Bitcoin Cash is a newer cryptocurrency that is meant to be an alternative to Bitcoin, which has been around the longest. Users of Bitcoin Cash can get their transactions approved faster and pay less for each one. But Bitcoin Cash isn’t very popular yet, and a lot of people don’t know how to buy it. The following article will guide you on how to buy Bitcoin Cash. Read it now!
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a cryptocurrency similar to Bitcoin (BTC). Bitcoin Cash lets more transactions happen in a single block than Bitcoin, which should lower fees and cut down on the time it takes to do a transaction.
What are the fees for buying bitcoin cash?
When you buy bitcoin cash, the fee will depend on how you pay and where you buy them.
If you buy bitcoin cash from a friend or family member and pay them directly in cash, you’ll only have to pay a small “network fee” to get the bitcoin cash from their digital wallet to yours. But if you use a credit card or a bank transfer to pay for your bitcoin cash purchases, you will have to pay fees. There are also other fees, such as operating costs for the exchange and a small profit margin. When you make a large purchase, you’ll have to pay less in extra fees, so avoid making many small purchases.
Where to buy bitcoin cash?
Bitcoin Cash is available on most of the big crypto exchanges. But not every place makes it easy for people who have never invested before to do so. The best place to buy bitcoin cash for beginners is Bitcoin.com Wallet.
How to Buy Bitcoin Cash – Key issues to consider
Platform/venue used for buying bitcoin cash
You can buy bitcoin cash at cryptocurrency exchanges that are centralized or on websites that offer cryptocurrency exchanges. Or you can also buy bitcoin cash directly from acquaintances, friends, or family members.
Many cryptocurrency exchanges let people buy and sell Bitcoin Cash. So, there are many different ways to pay, such as credit cards, bank transfers, popular payment apps like PayPal, Apple Pay, Google Pay, Samsung Pay, etc., direct cash, and even bartering.
Each way to pay has its own advantages and disadvantages. So think about which Bitcoin Cash payment method is easiest for you.
Where bitcoin cash goes
So do you wonder where your bitcoin cash will go after you buy it? Where your bitcoin cash goes after you’ve bought them will depend on which platform you bought it on.
- If you buy bitcoin cash directly from a friend, it will be transferred directly to a Bitcoin Cash wallet that you control.
- If you buy it on a centralized cryptocurrency exchange or website, Bitcoin Cash will move into a Bitcoin Cash wallet controlled by those platforms.
3 Best Ways to Buy Bitcoin Cash for Beginners
Buying bitcoin cash with the Bitcoin Wallet
The first platform that we would recommend to teach you how to buy Bitcoin Cash is Bitcoin Wallet.
The biggest advantage of buying bitcoin cash with the Bitcoin Wallet is that after buying, bitcoin cash is completely non-custodial and you can take full control of them after paying. With the Bitcoin Wallet, it’s also very easy to buy bitcoin cash from your phone or computer.
- Open the app for your Bitcoin wallet on your device. (You can download the Bitcoin Wallet app here).
- Choose Bitcoin Cash and then click “Buy.”
- Follow the instructions on the screen to choose the wallet you want to use to make a deposit. If this is your first purchase, you’ll verify your identity.
- When you’re done, your purchase will be in progress.
You can also use a Bitcoin Wallet to receive, store, and use bitcoin cash that you have purchased via another method (Ex: buy bitcoin cash with cash).
Buying bitcoin cash from a centralized cryptocurrency exchange
The next platform we would recommend to teach you how to buy Bitcoin Cash is the centralized cryptocurrency exchange.
Using this method, the bitcoin cash you bought will be exchanged on your behalf for the cryptocurrency. If you want to have full control over your bitcoin cash, you will need to move it from the exchange to a wallet that doesn’t hold it for you, like the Bitcoin Wallet above.
When you withdraw bitcoin cash from an exchange, you have to follow the rules and pay the fees set by the exchange. In some cases, you might not be able to withdraw for days or weeks, and the fees for withdrawals will almost certainly be much higher than the fees for regular Bitcoin Cash transactions.
- Go to a site where you can buy bitcoin cash using a cryptocurrency exchange.
- Make an account and verify your identity.
- To buy bitcoin cash, you have to do what the website says.
- When the transaction is done, your Bitcoin cash will show up in your exchange account. If you want control of your bitcoin cash, send it from the exchange to your non-custodial wallet.
Buying bitcoin cash from the website
The last platform that we would recommend to teach you how to buy Bitcoin Cash is 2 reputable websites: Bitcoin.com and Local.bitcoin.com.
When you buy bitcoin cash from Bitcoin.com, you will have to choose where your bitcoins will be sent. This means that you will need to enter a “Bitcoin Cash address” for it to transfer in after the transaction is successful. Follow the steps below if you don’t have an address to receive Bitcoin Cash:
- Start up the app.
- Click the receive icon.
- Choose Bitcoin Cash, and then choose the wallet where you want to get it.
- Tap the “Copy” button to save the address to the clipboard on your device.
This website allows you to transact with a credit/debit card or another payment method such as Apple Pay, or Google Pay,…
- Visit the bitcoin cash buying page here.
- Pick to purchase bitcoin cash.
- Enter the amount and choose whether you want to pay in USD or another local currency.
- Click the “buy” button.
- Type in the address of your wallet.
- Lastly, make an account and give information about how to pay for your transaction.
On the website local.bitcoin.com, you can buy and sell bitcoin cash. Local Bitcoin, like other P2P marketplaces, is a referral service that helps people who want to trade bitcoin cash find each other. People can create ads and deals to buy or sell BCH on this site.
- Go to the website Local.Bitcoin.com and make an account.
- Find someone who is already selling Bitcoin Cash or make a new buy order yourself.
- When you start a transaction with the merchant of your choice, they send BCH to a decentralized escrow system on the Bitcoin Cash network.
- Once you have sent the agreed-upon payment via bank transfer or another method, the merchant will confirm that they have received the funds.
- Then, the Bitcoin Cash you bought will be released from blind escrow and sent to the address of your wallet.
Above is essential information about buying bitcoin cash and detailed instructions to help you know how to buy Bitcoin Cash. Good luck with your trading.