Bitcoin Cash (BCH) is a relatively new cryptocurrency that was launched in 2017 as an alternative to Bitcoin. This article discusses the exchanges and wallets that allow users to transact Bitcoin Cash.
How to Buy Bitcoin Cash
- Before you buy BCH, you have to first download a wallet that will allow you access into the crypto world. You can’t trade or mine BCH without a wallet to keep it first.
- Secondly, you could register with a crypto exchange that allows BCH and get a wallet automatically.
- The next step is getting the BCH. To do this, you either work for it (as a miner) or buy it through an exchange. It is much easier to buy it, and that’s most people’s preferred option.
Featured Wallets
Mobile Wallet
These wallets can be used through a mobile phone and work like mobile payment apps. If you find physical retailers that accept crypto as a payment method you can use these apps to pay for their services or products.
Examples of these wallets for BCH are Coinbase, Coinomi, Bitpay, and the Bitcoin.com wallet.
Pros
- Easy to use
Cons
- Possible viruses and malware risk
- Losing your phone means you might lose your assets
Desktop Wallets
These are software packs that wallet companies create to download to desktops. The wallet software allows you to access the wallet on your computer, not with a browser or over the internet. There’s no virus or malware threat due to offline use (even to transfer BCH to BTC), and users are in control of their encrypted keys.Â
Examples are Bitcoin.com, Badger Wallet, and BitPay.
Pros
- Safer than a mobile or online wallet
- Convenient to use on a computer
Cons
- Not convenient for on-the-go transactions
- Requires constant computer back-upÂ
Hardware Wallet
These are some of the safest for crypto. They’re similar to a portable hard disk and designed for large volumes of cryptocurrencies. Transactions are generated on the go and offline so you can transact by plugging them into any computer. They are secure and can’t be hacked, and modern ones have backup options.
Examples are Trezor, ColdLar, and Ledger.
Pros
- Secure storage
- Cold storage
- Excellent for large crypto amounts
Cons
- Expensive
- Not convenient for on-the-go transactionsÂ
Paper Wallet
This is printing a private and public key together in the form of QR so that it’s easy to use. It is cold storage and unhackable, and this makes it the safest crypto-storing method. You can print it out and keep it any way you like.Â
Examples are Cash Address, Bitcoin.com, and BitcoinCashNotes.com
Pros
- Unhackable
- User controls the key
Cons
- Accessing your funds becomes difficult if you lose the printout
Featured Exchanges
Godex
Godex doesn’t require registration, but users should set their wallets in advance. It is very fast with execution times varying from five to 30 minutes.
Exchanging is simple — the user chooses the exchange pair, deposits the first coin, and receives the other one.
Coinbase
Coinbase is a safe and established exchange. Their strong security protocol and ease of use make it stand out. Before you can transact your Coinbase, your ID needs to be verified and you must create an account.
Kraken
Kraken is one of the best and most popular exchanges in the world. It’s ideal for experienced traders looking for big investments with potentially large rewards and large risks. To trade on Kraken, you must create an account and verify it before you can trade.
Exchange BCH Now
Different good exchanges allow for buying BCH. However, first of all, you need to decide on the wallet type that is most appropriate for you.
