How to Buy Bitcoin Cash

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Are you interested in buying bitcoin cash? Click here to learn how to buy bitcoin cash to start your cryptocurrency investing journey.

Bitcoin has Satoshi Nakamoto. Bitcoin Cash has Roger Ver aka Bitcoin Jesus.

Cryptocurrency investor Roger Ver got interested in bitcoin early on (2011). He called it “one of the most important inventions in the history of mankind”.

When bitcoin was below $1, Ver accumulated about 400,000 bitcoins. During this time, Ver would spread the gospel of Bitcoin, help several Bitcoin projects, and was an early investor in startups like BitInstant.

Bitcoin Jesus is not without controversy. Roger turned away from Bitcoin and turned his attention and interest to Bitcoin Cash. He believed that when people buy bitcoin cash, it allows them to pay for goods and services with minimal fees.

What else attracted Ver to Bitcoin Cash?

In this guide, we will compare Bitcoin and Bitcoin Cash. Read on to find out their similarities, differences, and how to buy bitcoin cash.

Bitcoin versus Bitcoin Cash

If you are new to bitcoin investing, you might be surprised and even confused by the different types of bitcoin available. For example, besides the original Bitcoin, there is Bitcoin Gold (BTG), Bitcoin Satoshi’s Vision (BSV), and Bitcoin Cash (BCH).

If you are not careful, you could lose your precious bitcoin or buy bitcoin when you wanted to buy bitcoin and vice versa. Always check before clicking send or buy.

Bitcoin and Bitcoin Cash are the two most popular “Bitcoins”. Why does it have to be two or more bitcoins anyway?

Bitcoin was launched in 2009 when a pseudonymous character, Satoshi Nakamoto, published the Bitcoin whitepaper. The promise was a peer-to-peer electronic payment system. This system would be decentralized and would use blockchain technology.

The blockchain is a transparent, open and immutable ledger. Transactions are put into validation, put into blocks and added to the chain. This is all done through a process called Bitcoin mining.

Since Bitcoin’s blockchain has grown so much since its inception, it slows down the network and increases fees.

Bitcoin Cash is a fork of Bitcoin. It aimed to address Bitcoin’s scalability problem by increasing Bitcoin’s block size from 1MB to 8MB and later to 32MB. With this change, more transactions can be processed per block.

At the time of the fork, anyone who had bitcoin would then be credited with an equal amount of bitcoin cash.

How to Buy Bitcoin Cash

There are several ways to buy bitcoin cash. It’s not hard to do and the more you do it the easier it gets. Let’s look at some of the ways below.

Trades

One of the easiest ways to get your hands on bitcoin cash and other types of crypto is to head to an exchange.

There are many exchanges to choose from such as Coinbase, Kraken, KuCoin, Binance, Crypto.com, 1Inch, Bisq, Uniswap and Pancakeswap.

These exchanges are easy to set up and use. You will most likely need to provide some form of identification (ID) and link an account such as a bank and/or debit or credit card. This is largely due to KYC/AML (Know Your Customer/Anti-Money Laundering) regulations.

These exchanges can be broken down into two categories centralized and decentralized.

centralized

A centralized exchange (CEX) is when a third party or intermediary is involved to help facilitate and oversee transactions. This is similar to how a bank would manage your assets.

It boils down to one word trust.

You put your trust in the hands of the people behind the exchange. You trust the exchange to securely manage your crypto, transact, find trading partners, and more.

There’s a saying in the crypto space “don’t trust, verify”.

If the crypto space has learned anything in recent memory with the SBF/FTX fiasco, this is it.

For this reason, you never want to leave your crypto on an exchange. This is partly because, on a centralized exchange, you are not in possession of your private keys. As mentioned, a centralized exchange is NOT a hot wallet.

To buy bitcoin cash, you will need to fund your account through a bank or other crypto. Find a business partner and click buy.

If you are using a centralized exchange as a crypto investor when buying bitcoin cash, withdraw your funds from the exchange immediately.

More and more people are switching from centralized exchanges to decentralized exchanges.

