How to Buy Bitcoin Cash
Once the new kid on the block, Bitcoin Cash is a trend that’s here to stay for enthusiasts and hobbyists alike. You might have tried to buy Bitcoin Cash previously, either personally or online. Regardless, this article will cover exactly how to purchase Bitcoin Cash.
What is Bitcoin Cash?
However, before delving into how to buy Bitcoin Cash, let’s first take a look at what Bitcoin cash really is.
Bitcoin Cash is a cryptocurrency that was developed in August of 2017 after the creation of Bitcoin. Bitcoin Cash increases the size of the Bitcoin Block, thereby enabling more transactions to be processed.
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This cryptocurrency was further split into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision) in November of 2018. Bitcoin Cash is so named since it makes use of the original Bitcoin Cash client. Now that you know the origins of Bitcoin Cash, let’s explore further how to buy Bitcoin Cash, how to claim it, and strategies for using it.
Where Can You Buy Bitcoin Cash?
While there are quite a few ways to buy Bitcoin Cash, here are some of the most commonly used methods:
Buying Bitcoin Cash locally or in-person can be one of your first options. There are quite a few cities that have Over-the-Counter (OTC) traders. These traders help you exchange Fiat money (for example, USD, Yen, Euro, etc.) with Bitcoin Cash.
You could also approach your employer and ask them if they are willing to offer complete or perhaps even partial payment in Bitcoin Cash. ATM machines that enable Bitcoin Cash are also available in some of the bigger cities, which make it easier for you to trade your Fiat money with Bitcoin Cash.
Of the many ways to obtain Bitcoin Cash, buying it online is probably one of the most popular methods. You can go to an online exchange in order to do a bank transfer and trade for Bitcoin cash. These are the online exchanges that sell and buy local currencies along with cryptocurrencies.
Use an Exchange
Whether you want to withdraw cash or deposit it from an exchange, you will be required to connect your bank account to the withdrawal system of the exchange. Most of the exchanges only allow bank wire transfers, whereas some also permit credit or debit card payments and even PayPal.
The fees that you pay for different operations depends on the exchange you opt for. While some platforms have an amount that’s fixed, others calculate it depending on the operation you want. The transaction time, too, will vary from one exchange to another.
Use a Credit Card
You can use your credit card to buy Bitcoin Cash as well. Bitcoin.com, for example, is a good example in this regard. All you have to do is follow the link with the option of buying Bitcoin Cash, enter your details, and the payment will be processed in an hour. At times payments can also take longer to be approved.
You will receive an email once the payment has been processed. One might also have to provide proof of identity.
How to Claim Bitcoin Cash
The Bitcoin Cash hard fork took place on August 1, 2017. In case you had Bitcoins in your possession before that, you can claim that amount in Bitcoin Cash. Your method of claiming the cash will depend on the type of wallet you use.
You could be using a full node wallet such as Bitcoin Knots or Bitcoin Core. In that case, you can just navigate through the menu and choose to backup your wallet. After this, a wallet.dat file will be generated. You can import this file to a full node Bitcoin Cash wallet, where your tokens will be ready for you.
You should remember that there’s often a conflict that can occur between full node wallets, which is why your Bitcoin Core’s data can be overwritten when you install Bitcoin ABC. Therefore, in order to avoid losing your Bitcoin Cash and your BCH tokens, all you need to do is install Bitcoin ABC on a separate computer altogether.
If your wallet type is that of an SPV (Simplified Payment Verification), claiming your Bitcoin Cash tokens shouldn’t be tough. These wallets make use of a recovery seed that keeps your Bitcoin Cash private keys, thereby allowing you to access your Bitcoin Cash when the seed is inserted into a wallet.
Procedures to do this can differ depending on the type of wallet being used. Therefore, it’s better to follow the instructions given by your wallet provider related to the claiming of your funds. You can also choose to get in touch with the support team of your wallet to get more information and updates.
What is Peer-to-Peer Trading?
Peer-to-peer trading is yet another option to obtain your Bitcoin Cash. There are several services available using which you can trade your Fiat money for Bitcoin Cash. When using such a platform, you can either fulfill the order of others or place an order and wait for someone to respond.
These platforms also provide users with an escrow service. Since individuals are involved in peer-to-peer trading and rather than more verifiable entities, remember to take precautions to avoid costly mistakes.
Face-to-face meetings can also be set up so that you build a foundation of trust before going ahead with trades.
Bitcoin cash is another cryptocurrency that is similar in origin to Bitcoin that allows for more transactions, which can be obtained in five ways. If any of these methods seem troublesome or risky, consider BlockCard. When you register for BlockCard, you get access to a virtual debit card, wallet, and physical card. You can load your wallet with one of twelve currencies including Bitcoin Cash! Then you can spend your crypto within minutes.
Ian Kane is the COO of Ternio, the startup dedicated to solving the issues related to blockchain scalability and payment utility of cryptocurrency.