If you are a daily follower of Crypto News, I am pretty sure that you must be aware of the current talk of the IT town, “Blockchain”, “Bitcoin” and “Bcash” as you would commonly see them hogging along the headlines.
If Blockchain and Bitcoin is not a new topic for you, Bitcoin Cash won’t be anything unheard of you either. So, what’s it?
Bcash is basically a digital currency that is created from the fork of bitcoin, occurred on 1 August 2017.
Anyway, here, I am more intended to share my ideas and experiences with you about the Crypto world. Just like all other cryptocurrencies such as Ethereum (ETH), Litecoin (LTC) and Ripple (XRP), you can buy Bitcoin Cash (BCC or BCH) in a similar way.
Following are the few points that you need to consider before buying Bitcoin Cash:
- Pick a wallet that supports Bitcoin Cash.
- Decide whether to buy from an open exchange or some broker.
- Follow the sign-up and verification procedure of the site from where you are about to purchase BCH. Another important thing that I would want my fellow readers to know before investing in Bitcoin Cash, are you even sure about the difference between Bitcoin (BTC or XBT) and Bitcoin Cash (BCH)? Yeah, I know that people usually tend to confuse between the two, so I am here to highlight the major points of discrimination:
- Bitcoin has a 1 MB block size whereas Bitcoin Cash has got an 8 MB block size, thus making BCH easier to mine. The advantage of BCH in this context is that it can be easily transferred and is cheaper. This makes it a more preferable means of buying, selling and moving funds than you would do by Bitcoin.
- BCH scaling difficulty depends on how many miners have been working on it. At times of processing transactions, more miners get less BCH paid to them and vice versa…
Now that you have got a fair idea about all of it, let’s move on to the five best ways to buy Bitcoin Cash in 2018:
How to Buy Bitcoin Cash?
Bitcoin Cash is directly available via Net banking, credit card or debit card via Zebpay (in India), Coinbase (in USA, UK, Australia, Singapore, Canada and many other European nations such as Austria, Switzerland, Portugal, Belgium, Italy, etc). You can even try using Coinmama, Local Bitcoins or CEX.IO. If your region offers any of these services, go with that, else you would need to make use of Binance.
Converting Cryptocurrency is not at all a tough job; all you would need is to deal with it carefully. Converting Cryptocurrencies (ETH to LTE, LTE to BTC, XRP to BTC) is more reliable when you do it using “Binance,” a Chinese-based platform. This platform has gained good fame in the Blockchain community and is mainly concerned with crypto-to-crypto trading. The upside of Binance is that it uses absolutely low trading fees.
- Buying with Bank account or PayPal:
- Buying with a credit card:
Purchase Bitcoin with a credit card at first by making use of Coinbase and then shift to using Binance to convert your BTC to BCH. The conversion would be done in just 10 minutes or so!
- Purchasing Bitcoin Cash with Skrill:
BitPanda, the most popular digital currency trading platform in Europe to buy and sell Ethereum, Dash, Litecoin, Bitcoin Cash, and Ripple allows the Europeans to use Skrill. After you have bought Bitcoins, exchange the same for Bcash on Binance.
- Buy Bcash with Ethereum:
As I have already said, one can use Binance to exchange Ethereum for Bcash likewise.
- Buy Bcash with Cash:
Likewise, you cannot purchase Bcash directly with cash. At first, you ought to buy BTC in cash (vouchers, trade-in person, sellers, retail stores and various other options) and then convert Bitcoins into Bcash by using Changelly. Some common platforms that permit a purchase method are LocalBitcoins, BitQuick, LibertyX, WallofCoins, and Paxful.
I’ve personally used Localbitcoins, it’s very much popular and there are thousands of traders there with whom you can trade cash for bitcoin or vise versa
They allow you to receive Bitcoin in exchange for a cash deposit. Talking about ATM support to buy Bcash, hold the QR code of your wallet to the screen and feed in the bills. The corresponding amount of BTC will be beamed to your account.
If you are able to buy crypto in your nation, you would easily be able to convert that to Bcash using any of the above-listed methods.
Best Bitcoin Cash Wallets
Before you jump on to discover which “cryptocurrency wallet” would work best for you, I would rather expect you to know what the term actually means.
A cryptocurrency wallet is nothing but a software program that stores the public and private keys (the addresses for making transactions). It assists the users to interact with blockchain by monitoring balances as well as sending and receiving digital currencies. These are often known as digital wallets. Unlike the traditional wallets, they do not store any currency but the records of transactions that are preserved on the blockchain.
When someone is sending you BTC, that means, they are signing off their ownership over it or that concerned wallet address. You should see that the private key of your wallet is matching with the public key of the currency that you are about to receive, so as to unlock those funds. There is no dealing in real money, but the value of your Crypto wallet will increase, and that of the sender’s will decrease. The case is otherwise when you send, and someone on the other side receives.
Here I would list three wallets that you can consider using, I have picked these 4, due to their ease of usage and popular reviews:
This is a multi-sig hardware wallet that makes use of a second security layer to eliminate vector attacks. The device is basically a compact USB device guarded by a metal swivel cover and based on a smart card. Multi-currency support, U2F support and the ability to recover wallet from seed without even connecting to a computer are some of its pros. It costs $65.00 only which is fairly inexpensive.
Trezor is a well-known hardware Bitcoin wallet that has never received any sort of security issue till date. It can be used to store a large number of Bitcoins and you ought to keep your Trezor wallet along with you while making the transaction. The intuitive interface and OS, Linux and Windows friendly prospect have made this wallet more significant in the market. It costs around $99.00.
This digital wallet enables storage and trading of Ether, Bitcoin, Dash or Litecoin in an extremely beautiful and easy-to-use interface. You can even choose to backup your wallet using Exodus. If you are a beginner in the crypto industry, you can definitely try your hand at it. Besides, there is a built-in shapeshift exchange that lets the users trade altcoins for BTC and vice versa. It supports multiple currencies and is quite good in maintaining the user’s privacy.
I’ve personally used Electrum (Bitcoin wallet), it’s open source and easy to use, Electroncash is just like electrum, Yes! You control your private keys and in when a fork happen, you would get the same amount of coins, Just like any other wallet, Electroncash also allows you to encrypt your wallet with 12 words mnemonic seed, This holds the power to your account, no password or anything else required,
if you are’t comfortable with any of the above three mention wallets, you can try ElectronCash as 4th Option, At the same time I just wanted to give you a heads up, here at reddit some users complained that their bitcoin cash (BCH) was lost on electron cash, So it’s a good practice to avoid until you can dig deeper to see if it’s authentic, This can also be a mistake by sending bitcoin cash to bitcoin address.
I personally use Ledger Nano S, and yeah, it’s quite handy and user-friendly to deal with! Anyway, I would like to advise my fellow readers to hold on their patience and try using any of the crypto wallets to preserve their earnings towards making bigger money!