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If you want to buy Bitcoin Cash (BCH), you’ll find this popular digital currency listed for trade on a wide range of exchanges.
However, buying digital coins can be complicated and confusing, particularly for those new to cryptocurrency trading, so keep reading for step-by-step instructions on how to buy BCH with US dollars (USD) or another cryptocurrency.
This is our quick guide to just one way to buy BCH. Compare some other options in the table below.
There are two ways to buy Bitcoin Cash:
If you’re a cryptocurrency novice, the quickest and simplest option is to buy Bitcoin Cash with USD. However, we’ve also provided step-by-step instructions on how to buy BCH with another digital currency if that’s your preferred option.
Here’s an example of how you can buy Bitcoin Cash with USD on Coinbase. Please note that there are several exchanges that list BCH in trading pairs and accept USD deposits, so compare a range of platforms before deciding where you’d like to buy.
Here’s an example of how to buy Bitcoin Cash with another cryptocurrency. Once again, Bitcoin Cash is listed on a huge range of crypto exchanges, so compare your options before deciding which platform you want to use.
If you want to sell your Bitcoin Cash, you have the option of exchanging it for either crypto or fiat currency. Once again, you’ll need to click through to the trading page on your chosen exchange, but this time you’ll need to make sure you enter your transaction details in the “Sell” rather than “Buy” field.
You should also be aware that BCH isn’t listed in the same extensive range of trading pairs as digital currencies like bitcoin and Ethereum, so you may not be able to directly trade your coins for the currency you want.
Once you’ve successfully purchased Bitcoin Cash you’ll need to find a safe place to store your coins. While you can keep BCH in your exchange wallet if you wish, the fact that you don’t control the keys for this wallet and exchanges are regularly targeted by hackers means that it’s not recommended.
Instead, choose a secure wallet that gives you full control over your crypto assets. There are myriad options available if you’re looking for a Bitcoin Cash wallet, including:
Bitcoin is the world’s oldest and most widely recognized cryptocurrency, but as more and more people have started using the bitcoin network, scalability problems have reared their ugly head. With slow transaction times and high fees plaguing bitcoin, the community couldn’t agree on the best way to improve network scalability — some wanted to increase the size of blocks in the blockchain, others wanted to restructure the way data was stored in existing blocks.
When consensus couldn’t be reached, Bitcoin Cash was created from a hard fork of bitcoin in August 2017. With an aim to offer a more practical version of peer-to-peer electronic cash, Bitcoin Cash increased bitcoin’s block size from 1MB to 8MB, and the network now supports blocks of up to 32MB. The Bitcoin Cash mining difficulty also varies depending on how many miners are active on the network.
The result of these changes are that Bitcoin Cash offers lower transaction fees and faster processing times than bitcoin — features that BCH supporters believe make it a much better choice as a transactional currency.
Buying cryptocurrencies is risky. Digital currencies are complicated and speculative assets, and there are multiple factors that can have an effect on the value of any coin or token. Make sure you research and understand the driving forces behind crypto price movements before making a purchase.
If you’re thinking of buying Bitcoin Cash, consider the following factors:
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.
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