If you’re asking how to get Bitcoin Cash (BCH), the chances are you’ve already gone through the process of purchasing Bitcoin. But, whatever your motives are, here are a few things you should know.
Bitcoin Cash has forked again since it broke away from Bitcoin
The infamous Bitcoin Cash hard fork took place in November 2018. Fighting factions inside the Bitcoin Cash camp led to the emergence of two new cryptocurrencies: Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi’s Vision).
Most major exchanges and CoinMarketCap now use “Bitcoin Cash” to refer to the new Bitcoin Cash ABC implementation. Be sure that it isn’t Bitcoin SV you are looking for instead. Taking a quick glance at their latest performances as well as the vision and directions of both cryptocurrencies should be enough to make up your mind.
Use an exchange
Bitcoin Cash is one of the easiest cryptocurrencies to get hold of. Although it isn’t available on popular peer-to-peer site LocalBitcoins, it is listed on all major exchanges.
For beginners, a fiat-to-crypto exchange is a great place to start. You simply need to open an account, which requires you to upload your photo ID and enter your email, phone number, and a few other basic details.
You can buy Bitcoin Cash with a credit or debit card or you can link your bank account and send the money through a bank transfer (depending on where you live). Then, you can keep your Bitcoin Cash directly in your exchange wallet or you can transfer it to safer storage in a hardware wallet. This method, however, can incur high transaction fees from your banks. So how can you avoid them?
Some exchanges choose a dedicated wallet that you can deposit into and access through the dashboard. These wallets may offer fee-free transactions and faster transaction times,
Buy Bitcoin Cash directly from Bitcoin.com
You can also buy the cryptocurrency directly from the Bitcoin.com website. As Roger Ver’s brainchild, this website is a long-time proponent of both Bitcoin and Bitcoin Cash and provides readers with a simple page to buy BCH with a credit card.
You simply need to enter the amount of BCH you wish to buy or the amount of your local currency you wish to spend. If you buy from a site like this that is not an exchange, you will need to download a wallet that supports Bitcoin Cash first, so that you have an address to send your private keys to.
Note that you will soon also be able to purchase Bitcoin Cash from the Coin Rivet platform. If you haven’t signed up to find out more information about our launch, be sure to do so!
Trade with Bitcoin or another cryptocurrency
If you’re already in possession of Bitcoin or any other cryptocurrency, you can trade crypto-to-crypto on an exchange that facilitates this capability. You could use Bitcoin and Ethereum to trade for Bitcoin Cash.
The takeaway
While 2018 was a dire year for most cryptocurrencies across the board, Bitcoin Cash suffered more than most. The hard fork in November 2018 sent the blockchain into an ongoing hash war, and it was uncertain whether just one blockchain would emerge or two new ones would surface. In the end, two new chains continued.
This is crypto though and nothing is certain. The situation can change drastically within minutes. Whichever coin or token you decide to invest in, be sure to carry out prior research and keep your funds safe in a cold wallet offline.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.