Bitcoin Cash is a type of virtual currency that stems from the original Bitcoin blockchain. The purpose of its creation in 2017 was to tackle scalability issues within the Bitcoin network. BCH offers faster transaction speeds and lower fees than its predecessor, which makes it more advantageous for everyday transactions.
The guide makes buying Bitcoin Cash, BCH, easier by outlining various purchasing methods and platform selection factors.
Where to Buy BCH?
Bitcoin Cash (BCH) can be purchased through various platforms, each with its own advantages and limitations. Here’s a breakdown of the most common options:
- CEXs: Online platforms serving as a middleman for cryptocurrency buyers and sellers provide a convenient interface, various payment methods, and high liquidity, although registration or verification may be necessary. Binance, Kraken, and Coinbase are all well-known exchanges where BCH can be purchased.
- Peer-to-Peer (P2P) Marketplaces: Such platforms, devoid of central authority, directly connect buyers and sellers to enable trades. On P2P marketplaces, there will be an increase in anonymity; although the fees may possibly go down, transactions will be slower and require more effort on the part of the user to find counterparties. Examples of BCH-supported P2P marketplaces include LocalBitcoins and Paxful.
- Brokers: Very few online brokers are now allowing for cryptocurrency trading, which includes buying and selling in BCH. That does make it an easy option to merge into one platform, especially if one is already a player with a brokerage platform. But the fees might be pricier compared to the distinct cryptocurrency exchanges.
Choosing the Right Platform
Knowing which platform is best to buy Bitcoin Cash from depends on what matters to you. Here are key factors to consider:
- Security: Go for a platform that is popular for its great security record, has secure login procedures in place, and two-factor authentication. It should have robust solutions on storage security regarding users’ funds.
- Fees: Compare transaction fees, deposit fees, and withdrawal fees among various platforms. Consider the accepted method of payment—all that some platforms charge at a higher rate with purchases made by credit card.
- Payment Methods: Make sure that it accepts your preferred method of payment, be it a credit/debit card or bank transfer.
- Ease of Use: If you’re a rookie in cryptocurrency, then ease of use is an important consideration; go for platforms with user-friendly interfaces or detailed step-by-step guides on how to buy BCH.
- Regulation: Some jurisdictions may regulate cryptocurrency exchanges. Adhere to a platform that operates by relevant regulation so that proper assurance should be in place for a secure trading environment.
Steps to Buying BCH
The process of purchasing is generally straightforward once you’ve chosen a platform. The following is a general outline:
- Account Creation: Create an account on the platform you would like to use by filling in all the information and following through with all verification steps. Deposit some funds into your account with your preferred payment method in place. Please note that the availability of the payment method will differ from platform to platform.
- Find BCH Market: Find the BCH market on the platform. More simply, this can be done by looking for BCH trading pairs, for example, BCH/USD or BCH/EUR.
- Place an Order: Enter the amount of BCH you want to buy and at what price you are ready to make a purchase. You can decide to buy them at current market prices, known as a market order, or specify the price you want to buy, called a limit purchase.
- Execute the Trade: Following filling, BCH will then be credited to your account on this platform.
Storing Your BCH Securely
Once you’ve bought BCH, you’ll need to store it somewhere safe. Here are two methods for keeping BCH:
- Exchange Wallets: Many platforms provide an in-built wallet for storing your cryptocurrency. While this is very convenient, it has its inherent risk since you are not controlling your private keys.
- Software Wallets: These are downloadable applications that enable the storage of BCH on one’s own device. They offer their users high security and control over funds, but a user is responsible for keeping private keys safe.
- Hardware Wallets: These are physical devices that guarantee the most secure storage for BCH holdings. Hardware wallets help in storing your private keys offline, making them less vulnerable to hacking.
Conclusion
It is now easier to buy modern cryptos, private, and secure Bitcoin Cash. You can find out how to buy BCH safely by first understanding the available platforms that best fit your priorities and following these steps to ensure that you have acquired BCH and participated in the growing BCH ecosystem. Remember, just like any other investment, before buying BCH, do your own research and know the risks involved.
