If you disagree with Bitcoin’s (BTC) scaling solution then there is an alternative option. Buying Bitcoin Cash. Bitcoin Cash (BCH) is a fork of Bitcoin that has increased the block size to eight megabytes and doesn’t incorporate Segwit on to the technology. The differences can be confusing and frustrating for some, but the battle between the two different versions of Bitcoin is likely to rumble on.
BCH aims to make itself the payment solution for the world. By increasing the block size, they believe that the fees will be reduced and the cost of sending BCH will be cheaper. If you had some Bitcoin at the time of the hard fork, then you will have received the equivalent number of Bitcoin Cash in your wallet. However, if you didn’t have Bitcoin to begin with at the time of the fork then you will have to purchase BCH separately.
Bitcoin.com
Bitcoin.com is a website run by Roger Ver. Controversy surrounds the website, with many traditional Bitcoin supporters accusing Ver of hijacking the Bitcoin name to promote Bitcoin Cash.
The controversy deepens with the recommendation from Bitcoin.com to buy Bitcoin Cash, as it ascribes to what they believe is the original goal of Bitcoin. As one of the main Bitcoin Cash supporters, it’s little surprise that Ver’s website would suggest such.
Bitcoin.com provides a place where you can buy Bitcoin Cash and is a news service as well. However, it must be remembered that as it’s a prominent supporter of Bitcoin Cash then the news is likely to be biased.
Fiat-to-crypto exchanges
An easy way to obtain Bitcoin Cash is to use a fiat-to-crypto exchange. These allow you to use your local currency to purchase the cryptocurrency. Depending on the exchange you use, you’ll be able to use your credit or debit card directly on the dashboard. Other exchanges, however, might have a dedicated wallet that makes it easier to use. You can deposit your money into the wallet and connect it to the exchange’s dashboard, allowing you to buy (and even sell) Bitcoin Cash in a matter of moments.
Buy Bitcoin Cash with cryptocurrency
Fiat purchases are not the only type available when purchasing Bitcoin Cash. You also have the option of making a crypto-to-crypto purchase. Different pairings are available depending on the exchange you use so you could trade ETH for BCH, for example.
Be aware that if you want to buy Bitcoin Cash with cryptocurrencies, there is more volatility involved than when making fiat purchases. This is because the price of cryptocurrency can change in a matter of seconds, so you may not get as much BCH as you originally set out for. There are different risks and methods involved, so make sure you’re confident with trading if you’re looking to turn a profit.
Conclusion
There are many options should you wish to buy Bitcoin Cash. There are fiat ramps, as well as numerous exchanges where you can trade another cryptocurrency for it.
Before buying Bitcoin Cash, you should ensure you know the differences between Bitcoin and Bitcoin Cash. Their roadmaps are definitely different and the battle wages on as to who will win – although Bitcoin has remained comfortably ahead so far.
If you have purchased either cryptocurrency, ensure that you send it to the designated address of either Bitcoin or Bitcoin Cash. Sending either to the wrong address could result in the loss of your coins.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.