Bitcoin Cash is one of the most contentious cryptocurrencies in the market…and one of the most valuable. A hard fork of Bitcoin, Bitcoin Cash seeks to solve some of Bitcoin’s biggest problems: namely a history of high fees and slow transaction times. This has led Bitcoin Cash to take a significant chunk out of Bitcoin’s market dominance, and a growing cult of BCH supporters feel strongly that Bitcoin Cash may be “the true Bitcoin”. We don’t take sides on this issue; we just report the facts. Whether or not you are a Bitcoin Cash believer, we’ll show you how to buy it!
Why Buy Bitcoin Cash Now?
Bitcoin Cash has been making waves since its introduction to the market in mid 2017. In the weeks that followed its debut, many thought that Bitcoin Cash was going to take all of Bitcoin’s market share and customer base. On one occasion, it looked like this “flippening” nearly happened.
Since then, Bitcoin and Bitcoin Cash have moved from all-out war into something of a battle of attrition, with neither side winning much ground from the other. In the meantime, the entire cryptocurrency market has undergone an ongoing crash, sapping the wider market out of well more than 50% of its value.
In spite of this, Bitcoin Cash remains true to its original mission: it’s incredibly cheap and blazingly fast. Its value, relative to Bitcoin, has stayed fairly steady, and the old hopes about its superior utility (alleged) are no more right or wrong than before this bear market.
If you believe in Bitcoin Cash, or at least see its investment potential, today’s prices could represent an incredibly buying opportunity. At only a fraction of its all time high, now is the time to buy Bitcoin Cash if you ever plan to buy at all!
What is the Best Site to Buy Bitcoin Cash?
The sheer number of sites and platforms upon which traders can buy Bitcoin Cash is a little intimidating for newbies. We won’t give you an exhaustive explanation of these options, instead providing three examples which we think will make the most sense for a wide swathe of our readers. They are thus: eToro, Coinbase, and Binance.
eToro is a great option for many reasons. Long-established in security trading, eToro is well regulated and battle tested. It also offers users an interesting option. Rather than selling coins, eToro sells CFDs. CFDs are contracts that cost just the same as conventional cryptocurrencies, but the user doesn’t have to take on the risks of owning the coins. Instead, the user’s contract allows her to profit from Bitcoin Cash value growth, just as she would if she actually had the coins in a personal wallet. To sell, the user just ends the contract, and takes any resulting profits.
If you want to truly own your cryptocurrency, so that you can trade and spend it, you’ll need a more conventional exchange like Coinbase. Coinbase is the most intuitive crypto buying platform on the market. They don’t offer many coins, but Bitcoin Cash is one of them. Called by many the “Facebook of Crypto”, Coinbase is as easy to use and user friendly as the name suggests. Coinbase fees are a bit higher than other exchanges, but the site is impressively secure and well regulated. Most crypto traders got their start on Coinbase, and we think it’s a good place for you to learn the ropes as well. Coinbase accepts USD and other “fiat payments”, making this even more convenient for new users.
Binance is the world’s most popular cryptocurrency exchange, offering many dozens of high quality projects for trade against large crypto coins like Ethereum and Bitcoin. Binance is more complicated than either of the other options we’ve named, but if you can get the hang of it, you’ll become a much more sophisticated trader. Binance demands more of its users, but in turn it offers the biggest discounts. If you use Binance’s proprietary currency (Binance Coin, BNB), you’ll get to trade from Bitcoin Cash at only 0.05% – the lowest fees in the whole industry.
How to Buy Bitcoin Cash With eToro
The eToro Bitcoin Cash buying process is the simplest, and will therefore appeal to our reader base who needs a little help getting started, so we’ll explain how its done here and now.
Step 1: Create Your eToro Account
Follow the simple steps on the eToro homepage. Input the requested information.
Step 2: Deposit Funds
Connect your bank account or other chosen payment channel. Make the minimum deposit required of users in your home country.
Step 3: Buy Bitcoin Cash
Select how much Bitcoin Cash you want to buy and make the purchase! Your contract can be cancelled anytime so that you can take profits. (Note: if the price of Bitcoin Cash goes down, losses are deducted from your balance)
How to Buy Bitcoin Cash Through Exchanges
If you want to buy Bitcoin Cash in order to spend, save, or trade it against other digital assets, you’ll have to go through one of the many exchanges upon which BCH is traded. We’ve discussed Coinbase and Binance briefly, so let’s get a little deeper into how you might use either of these options to get your first BitcoinCash.
Buy Bitcoin Cash With Coinbase
Coinbase is among the easiest cryptocurrency platforms to use. All you have to do is sign up for a new account, connect your bank account or credit card, and buy Bitcoin Cash. Unlike more complex exchanges aimed at more experienced users, Coinbase sells Bitcoin Cash for its current market value; it doesn’t allow for more complex order types like limit or stop-loss orders. Nonetheless, hundreds of thousands of users have bought their first Bitcoin Cash this way.
New Coinbase users will have their daily purchases limited to certain amounts (it seems to differ by user), but these limits are quickly increased as you use the platform. Bank transfer purchases take several days to fill, but the price you pay will be the one quoted when you complete your first order. Credit card purchases are filled more or less instantly.
