Don’t let the name fool you, Bitcoin Cash is not the same as Bitcoin. Bitcoin Cash came to be in August 2017 as Bitcoin forked into two blockchains. This occurred because users were clamoring for certain features that Bitcoin no longer provided.
If you held bitcoin at the time of the fork, you were rewarded with bitcoin cash.
Rather than earning through a fork, why not buy bitcoin cash? In this guide, we’ll touch on the various ways to get your hands on the cryptocurrency.
Buy Bitcoin Cash
Should you buy bitcoin cash? When comparing to bitcoin, the transaction fees will be lower and filled faster. Many argued that this would improve the scalability of the network.
So where can you buy bitcoin cash? There are a few ways to do so.
Directly
You can buy bitcoin cash directly in a p2p (peer-to-peer) fashion. This can be done either online or in person with cash.
Crypto ATM
Have you seen crypto ATMs popping up in your neighborhood? You may find one that offers bitcoin cash. While they do offer some convenience, you will notice the high fees and inability to find a seller.
Exchange
Perhaps the simplest way to buy bitcoin cash would be an exchange. Head to an exchange where you will see many pairings. You will be able to trade with other cryptos like Ethereum or doge or with fiat (USD) as well.
To get started, create an account with your e-mail address and password. Deposit money into your account and buy bitcoin cash in seconds.
Pay attention to things like fees, volume, market capitalization, and the bitcoin cash price.
It is in your best interest to follow best security practices. Exchanges have a history of being hacked and targeted by bad actors.
Hold Bitcoin Cash
After your buy bitcoin cash, you’ll never want to keep it there. You will need a crypto wallet that supports Bitcoin Cash.
You can choose between custodial, non-custodial, hot, or cold.
Custodial
A custodial wallet is where you put your trust in the hands of a third party. It is akin to a bank where while it may feel secure, the crypto doesn’t 100% belong to you. You run the risk of having your account frozen and not being in full control of your crypto.
Non-Custodial
As you might suspect, a non-custodial wallet is where you put the power of the crypto back in your hands. This means that the private keys are within your custody.
Whoever has access to the private keys has access to the crypto. Remember the mantra, not your keys, not your crypto.
Hot
A hot wallet is one that is directly connected to the internet. You can download many to your smartphone or computer.
These hot wallets are very convenient when you need to access your crypto on the fly. The downside is you are giving up your level of privacy and security any time you connect to the internet.
Cold
A cold crypto wallet is a much more secure option. The hardware operates much like a USB stick. Whenever you wish to access your funds, plug it in and do as you wish.
As long as you store your private keys and cold wallet in a safe place, your funds will be safe and sound. This is not financial advice.
Milk the Bitcoin Cash Cow
We hope our guide has aided you on your quest to buy bitcoin cash. Bitcoin Cash and crypto at large are a lot like an onion. The more you peel away, the more fascinating it becomes.
To keep your financial fascination bone tickled, be sure to browse through our blog.
