that gets broadcast to other users on the blockchain cash network. By constantly changing your public keys, you preserve your anonymity, the amount of bitcoin cash you possess, and so you are safer on the network.
Buy Bitcoin Cash Using a Cryptocurrency Exchange
If you already own some other form of cryptocurrency, either Bitcoin classic (BTC), Ethereum or others, you can trade them, on a cryptocurrency exchange for Bitcoin Cash (BCH). On the dashboard, you just choose the currency pair you wish to trade e.g. BTC/BCH or ETH/BCH. You then select the amount of Bitcoin cash you wish to purchase and the corresponding amount of your purchasing cryptocurrency gets debited from your account
A cryptocurrency exchange makes it possible to trade- sell and buy various cryptocurrencies; changing them for each other. There are various cryptocurrency exchanges; Coinbase, Kraken, Bitfinex, Bitpanda, among others. Using a cryptocurrency exchange is a particularly good idea if you’re not just planning to hold but to carry out transactions and trade in cryptocurrencies.
When you open an account, you fund it via various means. With a funded account on a cryptocurrency exchange, you can easily get Bitcoin cash or any other cryptocurrency for that matter. All you have to do is select Bitcoin cash from the cryptocurrency tab, choose how many units you want, and the corresponding amount gets debited from your account.
How to buy Bitcoin Cash with a credit card?
A holder of a bank card can easily buy Bitcoin Cash on Changelly by following the simple prompts on the portal.
As you explore this link, you will be redirected to the platform’s payment processor page at Simplex. You will receive your BCH in your wallet afterwards.
How to buy Bitcoin Cash with Paypal?
This is another quick way by which you can get your cryptocurrency exchange funded. And considering the fact that PayPal works for international payment, you can even receive Bitcoin Cash from sellers beyond the shores of your country or region.
The best known Paypal accepting platforms globally are Localbitcoins and Paxful.
How to Store Bitcoin Cash?
After funding your cryptocurrency exchange account, you can easily begin to accumulate your own personal store of Bitcoin cash. Cryptocurrency exchanges serve a double purpose. They provide storage space to store your Bitcoin cash. And more importantly, a cryptocurrency exchange provides a platform on which you can easily purchase and sell Bitcoin cash, making it easy to indulge in trading and real-time transactions.
Keep in mind that if you’re keen on being a long-term cryptocurrency trader or investor, then a cryptocurrency exchange is not a good storage option. Cryptocurrency exchanges are often targets of hacks by nefarious elements. Apart from this, there is also the possibility of other negative acts like insider trading, and perhaps the crash of the exchange itself. Therefore, if you plan to hold your Bitcoin cash for the long term, a cryptocurrency wallet will be a far better idea than a Bitcoin cash exchange.
There are various forms of cryptocurrency wallets you can choose from:
This kind of cryptocurrency wallet is available from your computer desktop via an internet connection. It is important to note, though, that you can only assess this kind of wallet only from the computer on which you opened it. Depending on the level of trading or how many transactions you carry out, this may be a little restrictive. You can easily have your Bitcoin cash stored on your desktop with unrestricted access whenever you wish to make a transaction.
In this case, you open a wallet on a particular website. A slight drawback here is that you forego the decentralization of the blockchain technology by keeping your account information in just one place. Despite this, the web wallet offers flexibility and ease in using your Bitcoin cash. Some web wallet service providers even offer mobile apps to give you continuous access to your funds on the go.
Hardware Cryptocurrency Wallets
This is perhaps the safest way to stop Bitcoin cash and cryptocurrencies in general. A hardware wallet, like the name implies, is a physical device on which you can store your Bitcoin cash (and other cryptocurrencies as well) offline. You can easily sync your existing online cryptocurrency wallets and load them unto your hardware wallet. The advantage of a hardware wallet is that it is more immune to hacking attacks than other forms.