How to Buy Bitcoin Cash

Once the new kid on the block, Bitcoin Cash is a trend that’s here to stay for enthusiasts and hobbyists alike. You might have tried to buy Bitcoin Cash previously, either personally or online. Regardless, this article will cover exactly how to purchase Bitcoin Cash. 

What is Bitcoin Cash?

However, before delving into how to buy Bitcoin Cash, let’s first take a look at what Bitcoin cash really is.

Bitcoin Cash is a cryptocurrency that was developed in August of 2017 after the creation of Bitcoin. Bitcoin Cash increases the size of the Bitcoin Block, thereby enabling more transactions to be processed. 

This cryptocurrency was further split into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision) in November of 2018. Bitcoin Cash is so named since it makes use of the original Bitcoin Cash client. Now that you know the origins of Bitcoin Cash, let’s explore further how to buy Bitcoin Cash, how to claim it, and strategies for using it.

Related:  Is Mainstream Crypto Adoption on the Horizon?

 

Where Can You Buy Bitcoin Cash?

While there are quite a few ways to buy Bitcoin Cash, here are some of the most commonly used methods:

 

Buying In-Person

How to Buy Bitcoin Cash, hand-holding-out-credit-card-1024x682, Learn , Unbanked, Unbanked Card, Crypto Card, Unbanked Debit Card, Crypto Debit Card, BlockCard

 

Buying Bitcoin Cash locally or in-person can be one of your first options. There are quite a few cities that have Over-the-Counter (OTC) traders. These traders help you exchange Fiat money (for example, USD, Yen, Euro, etc.) with Bitcoin Cash. 

You could also approach your employer and ask them if they are willing to offer complete or perhaps even partial payment in Bitcoin Cash. ATM machines that enable Bitcoin Cash are also available in some of the bigger cities, which make it easier for you to trade your Fiat money with Bitcoin Cash.

 

Buy Online

How to Buy Bitcoin Cash, A-computer-displaying-crypto-wallet-and-transactions, Learn , Unbanked, Unbanked Card, Crypto Card, Unbanked Debit Card, Crypto Debit Card, BlockCard

 

Of the many ways to obtain Bitcoin Cash, buying it online is probably one of the most popular methods. You can go to an online exchange in order to do a bank transfer and trade for Bitcoin cash. These are the online exchanges that sell and buy local currencies along with cryptocurrencies.

 

Use an Exchange

How to Buy Bitcoin Cash, Various-paper-money-laying-on-a-table, Learn , Unbanked, Unbanked Card, Crypto Card, Unbanked Debit Card, Crypto Debit Card, BlockCard

 

Whether you want to withdraw cash or deposit it from an exchange, you will be required to connect your bank account to the withdrawal system of the exchange. Most of the exchanges only allow bank wire transfers, whereas some also permit credit or debit card payments and even PayPal.

The fees that you pay for different operations depends on the exchange you opt for. While some platforms have an amount that’s fixed, others calculate it depending on the operation you want. The transaction time, too, will vary from one exchange to another. 

 

Use a Credit Card

How to Buy Bitcoin Cash, Man-using-laptop-computer, Learn , Unbanked, Unbanked Card, Crypto Card, Unbanked Debit Card, Crypto Debit Card, BlockCard

 

You can use your credit card to buy Bitcoin Cash as well. Bitcoin.com, for example, is a good example in this regard. All you have to do is follow the link with the option of buying Bitcoin Cash, enter your details, and the payment will be processed in an hour. At times payments can also take longer to be approved. 

You will receive an email once the payment has been processed. One might also have to provide proof of identity. 

How to Claim Bitcoin Cash

The Bitcoin Cash hard fork took place on August 1, 2017. In case you had Bitcoins in your possession before that, you can claim that amount in Bitcoin Cash. Your method of claiming the cash will depend on the type of wallet you use.

You could be using a full node wallet such as Bitcoin Knots or Bitcoin Core. In that case, you can just navigate through the menu and choose to backup your wallet. After this, a wallet.dat file will be generated. You can import this file to a full node Bitcoin Cash wallet, where your tokens will be ready for you.

You should remember that there’s often a conflict that can occur between full node wallets, which is why your Bitcoin Core’s data can be overwritten when you install Bitcoin ABC. Therefore, in order to avoid losing your Bitcoin Cash and your BCH tokens, all you need to do is install Bitcoin ABC on a separate computer altogether.

If your wallet type is that of an SPV (Simplified Payment Verification), claiming your Bitcoin Cash tokens shouldn’t be tough. These wallets make use of a recovery seed that keeps your Bitcoin Cash private keys, thereby allowing you to access your Bitcoin Cash when the seed is inserted into a wallet.

Procedures to do this can differ depending on the type of wallet being used. Therefore, it’s better to follow the instructions given by your wallet provider related to the claiming of your funds. You can also choose to get in touch with the support team of your wallet to get more information and updates.

 

What is Peer-to-Peer Trading?

Peer-to-peer trading is yet another option to obtain your Bitcoin Cash. There are several services available using which you can trade your Fiat money for Bitcoin Cash. When using such a platform, you can either fulfill the order of others or place an order and wait for someone to respond. 

These platforms also provide users with an escrow service. Since individuals are involved in peer-to-peer trading and rather than more verifiable entities, remember to take precautions to avoid costly mistakes.

Face-to-face meetings can also be set up so that you build a foundation of trust before going ahead with trades. 

Related:  Is Mainstream Crypto Adoption on the Horizon?

 

Bottom Line: 

Bitcoin cash is another cryptocurrency that is similar in origin to Bitcoin that allows for more transactions, which can be obtained in five ways. If any of these methods seem troublesome or risky, consider BlockCard. When you register for BlockCard, you get access to a virtual debit card, wallet, and physical card. You can load your wallet with one of twelve currencies including Bitcoin Cash! Then you can spend your crypto within minutes. 

 

The Latest

Unlocking the Secret Language of Crypto: Your Ultimate Slang Guide

The world of crypto is admittedly confusing. Some people have trouble understanding how it works and what it even is. Others have trouble understanding how they can operate within this world.  To make matters worse, crypto has so much slang associated with it that it has effectively formed a new language. Terms like FOMO, FUD,… Read Article

Unleashing the Power of ApeCoin: How One Cryptocurrency is Disrupting the Market

If you’ve been paying attention to the world of crypto or digital media, chances are you’ve heard of Bored Ape Yacht Club. Bored Ape Yacht Club is a massively popular NFT collection released by Yuga Labs. Now, the ApeCoin cryptocurrency is set to make as big of a stir as the NFT collection did.  So,… Read Article

The Future of Cryptocurrency: Proof of Stake and How it’s Changing the Industry

Cryptocurrency is constantly changing. However, one of the biggest recent changes is the shift away from proof-of-work and toward proof-of-stake. This has a pretty massive impact on how cryptocurrencies work.  But what is proof of stake? How will it change crypto? What do you need to understand about it? Keep reading to find out the… Read Article

Revolutionizing Transactions: How Smart Contracts are Changing the Game

Negotiating any sort of contract can be intimidating, especially when you are transferring money or other assets. In these cases, you want to be sure that the deal you are making will go through and that everyone will hold up their end of the deal. Otherwise, you may end up getting ripped off. Smart contracts… Read Article


6.38%

Crypto Rewards
on Spend

You also have access to:

BANK ACCOUNTS
DEBIT CARDS
BUYING, SELLING, & SPENDING CRYPTO


ARE YOU READY TO GET UNBANKED?


Nah, I enjoy high fees...

x
Want to be an owner in Unbanked? Limited shares available at a 20% discount. 🔥
This is default text for notification bar