Bitcoin Cash (BCH) is the truest form of Bitcoin – a fast and reliable P2P (peer-to-peer) digital currency. Due to the usefulness and value of Bitcoin Cash, many crypto beginners have started asking questions like “how to buy Bitcoin Cash (BCH)” and “where to buy Bitcoin Cash.”
If you want to buy BCH but don’t know where to start, you will learn a lot from this article. We’ll cover the fundamental steps of buying BCH, as well as some essential topics about the token.
Bitcoin Cash (BCH) Buying Guide
Step 1: Find An Exchange That Supports BCH
To start buying BCH, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support BCH.
Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.
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Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification.
You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.
Step 2: Deposit Funds to Your Exchange Account
Before buying BCH, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.
Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.
Step 3: How to Buy BCH Officially?
Learning how to buy BCH is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the BCH ticker. You can also look directly for BCH trading pairs to save time. Afterwards, just enter the amount of the BCH tokens that you want to buy.
You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.
Everything You Have to Know About Bitcoin Cash (BCH)
Bitcoin Cash is a cryptocurrency token that lets you send money to anyone around the world. Unlike Bitcoin, Bitcoin Cash (BCH) can settle transactions within seconds. The main reason for this is the lack of network congestion and block difficulty adjustment.
Bitcoin Cash is also more affordable to use. The transaction fees are lower and will barely make a dent in your wallet. More importantly, the token is simple to understand.
Right now, Bitcoin Cash is supported by numerous wallets:
Also, when it comes to scarcity, Bitcoin Cash has almost the same level as Bitcoin. This level of scarcity ensures the stability of Bitcoin Cash in the coming years.
How Does BCH Work?
BCH works as a digital coin that can be spent on different transactions. You can get BCH from an exchange and use it to pay for a service or a product. Many Bitcoin gambling sites also accept BCH as payments for bets. BCH can also be a part of your investment portfolio because of its rising value and real potential.
What Makes Bitcoin Cash (BCH) Unique?
Many people actually think that Bitcoin Cash is not unique because it carries the genesis identity of Bitcoin itself. That is a major misconception! Bitcoin Cash is rather unique because it pays homage to the original goal of Bitcoin: an electronic P2P cash system.
Bitcoin Cash (BCH) is even more secured than Bitcoin ever since it dropped the RBF (replace-by-fee) system. Basically, the RBF allows a user to remove a block transaction by paying a hefty fee. While this function made Bitcoin more forgiving, it posed the major security risk of double-spending. When Bitcoin Cash dropped RBF, it maintained the original precept of a cryptocurrency: every crypto transaction is immutable.
BCH is also supported by smart contracts albeit on a limited scale. Still, this capability gave way to flexible DApp integration, smart programs, and several projects where BCH is the main currency.
Who Are the Founders of Bitcoin Cash (BCH)?
The known founder of Bitcoin Cash is Roger Ver – a successful investor, entrepreneur, and early adopter of Bitcoin. During Bitcoin’s controversial hard fork, Roger Ver maintained his ground along with the big bulk of the Bitcoin community. Ver believed that Bitcoin Cash is the truest form of Bitcoin and the way it is intended to be. Currently, Roger Ver and his team are working on new developments that will contribute to the long-term value of Bitcoin Cash.
What Are the Use Cases of Bitcoin Cash (BCH)?
Bitcoin Cash is swiftly being adopted in the digital world today. Many experts also believe that Bitcoin Cash has more practical use cases than Bitcoin!
Here are the common use cases of BCH:
- Speculative trading
- Payments for goods and services
- Transaction fees
- Rewarding system
- Long-term investment
Who Builds on Bitcoin Cash (BCH)?
With Bitcoin Cash’s new and improved framework, the platform can now handle different types of projects. Some of the popular projects of Bitcoin Cash are CashID (BCH login), OpenBazaar (online marketplace), and Blockchain Poker (BCH poker site). Developers can build simple or complex projects due to Bitcoin Cash’s utilization of smart contracts and lower overall fees.
Official website: https://bitcoincash.org/
Essential Points of the Bitcoin Cash (BCH) Whitepaper
The Bitcoin Cash Whitepaper is the same as Bitcoin. Some of the concepts discussed by the paper are electronic cash transactions, block framework, and the Proof-of-Work protocol. In this article section, however, you will see the advantages of Bitcoin Cash over Bitcoin.
These are the strong points of the Bitcoin Cash (BCH) Whitepaper:
- Faster and more efficient transactions
- Block time adjustment
- Block size growth (2MB for Bitcoin, 32MB for Bitcoin Cash)
- Bitcoin Cash smart contract utilization
- Limited NFT usage on Bitcoin Cash
- Bitcoin Cash is supported by more merchants
The Best Cryptocurrency Wallet for BCH
After knowing how to buy BCH, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.
You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.
On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.
What Factors Affect My Choice of Crypto Wallet for BCH?
At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.
Check out the important factors affecting your choice of BCH wallet:
- Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade BCH right away.
- Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that will let you trade hundreds of cryptocurrencies without limitations.
- When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
- Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
- Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.
Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors
Now that you already know how to buy BCH, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.
When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.
Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.
If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes.
General Market Overview for Bitcoin Cash (BCH)
Do you want to learn more about Bitcoin Cash (BCH) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!
Additionally, here are some important topics in our blog:
- Trading speculation about Bitcoin Cash (BCH)
- The current market prices of cryptos
- Detailed price charts with comprehensive histories
- Whitepaper summaries of cryptos
- Founder profiles and their related works
- Up-to-date cryptocurrency news and developments