Appearing as a result of the expandability problems that come within Bitcoin, Bitcoin cash began with the idea that the more users online, the more they make transactions and in turn the slower the network works (making the purchase more expensive.) Bitcoin Cash works on the updated protocol, a block size of 8 MB, which means that each block received by various miners can be used to process more transactions. Many believe this is a step in the right direction, and if you do as well, continue reading to see how you can get your foot in the game by buying Bitcoin cash.
Buying Bitcoin Cash
First, you will need a wallet of some kind to be able to keep and process your mined Bitcoin cash and cryptocurrency. As for the purses, many of them already support Bitcoin Cash, however for exchanges, there are not so many exchange options, but there are still enough. Certain exchanges work with Bitcoin Cash, and changing money at the same time is convenient, but you lose control over your private keys, which can be dangerous. Also, there are many software wallets with Bitcoin Cash support, for example, Exodus provides an opportunity to convert one cryptocurrency into another right inside the software itself. The most popular hardware wallets currently are Ledger and Trezor, both who support Bitcoin Cash and also implemented the opportunity to get Bitcoin Cash, if at the time of the blockchain split you had bitcoins. All available options can be found on the official website bitcoincash.org, and you can better figure out which options are right for your financial goals!
Second, choose Bitcoin Cash exchange, even though transactions operating with Bitcoin Cash are not as standard as the ones supporting Bitcoin, some are engaged in other areas or have not yet seen its potential. Never fear though, various options are obtainable and decent, some of these include Coinfloor and CEX.IO. Coinfloor supports the open exchange of Bitcoin Cash, while CEX.IO, a London-based company, is a large selection of currencies with Bitcoin cash being one of them. For CEX.IO even there is an option for quick purchase using a credit card, keeping in mind though that using that option is quite expensive. To save money, you can deposit money through a bank transfer, and then a commission of 0.2% will be deducted, which for large transactions can save a fortune.
Third, move your Bitcoin Cash to your wallet of choice, as most do not recommend leaving your funds on the stock exchange. Once you buy BitCoin Cash, transferring it to your wallet, brings it under your control and private keys and eyes.
Selling Bitcoin Cash
Once you have held onto your Bitcoin Cash and decided to sell it for Bitcoin, there are a variety of exchanges that you can sell them to or exchange. All of the following can all use deposits, withdrawals, and trades:
If you are looking for websites on the other hand that is for buying/selling Bitcoin Cash for Bitcoin or other cryptocurrencies, here are some sites:
- Bitefinex – One of the most significant Bitcoin exchanges out there, they also have announced a “socialized distribution coefficient recently” due to them expecting a surplus of Bitcoin Cash at the time of distribution.
- Bittrex – A favorite US-based cryptocurrency exchange, they have created a 1:1 ratio of Bitcoin Cash to Bitcoin holders. All you need to get started is verifying yourself by submitting a valid id.
- Kraken– Is a well-known Bitcoin exchange operating out of San Fransico., and they have officially announced trading support for Bitcoin Cash. Users can trade with necessary account verification, but for higher trading limited you have to register and verify yourself.
- HitBTC – A Multi-cryptocurrency global trading platform, they have pairs also in a 1:1 ratio. For trading, they do require a verification process, but there a plenty of guides to help, and while not needed at first it does come with a cap leading verification.
- BTCBOX – A Tokyo-based Bitcoin exchange which has also started trading Bitcoin Cash, you can buy into Japanese currency if you choose to do so.
- Changelly – Another favorite multi-cryptocurrency exchange, Changelly exchange is another way of selling your Bitcoin Cash. They allow you to exchange your funds for 30+ altcoins and also for original Bitcoin.
- Shapeshift – Shapeshift.io offers an exchange platform similar to Changelly, but many use Changelly because of their competitive exchange rates and transaction history feature. You can currently sell your Bitcoin Cash by exchanging into any supported cryptocurrency.
Where Are The Opportunities Ahead For Bitcoin Cash? With You!
Having private keys and being out of the hands of third parties is a considerable benefit many are seeing within the cryptocurrency world currently, and because of that, it is a wake-up call for them to control their private keys. So wake up with them and realize you do not need a third party to monitor your keys for you when you have various wallets that you can securely control and be your bank.
Here’s to keeping the money rolling in 2018!