Since Bitcoin’s emergence and rise over the last decade, we have seen many Altcoins come up and join the cryptocurrency roster. One of the most popular is of course Bitcoin Cash (BCH).
But what exactly is Bitcoin Cash, and what makes it different from other cryptocurrencies?
Since its arrival, BCH has always been one of the most popular tokens in the industry. It offers faster transactions with smaller transaction fees. Unlike Ethereum which has an unlimited supply, Bitcoin Cash caps off at 21 million.
Bitcoin Cash entered the market due to disagreements between Bitcoin developers. To increase scalability, some developers proposed a split from the original Bitcoin blockchain. And so, rising from a new fork — Bitcoin Cash made its debut in August 2017.
Bitcoin Cash has come a long way so far. So if you’re here reading this article you must have one very important question — How do I get in on this? Well, look no further, here’s an extensive guide to how and where you can buy Bitcoin Cash.
Should I Buy Crypto?
Since the dawn of capitalism, humanity has been searching for something new to invest in. Be it a new advancement like coal mines, factories, or real estate. The latest buzz is with blockchain technology and cryptocurrency.
Advancements usually come when we try to simplify current processes. Blockchain technology provides a more transparent yet anonymous service in all fields while also holding accountability. This makes it a most promising venture.
The idea of Bitcoin emerged from the financial crisis of 2008. Satoshi Nakamoto, the anonymous creator of Bitcoin, sought to provide an opportunity to streamline finance. He wanted to give the people more direct control over their assets.
Should I Get Bitcoin or Bitcoin Cash?
Today’s focus is between Bitcoin (BTC) and Bitcoin Cash (BCH). Which one should you choose to buy? What makes them different? Why pick one over the other? What makes Bitcoin Cash a good option?
Bitcoin was the first cryptocurrency to emerge. It aimed to simply replace the way current financial transactions work. Bitcoin and blockchain gave us a decentralized solution. It paved the way to the wonders and possibilities we could achieve with blockchain technology. While Bitcoin did provide a way to move value across the world without third party intervention, there was still room for improvement.
The Bitcoin blockchain allowed every node to hold only 1MB of data. This was fine at first when the blockchain was not designed then to hold too many nodes. But the more blocks that joined the blockchain, the longer it took to process transactions. And Bitcoin could only carry out up to 7 transactions per second.
The issue could no longer be ignored. Eventually, some users found themselves waiting over four days on a simple transaction. And the longer a transaction took, the more it cost the users. To combat this issue for increased scalability, miners and developers came up with SegWit2x.
This solution aimed to enable faster transactions by splitting the amount of data stored in every existing block. Some users saw this as just a temporary solution and didn’t think it reflected Satoshi Nakamoto’s vision of a truly decentralized system.
These users then decided to create a hard fork from the existing Bitcoin blockchain which led to the birth of Bitcoin Cash. Very soon Bitcoin Cash was the third most popular cryptocurrency. It is similar to Bitcoin in many ways, like aiming to provide a decentralized financial system. But differs in the fact that it offers an improved translation speed. Bitcoin Cash blocks can hold up to 8MB of data each. Less transaction time also means fewer transaction fees.
Bitcoin certainly is more popular, but in the current market, it is probably best to get in on the cryptocurrency race with Bitcoin Cash. It is more practical to use for quick and easy payments. Transaction fees won’t cost you a bomb, and it is currently at a more affordable price than Bitcoin.
The original way to obtain Bitcoin was through mining. Several new nodes wanted to join this new blockchain, but not just anyone could enter the platform. Each machine had to solve a complicated algorithm to confirm Proof-of-Work. Only on completion could a new block be formed.
Both Bitcoin and Bitcoin Cash can be mined. But beware, they both cap off at 21 million coins each. And with more miners joining in on the fun, the pressure is on.
How to Buy Bitcoin Cash
Now that we know the fundamentals of Bitcoin Cash, including its history and capabilities, Let’s dive right into how you can start attaining some BCH.
Here’s a step by step guide on how you should start out buying your first Bitcoin Cash (BCH).
Step 1: Set Up A Bitcoin Cash Wallet
Like with any new product you decide to buy, you must first make sure you’ve done your research. Find out what sort of cryptocurrency wallet you want to store your coins in.
Once you study the array of choices and understand how they all work, you can narrow down your preferences and make an informed decision.
Step 2: Generate A Bitcoin Cash Wallet Address
With any cryptocurrency wallet, you will get a unique wallet address. Now for this instance, you have gotten yourself a Bitcoin Cash wallet. So the wallet address it generates is the only one you will hold.
In other wallets, you can store many different cryptocurrencies, here you must be careful as they will each have a separate wallet address.
Step 3: Select A Crypto Exchange That Supports Bitcoin Cash
Once your wallet is set and your wallet address is ready, you must now make your way to any cryptocurrency exchange that allows trading of Bitcoin Cash (BCH).
Almost every big mainstream exchange will have Bitcoin Cash, it is one of the earliest coins and is quite popular. Some of the cryptocurrency exchanges you can try are Binance, Coinbase, Huobi, OKEx, and more.
