Thu. May 19th, 2022

How to Buy Bitcoin Cash (BCH)

Bitcoin Cash is a fork of Bitcoin, much like SushiSwap is to Uniswap. It is a spin-off that was created in 2017 by Bitcoin miners and developers who were concerned about the future of the Bitcoin cryptocurrency and its ability to scale effectively. In November 2018, the altcoin split into two cryptocurrencies, with one retaining the name “Bitcoin Cash” and the other, Bitcoin SV. It is the former that we are interested in. Bitcoin Cash is designed to be a transactional currency that functions as an electronic cash payment system. It is meant to address Bitcoin’s perceived scalability problem and provide more utility in everyday life.

Before buying Bitcoin Cash (BCH), you should know that it is designed to be spent rather than kept as a store of value. BCH is accepted by various merchants around the world for payments, and there are also websites for travel, e-commerce, services, and more that accept it as a means of payment. It is more suitable for smaller transactions, such as buying a cup of coffee with cryptocurrency. Bitcoin Cash holders using certain wallets can enjoy CashShuffle or CashFusion. These are smart contracts and apps that pool your coins to make your transaction untraceable. A coin mixing protocol shuffles your Bitcoin Cash with other holders before a transaction. As a result, your transactions are private and much harder to trace.

Many popular exchanges list BCH as an asset that you can buy, sell, and trade. So the first step in buying BCH is to sign-up on a crypto exchange platform. The sign up process on a crypto exchange is generally easy. However, you can’t do so anonymously as most major exchanges now require Know-Your-Customer and Anti-Money Laundering verification in the form of a photo ID and, in some cases, proof of residence and income verification. After the signup and verification are complete, you can now proceed to buy BCH. There are different ways you can buy BCH, and each involves different steps.

How to buy BCH with a bank transfer

First, log in to the exchange, and click on the fiat wallet of your choice (e.g., USD, EUR, or GBP). When you find the wallet, click “deposit” and choose the “bank wire or bank transfer” option. Follow through with the instructions as directed by the exchange to deposit fiat. When the funds arrive, you can convert the fiat funds to BCH via the “convert” button, and that’s about it. For more information visit bitcoin-code.live platform

How to buy BCH with another crypto asset.

Check the exchange for BCH pairs. If you already own any of the pairs in an existing wallet, you can transfer them to the exchange and then trade them for BCH. If you do not own a crypto pair for BCH on the exchange, you can buy any listed stable coin like USDT or USDC by wiring money from your account to the providers of these coins. Then use the stablecoin to buy BCH on the exchange.BCH is a good buy as you can make it part of a short-term or long-term trading strategy. You can use it to pay for goods and services, and you can also use it to send money to friends and family as it is widely accepted. BCH was not made to be used as a store of value, but it can be used as such because of the continuous price increase.

By Boinero

Tech Savvy, Enthusiast, Graphic Designer (Aspiring WEBDEV), Samsung/Pixel Lover, Occasional Blogger - Business -Family Man... Can help on Tech-related issue because is a passion to me

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