Decentralized

A decentralized exchange (DEX) has eliminated the middleman entirely. A DEX like 1Inch, Bisq, Uniswap, and Pancakeswap allows you a self-sovereign approach. You have full control of your private keys and data.

With that power comes responsibility.

Many of these DEXs use smart contracts and automated market makers (AMMs) to determine the price of crypto assets. This means that the liquidity may not be as strong as on Cass.

Buying bitcoin cash through a DEX is simple. Each will have different functions and features, so choose one to your liking.

First, download or purchase a self-service wallet. Give it a name. Store your recovery phrase in a safe place.

Buy bitcoin cash directly in the DEX app. Choose “bitcoin cash” as the cryptocurrency you want to buy. You will trade or exchange this with fiat or another crypto. Click confirm and the bitcoin cash is yours.

Equals

Peer-to-peer (p2p) trading is similar to decentralized exchanges in that there is no middleman. It is an end-to-end approach where escrow plays an indispensable role. The escrow wallet is under the control of the administrator.

Debit/Credit

Many services (including CEX) offer a way to buy bitcoin cash and other types of crypto with a debit or credit card. This makes things much easier for the newbie to get started as a crypto investor.

Bitcoin Cash ATM

You can still buy bitcoin cash at a bitcoin ATM. It works very similar to how you would buy through an online exchange.

Find a Bitcoin ATM in your neighborhood that supports Bitcoin Cash. When you do, be sure to bring your ID and a crypto wallet. Decide how many bitcoins you want to buy and scan your Bitcoin Cash public address QR code.

Follow this step-by-step guide to withdrawing from a Bitcoin ATM correctly.

Wallets

After buying bitcoin cash, you need somewhere to put it, right? While technically your bitcoin money (and any cryptocurrency for that matter) lives on the blockchain, a wallet is a way to interact with the blockchain.

Public and private keys

Your wallet will show you how many bitcoins you have in your bitcoin wallet. Your bitcoin cash public address is what you share when you want to receive bitcoin cash.

The public address will look like a random string of numbers and letters. You can think of it the same way as an email address.

Your private keys are similar to a master password. You never want to share your private keys and/or seed phrases with anyone. This is because anyone with access to your private keys and/or seed phrases has access to your crypto.

Private keys allow you to prove ownership of a blockchain address and sign transactions. This is why you should write down and securely store your private keys offline.

Remember the mantra not your keys, not your cheese.

A seed phrase is similar to a private key but not exactly the same. A seed phrase is a human-readable alphanumeric phrase consisting of 12 to 24 words. It’s good practice to write and store both.

Warm

A hot wallet is a wallet that you download to your smartphone or personal computer. They are an easy way to store many types of crypto, including bitcoin cash.

Popular options here are Exodus, Coinomi, Atomic, and MetaMask.

While they are convenient, you are also more vulnerable and susceptible to hackers because a hot wallet is connected to the internet. What you give up in security, you gain in comfort.

For example, a hacker may try to phish you or use some other form of social engineering to gain access to your private keys. Once they have access to your private keys, they can clear the funds directly from your active wallet.

You don’t want to confuse a hot wallet with an exchange. It comes down to mantranot your keys, not your cheese. Do your own research (DYOR) on the difference between holding and not holding.

Cold

A cold wallet is a wallet that is not connected to the internet. For this reason alone, the crypto space agrees that it is the most secure solution for storage. That said, you still want to follow privacy and security best practices.

Many cold wallets will look like thumb or external hard drives. Popular options here are Ledger and Trezor.

Start investing in Bitcoin Cash

Now that you have learned how to buy bitcoin cash, are you going to invest in bitcoin cash? Remember DYOR and do your due diligence on cryptocurrency.

Besides buying bitcoin cash, you can also earn it through mining or social media platforms like read.cash or noise.cash.

Soft and hard forks will continue to happen in the crypto space. It really is an interesting time to see it all. To stay up to date, be sure to read our blog daily.

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DISCLAIMER: Investment in crypto assets is unregulated, may not be suitable for retail investors and the full amount invested could be lost

IMPORTANT NOTICE: Investment in crypto assets is unregulated, may not be suitable for retail investors and the entire amount invested may be lost

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