Step 4: Buy Bitcoin Cash
After finding yourself on a cryptocurrency exchange, all that’s left is to buy the coin. Most of the platforms mentioned above allow you to buy cryptocurrencies in many forms.
You can use a credit or debit card if you don’t have access to one that fine. Even a PayPal transaction will be enough to purchase your long-awaited Bitcoin Cash. You can even purchase your cryptocurrencies by paying for them with other cryptocurrencies. Isn’t that amazing?
When paying for your new Bitcoin Cash be sure to provide your new cryptocurrency wallet’s accurate address. Once the payment goes through you will receive a confirmed transaction message confirming your purchase. You will see, in a matter of minutes, the ineffable arrival of your new Bitcoin Cash tokens in your wallet.
You can also purchase Bitcoin Cash using your other cryptocurrencies by trading it with its market pairs.
Where Do I Get Bitcoin Cash?
Besides mining, one can find many other ways to gain Bitcoin Cash. As mentioned above, buying Bitcoin Cash directly is one such option. However, there are a few other ways to gain more Bitcoin Cash, some costing you only time. Let’s see where else you can try your hand.
One such option lies still, in the cryptocurrency exchanges where you can directly purchase Bitcoin Cash. Here, you can also partake in trading. It works just like any other commodity exchange that exists like the gold or stock market. You can buy any coin at a low price and sell it when it hits high.
Let’s say you have Bitcoin Cash at the moment. If the price of BCH is currently low, you could buy more. But, when the price is high and staying put is risky, then you can exchange it to a Stablecoin like Tether and wait it out. And when the price is at an all-time high, you could consider selling.
There are many Cryptocurrency exchanges available so far, and more keep popping up. Explore them all and find the ones that offer the coins you’re looking for on their platform and start there. Look for the best possible value for your trade and be vigilant.
Faucets are a great way to get started, especially for someone new to the whole ordeal. It is also a great way to introduce new folks into the system. You start with a small earning and then increasingly receive more based on the number of people you bring in.
The Bitcoin Wallet App gives new users this opportunity. You can download the app, link up with your email, and receive your first Bitcoin Cash. Eventually, you can earn more Bitcoin Cash from referrals or other similar programs.
Bitcoin Cash ATM
Another swell option is the Bitcoin Cash ATM, these are similar to your usual bank ATMs. Except, instead of being connected to a bank they are instead connected to the internet and cryptocurrency exchange.
You can use these kiosks to insert a debit or credit card and make a direct purchase of Bitcoin Cash. All you will need is funds in your card for the purchase and a Bitcoin Cash wallet at the ready. You can get as many BCH as you can afford, just scan your wallet’s QR code and you will receive the BCH directly after the purchase.
Earn Bitcoin Cash Online
Besides referrals, there are a few other fun and simple ways to earn Bitcoin Cash. One of my favorites is by playing games. Some online games offer you some earning after you download the game app. Others offer you more earning after you hit a few milestones in the game. Sometimes you earn some more if you invite new players to join the game.
Another option is to take online surveys. You may remember a boom in Instagram where popular meme pages recommended taking surveys to earn cash. A new meme format occurred due to this method of earning cash. Similarly, you can also earn cryptocurrency by answering surveys. All you have to do is link your Bitcoin Cash wallet and you will receive BCH earnings for every survey you complete.
There is also the option of watching videos to earn cryptocurrency. Some sites and apps offer this service where you can watch short entertaining or informative videos. On completion, you will receive BCH funds directly into your BCH wallet for every video you watch.
Buy Directly From a P2P platform
So far you’ve seen an exchange where you can buy cryptocurrencies from a public source. Peer-to-Peer platforms work more directly, you can buy from another person just like you. It works more like eBay, Etsy, or craigslist.
You find an offer on a P2P platform and depending on what they expect as payment you can make a transaction. Depending on what they request or what you have to offer for payment you can send them fiat currency or other cryptocurrencies to purchase your new Bitcoin Cash from them. Among many such platforms, Localbitcoins is a popular one.
What Will Bitcoin Cash be worth in 2030?
Like with all investments we cannot be completely certain. All we can do is observe the charts and crunch the numbers. But analysts suggest that Bitcoin Cash will stay at its bullish pace for a good long while.
This makes it a relatively good time to invest. So stock up on your Bitcoin Cash tokens for now, because we know it will hit a new high eventually. This is a pretty safe estimate as more and more people are adopting cryptocurrency. It will soon replace our current fiat system, and when it does you don’t want to be standing around with an empty cryptocurrency wallet.
Bitcoin Cash has already made a name for itself. It may not be as high in price value as Bitcoin, but it is well-known. Choosing to buy Bitcoin cash is a good bet right now. Just remember, with cryptocurrency you must always make sure to stay on top of it. Constant vigilance is your best friend.
is for making any investment decisions. This serves only as informative material about the XRP (Ripple). Trading digital assets involve risk and can result in the loss of investment capital. Hence, always make sure to do in-depth research before engaging or investing in any cryptocurrencies.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.