BCH 101: Easy Steps to Buy Bitcoin Cash
Bitcoin Cash has grown in leaps and bounds since it first came to limelight in 2017. At present, it is the 4th most capitalized cryptocurrency with a market value above $9 billion USD. As a fork of the Bitcoin blockchain, it has a considerable selling point and depth of usage.
It is important to know the ruling market price when you need to buy Bitcoin Cash. To check the current trading price of cryptocurrencies, you can check on price aggregators and exchanges of repute. A clear idea of the ruling market price will enable you determine how many units of the cryptocurrency that your budget can accommodate.
Many crypto investors have learned to trade and buy Bitcoin Cash over the past year as its market value soared. Let us now look at how to buy Bitcoin Cash.
Buy Bitcoin Cash Using an Exchange
There are more than 300 markets and exchanges that showcase Bitcoin Cash for sale according to CoinMarketCap. However, different exchanges have their requirements and they are largely similarly. Binance, Coinbase, Kraken, OKex and so on, have similar account opening procedures.
Step One: Open an account
Most cryptocurrency exchanges require that you register an account with them before you can buy any cryptocurrency. To register an account, you need to provide your email address, choose an account username and a password.
Step Two: Confirm Email Address
You will need to go to your inbox and click on a link sent to you by the exchange in order to confirm your account.
Step 3: Fund Your Account
Funding your account can happen in two major ways:
- Firstly, you can deposit fiat money when using a fiat-accepting exchange
- Secondly, you can also deposit a token or coin
Step 4: Buy Bitcoin Cash
After depositing tokens in your account, you can go ahead to swap same for BCH.
Buy Bitcoin Cash Using Changelly
For most people around the world, Changelly presents a simple means to buy Bitcoin Cash. After registering am account, you only need to select the payment option you prefer by following the homepage prompts.
- With your debit/credit card ready, you need to fill in the exact mount of units of Bitcoin Cash you want to buy, and
- the amount you need to pay will be populated automatically
- click next on the “continue tab”, and you will be prompted to enter your card details
- After this, click finish and in matter of minutes, your BCH will reflect in your BCH wallet.
Using a Crypto Swap
On Changelly, you can also decide to swap Bitcoin, Ethereum or any other 30 tokens and coins for Bitcoin Cash.
Token Swap canvas on Changelly showing TRST/BCH.
- Log into your account on Changelly
- Click on the exchange tab
- Click on the tab for the available deposit cryptocurrencies as shown by the arrow below
Changelly token swap Image showing TRST/BCH swap
- After selecting the deposit currency, also select BCH on the right-hand side of the screen
- Indicate the amount you are depositing on the deposit column to the left
- The exact amount of BCH you will receive will populate automatically on the amount column to the right-hand side as shown below
- 11After you click on exchange, the next tab will ask you to provide the deposit token address and the BCH address of your choice
- You should click on ‘submit’ to complete the transaction
- Depending on the tokens or coins you are transacting with, your BCH will be in your wallet within 30 minutes.
The cash purchase option is restricted as this can only be possible if you are in a locality where Bitcoin Cash ATMs are available. Where Bitcoin ATM is the option, you can also use this by buying Bitcoin first, and exchange it for Bitcoin Cash subsequently.
To use a Bitcoin ATM, you need to:
- Check the ruling BCH/BTC to fiat exchange rate
- Get your cash ready
- Locate the closest Bitcoin ATM
- To locate a Bitcoin ATM, try using Google Map
- Press the transaction tab on the ATM
- Place the cash into the cash vent/dispenser
- Enter your BTC/BCH wallet address
- Press submit and,
- the transaction will complete with an order summary in the printout.
Buy Bitcoin Cash using a Coin/Token Swap
Some cryptocurrency exchanges allow users the benefit of swapping their tokens or coins for Bitcoin Cash instead of using the fiat money option. On the account dashboard of your exchange, you need to identify the trading pair of your convenience.
- If you have Ethereum, you need to select ETH/BCH
- Enter the number of BCH you are buying
- The exact amount of Ethereum that corresponds to the BCH you are buying will be charged.
Bitcoin Cash has made a name among the leading cryptocurrencies around the globe. Buying BCH is possible in most countries with a range of payment options to choose from. The charges incurred on each transaction option might make a difference when choosing the best option to use. At present, effecting a crypto to crypto swap might prove to be most cost-effective, and exchanges like Binance and Changelly are cheaper to use.