A beginner’s guide to buying, selling and trading Bitcoin Cash in Ireland.
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 EUR or another cryptocurrency.
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Coinmama Cryptocurrency Marketplace
Founded in 2013, CoinMama lets you buy and sell popular cryptos with a range of payment options and quick delivery.
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Skip ahead: What do you want to know?
Quick guide: How to buy Bitcoin Cash in Ireland
- Register for an account with an exchange that allows you to buy BCH with fiat currencies like Kraken.
- Enable 2-factor authentication.
- Verify your account.
- Deposit your choice of fiat currency (eg. EUR).
- Transfer funds into your account.
- Click “Buy/Sell”.
- Search for BCH and click on “Buy BCH”.
- Enter the amount of BCH you want to buy or the amount of fiat currency you want to spend.
- Review the transaction details.
- Click “Buy BCH”.
This is our quick guide to just one way to buy Bitcoin Cash. Compare some other options in the table below.
Places to buy Bitcoin Cash in Ireland
A step-by-step guide to buying Bitcoin Cash
There are two ways to buy Bitcoin Cash:
- Buying Bitcoin Cash with fiat currency
- Buying Bitcoin Cash with another cryptocurrency, such as bitcoin (BTC) or Ethereum (ETH)
While there’s currently no way to directly buy BCH with EUR, it is possible to purchase BCH with your credit card through a crypto exchange that accept EUR payments.
Buying Bitcoin Cash with fiat currency
Here’s an example of how you can buy BCH with fiat currency on Changelly:
Buying Bitcoin Cash with another cryptocurrency
If you want to exchange another digital currency for BCH, here’s an example of how to do it:
How to sell Bitcoin Cash
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.
Which wallets can I use to hold Bitcoin Cash?
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:
- Hardware wallets like the Ledger Nano S and TREZOR
- Mobile wallets like Coinomi
- Multi-platform wallets like Jaxx
How Bitcoin Cash works
Bitcoin is the world’s oldest and most widely recognised 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 which BCH supporters believe make it a much better choice as a transactional currency.
What to consider before you buy Bitcoin Cash
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:
- Supply. According to CoinMarketCap, at the time of writing (September 2018) the circulating supply of Bitcoin Cash was 17,332,900 BCH. The currency’s maximum supply is capped at 21,000,000.
- Distribution. When the hard fork occurred, Bitcoin Cash coins were distributed to all bitcoin holders at a 1:1 ratio.
- Bitcoin performance. Bitcoin’s price movements are known to have a direct effect on the cryptocurrency market as a whole. Add to this the many links between BTC and BCH and it becomes clear just how important it is to follow bitcoin’s performance if you’re thinking of buying BCH.
- Dwindling usage. Data from blockchain research firm Chainalysis of payments received by 17 of the largest cryptocurrency merchant processing services worldwide revealed that Bitcoin Cash payments diminished by almost two thirds (-65%) between March and May 2018. However, it’s worth pointing out that bitcoin experienced an even larger usage drop (~85%) during the same period.
- Concentrated ownership. The same study mentioned in the point above also revealed that more than half (56%) of all Bitcoin Cash is controlled by just 67 digital wallets not located on exchanges.
- Capabilities. During stress tests conducted in September 2018, Bitcoin Cash showed it was capable of handling up to 25,000 transactions per block. This equates to around 40 transactions per second (tps), which is well above bitcoin’s maximum capacity of around 7.
- So many bitcoins. Bitcoin Cash is one of several bitcoin forks to include bitcoin in its name, with others including Bitcoin Diamond and Bitcoin Gold. Forked coins are viewed with scepticism by many crypto enthusiasts, while there’s also the risk that the sheer number of bitcoin variants available confuses and reduces the number of potential buyers.
- Competition. Even this mark of 40tps is well below some other cryptocurrencies. For example, XRP can handle 1,500tps and has consistently lower fees than BCH. So while Bitcoin Cash offers some clear benefits over bitcoin for use as an everyday transactional currency, it will also need to overcome fierce competition from other payment coins.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.