Just like every other cryptocurrency, buying Bitcoin cash requires a cryptocurrency wallet. For the uninitiated, a cryptocurrency wallet is simply a virtual location, either online or on a physical device where you can store your coins.
The easiest way to set up a wallet is to get the wallet service provider of your choice and activate the wallet address. The is plenty of wallets you can choose to store your BCH. On activating the wallet, you can copy the BCH wallet address and send it to a sender.
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How to choose the best Bitcoin Cash wallet?
There are lots of great solutions for Bitcoin Cash wallets. The first thing you need to pay attention to is the wallet’s security. When downloading a wallet, make sure that your private key is safe, because this is the only way to get full access to your funds.
Bitcoin Cash Wallet Types
An online wallet is an excellent solution if you prefer to have your wallet on hand wherever you go and whenever you want it without carrying your laptop on the way. For these reasons, the best option would be online wallets that are available from anywhere in the world where there is an Internet. It is very convenient to travel, for small purchases or donations.
This spare wallet is also useful for working with any service where you want to fly under the radar and don’t want to show your main wallet or clog it with many small transactions.
However, at the same time, it’s not that highly secured as Software or Hardware wallets. Therefore if you focus on the high level of protection, the online wallet would be not the top using for you.
Software wallets could be easily used on any devices (like PC, laptop, smartphone, etc.) since they are based on computer software. You can get access to any of them easily with having a key of the wallet and the device you can log in from. Software wallets are available on desktop or mobile.
The desktop wallet primary advantage is giving you full control of the currency to the users without a necessity to rely on any third party interface. So the utter security is also on you. It follows that in case you get hacked by an intruder your pc or hard drive breaks down, you have a high risk of losing access to your funds.
Hardware wallets are dedicated devices that store the user’s private keys in a special hardware wallet. It promises enhanced security in the case of theft or scams towards any other wallet type.
In case you got any virus or Trojan it could read and record the data you store on your Hardware wallet while using it, since it is not directly connected to your laptop. Even in case, you have lost access to the wallet, it is easy to restore it on the new device.
A paper wallet is an offline mechanism of storing your crypto. This system includes printing the private keys and the currency addresses onto paper. Eke it is a document that contains copies of the public and private keys of the wallet on the plain paper. Besides, a paper wallet frequently contains QR codes that can be scanned to complete a transaction so you could receive in access with it.
How To Claim Bitcoin Cash
All Bitcoin holders are supposed to have an equal BCH amount in their wallets, provided that they control private keys. In case you held Bitcoin tokens before Bitcoin Cash hardfork happened (August 1st, 2017), it means the sum you stored on the corresponding wallet will be deposited in the BCH equivalent.
This is the way BCH is being integrated in contrast to the original currency. BCH represents an experimental blockchain replication for implementing new technologies different from the upcoming changes in Bitcoin (BTC).
The possible options vary in accordance with the wallet type you are in use.
In case of full node wallet, that requires downloading the entire Blockchain, all you need is back it up into a wallet.dat file. Once it’s done, everything you need is to import it into a full node Bitcoin Cash wallet, where the BCH will be accessible for continued operations.
To provide with more security, we would suggest you installing the full node Bitcoin Cash wallet on another pc to prevent using the same data directory from full-node wallet side. Installing a new wallet may result in the previous one’s data being overridden. Otherwise, you have a high risk to lose the funds from both of your wallets.
Also, a lighter SPV (Simplified Payment Verification) wallet could be a good option since that doesn’t involve downloading the full Blockchain on it. Most of those wallets use a recovery seed. In other words that’s the sentence that contains your Bitcoin and Bitcoin Case private keys. It’s one of the important stages of getting access to your private keys in your wallet. It’s necessary to insert this seed to the appropriate wallet in purpose to open the full access to the internal functions of the corresponding one.
A cryptocurrency wallet is the best bet for you if you only plan to carry out transactions once in a while. This is also fitting if you only wish to buy Bitcoin cash for HODLing purposes. As soon as your wallet is set up, you can use it to store manage your coins. For example, you can use Changelly to buy Bitcoin Cash with a credit card and provide the address of your wallet to receive your coins.
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