How to Buy Bitcoin Cash (BCH)
2017 was a very good year for digital currencies. Investors poured their cash into buying cryptocurrencies as most of them returned abnormally high profits. Claiming the second spot after bitcoins is bitcoin cash. In 2018 more people have shown their interest in buying more bitcoin cash because it is faster and cheaper to use unlike other cryptocurrencies. Bitcoin cash resulted from the splitting of bitcoin blockchain in August 2017.
Some analysts predict that due to the scalability of this digital currency, it might overtake bitcoin in 2018. Discussed in the article are the steps to be followed when buying bitcoin cash.
Step 1 – Download a Virtual Wallet
You can download a bitcoin cash wallet online onto your phone or computer. Once you have downloaded the wallet, you sign up and log in. Once you log in, you will find a wallet address that you will use whenever you want to transact. Apart from the digital wallets, you could also purchase hardware wallets such as Trezor and Ledger. Most of these wallets allow for the seamless transacting of different cryptocurrencies.
You might, for instance, find a wallet that will support both bitcoin cash and ethereum. Some of the most common wallets include Coinomi, Jaxx , Electronic Cash and KeepKey. For enhanced security, write down your wallet address and store it in multiple secure places so that you do not forget it. Some online companies like CoinFloor will store your private keys offline, hence you are guaranteed of the safety of your bitcoin cash.
Step 2 – Find an Exchange
Since bitcoin cash has not been in existence for long, only a few exchanges support bitcoin cash. Some exchanges such as eToro will allow you to buy and sell your bitcoin cash, but they don’t offer a storage service. The best exchange to buy bitcoin cash is Coinbase. This is the most reliable market for trading most cryptocurrencies. Coinbase charges very little fees on transactions and are fast as compared to other exchanges.
Most exchanges will allow you to pay using Visa cards or bank wire transfers. Kraken is also another reliable exchange that allows people to purchase cryptocurrencies. To buy bitcoin cash, you need to compare the different sellers on the exchanges and make your choice. Price is usually the guiding factors when purchasing cryptocurrencies. Place an order and deposit the money into the seller’s account. After a few minutes, you will get an equivalent amount of bitcoin cash.
Step 3 – Transfer Your Bitcoin Cash
After buying the bitcoin cash, do not leave it on the exchange, rather, move it to your wallet. Your bitcoin cash is safer in your private virtual wallet because you are the only one with the private keys required to access the wallet. Using bitcoin block explorer, you are able to track the status of your transaction. The process is finished once you receive 3 confirmations on your wallet.