You shouldn’t use Coinbase as a bank. Download a high quality Bitcoin Cash wallet and move your coins to this destination once your order has been filled. Exchanges like Coinbase may be secure, but many hackers want to break in, so never trust them for long term storage.
Buy Bitcoin Cash With Binance
Binance is another kettle of fish, but still doable if you are willing to learn the ropes. Create an account just as you would anywhere else, and give Binance the requested KYC information (this is how Binance follows regulations that prevent fraud and money laundering). Transfer a coin like Bitcoin (bought from another source like Coinbase) to your Binance wallet. This is the money you will use to trade for Bitcoin Cash.
Go to the “Basic” exchange screen, choose Bitcoin as your trading currency, and buy Bitcoin Cash using the BTC/BCH trading pair. When your Bitcoin Cash has arrived in your Binance Bitcoin Cash wallet (accessible through the “Deposits Withdrawals” page), send it to your Bitcoin Cash digital wallet, on your Ledger Nano S or software solution on a personal device.
Buying Bitcoin Cash: Payment Methods
Bitcoin Cash is one of the most widely traded cryptocurrencies, and is therefore available for the widest variety of payment types. Here are some examples, though you can find more obscure payment channels if you do your homework.
Credit Card & Debit Card
Bitcoin Cash is available for purchase by credit or debit card using exchanges like Coinbase and Gemini which accept fiat payment. When connecting a bank account or credit card, always make sure you’re working with reputable and regulated platform. Coinbase and Gemini are both good examples.
Neteller is a payment channel favored by many British buyers of Bitcoin Cash. You’ll be able to use it ontrading platforms like eToro.
Srkill is also an accepted payment channel on eToro and a growing number of other cryptocurrency trading platforms.
Cash payments can be made through Coinbase and Gemini, as well as more informal trading resources, like those found using LocalBitcoins and other P2P trading forums.
How to Store [coin] in a Wallet
This section should explain how to secure the coins after purchase. It should mention that eToro does not require a wallet and therefore is a more desirable option.
interlink to our dedicated wallet page for the coin or to our wallet hub page.
Other Ways to Get Bitcoin Cash
Bitcoin Cash is minable using the same mining equipment that Bitcoin miners use. Bitcoin mining hardware is expensive, and you’ve got to have a pretty impressive rig to make it profitable (your electricity bill will also hit new highs!). However, if you’re willing to make these startup costs and to learn the ways of the Bitcoin Cash miner, you can make a tidy profit. Because Bitcoin and Bitcoin Cash use the same mining protocol, you’ll be able to mine Bitcoin as well with the same gear, anytime you want.
Bitcoin Cash is one of the most exciting cryptocurrencies currently available, whether or not you happen to be a fan. We definitely find a lot to be interested in with regard to Bitcoin Cash’s investment potential, and its technical specs are certainly impressive in their own right. No one knows how cryptocurrency values are going to change in the future. But Bitcoin Cash has as good a change as most to reach its former heights, and possibly exceed them by a huge margin.
If you want to learn more about the details about Bitcoin Cash as a technology and currency, check out our Bitcoin Cash FAQs below.
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What was the controversy between Miners and Developers?
The reason the fork happened in the first place was because the developers were trying to streamline the process.
As Bitcoin was growing so quickly, huge amounts of transactions were happening, essentially the technology could not keep up. The developers proposed to increase the block size to account for more transactions.
The miners opposed this because this would mean that they had to process more transactions before creating a new block, resulting in them getting paid less Bitcoins because it would take them longer and more power. Their yield would ultimately be lower.
In this power struggle, it was the miners who came out on top and the developers created Bitcoin Cash. They increased the block limit 8MB, creating ample room for everyone’s transactions.
Why was the Bitcoin Cash fork necessary?
Scalability. The huge following Bitcoin suddenly experienced meant that there was a massive increase in transactions. The problem was that to accommodate for this the developers suggested increasing the size of each block, however increasing the size means that the miners would need to validate more transactions before they were rewarded with Bitcoin, essentially upping their workload.
Once capacity of a block was reached, fees shot up and Bitcoin became less reliable and some transactions could not get confirmed for days. This ultimately harmed Bitcoins share in the market.
And so, there was a stand-off, developers vs miners.
Bitcoin cash was created to stream line the blockchain, seeing lots of developers migrate over because the idea of a decentralized blockchain is that no central group can make decisions for the entire network.
What advantages do CFDs have over conventional ownership investment?
- Cheaper – The fees are considerably less than exchanges. All you need to pay is the spread, which is barely noticeable compared to some of the commissions you see at exchanges.
- Regulation – The CFD providers we recommend are all regulated because it makes these brokerages accountable for their services. Unlike exchanges, who are not regulated, brokers like eToro have certain stipulations they must adhere to and this increases the security of your funds.
- Leverage – This means you don’t need to put the full position on a trade. Which has two positive consequences; one is that your risk is reduced because you don’t need to put the full amount up and two, the money that is freed up by leverage can be invested elsewhere.
- Payment methods – They offer considerably more payment methods, so depending on your preference you can buy Bitcoin Cash using many payment methods.
- Liquidity – This allows you to buy at a price you want to buy. With exchanges, there are not as many people in the market and so getting the price you want is often more difficult. Using CFD providers basically means you the execution of your buy order is very quick and seamless.