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What Is Bitcoin Cash (BCH)?
Contrary to popular belief- Bitcoin Cash (BCH) is not the same as Bitcoin- it is the continuance of the Bitcoin project. Much like Bitcoin (BTC), Bitcoin Cash (BCH) is a fully decentralized, peer-to-peer electronic cash. BCH utilizes blockchain technology and does not require a trusted third party to operate. It is what is called a “fork” of the BTC blockchain ledger, which means it’s an altcoin that utilizes similar technology with upgraded consensus rules, allowing it to prosper in its own right. It also is secured with a different signature hashing algorithm than BTC to avoid any mix-up between Bitcoin and Bitcoin Cash.
BCH has made a splash on the cryptocurrency scene by becoming not only very valuable, but also because it is one of very few altcoins available for purchase on CoinBase- the most recommended and widely available cryptocurrency exchange.
Where Can I Purchase Bitcoin Cash Instantly?
Many cryptocurrency exchanges have a delay of several days before funds process and you can make an altcoin purchase. Out of the BCH exchanges that do offer instant purchases, by far my favorite is Coinbase. Not only does Coinbase offer the security you’re looking for when buying cryptocurrency, but you can also instantly make purchases with a Debit Card or Credit Card on their website, iOS app or Android app. You can also connect your bank account to buy BCH and other altcoins, as well if this is convenient for you.
To top it off, they also offer on the rise altcoins: Ethereum, Litecoin and of course the orginal Bitcoin- making their service particularly appetizing to investors across the world. Click Here to Sign Up with Coinbase and get $10 Free! Coinbase is a BCH wallet, enabling you to buy, sell, and store your Bitcoin Cash, Bitcoin, Litecoin and Ethereum all in one place.
Safely Buying Cryptocurrency
Taking steps to ensure you purchase cryptocurrencies safely is a critical part of the process. Here are some recommendations to safely making your purchases:
- Create a new email for your BCH/altcoin wallet(s) and use a very strong password (It might be a good idea to write your email/password down and store it in a very safe place).
- Use a very strong (different) password for your Coinbase account (Again, it’s a good idea to write your username/password down and store it in a very safe place).
- Utilize virus and malware protection on any device you use. While you may think your computer is working just fine and you are doing everything you are supposed to do; viruses, malware and adware can be crawling undetected on your devices, potentially exposing you. Virus protection is necessary to defend you from these situations.
- Don’t share personal information about the cryptocurrency you own or intend to buy. Treat your cryptocurrency like you would cash, and don’t be the flashy type.
- After purchasing Bitcoin Cash from Coinbase you could also consider storing your BCH on a hardware wallet, desktop wallet, or mobile wallet. This takes time to understand and setup, but is also a very secure option, especially for long term investors. (More On This Below)
Hardware Wallets vs. Desktop Wallets vs. Mobile Wallets vs. Paper Wallets
For a technically inclined individual there are an array of options for storing your BCH. While, there are many viably safe options, I would like to focus on a particularly secure method: cold storage. Cold storage simply means that your coins are stored offline, usually in the form of a Hardware or Paper wallet.
One of the best break out options for cold storage of your BCH is Hardware wallets. A Hardware wallet simply means your Bitcoin Cash private keys are stored on a secure hardware device, usually with a small display for transaction authentication. The Ledger Nano S is widely acclaimed as the best option on the market for storing an array of different Cryptocurrencies securely, offline and most importantly: conveniently. They have a supreme user interface that is toppling everything else in the market and is truly a must-have for serious cryptocurrency investors.
Paper Wallets are another popular option that I would recommend to a very tech savvy person. While the other options mentioned are rather easy to comprehend and figure out, paper wallets are a little bit more complicated, but also A LOT more secure. Essentially a paper wallet is creating a new cryptocurrency public address and private key with a simple program. The program will produce QR codes for your public address and private key that you can print out or write it down.
In a nut shell, you can store your cryptocurrency in a “paper wallet,” and store multiple copies in very safe places (Think: Bank safe deposit box). This will eliminate the possibility of anyone using viruses or malware to attempt to tamper with your coins (so long as you don’t expose your private key in any way).
WalletGenerator is one Paper Wallet solution for BCH and many other cryptocurrencies that will assist you in the process of creating your paper wallet. In our opinion, paper wallets are the most secure method of storing your cryptocurrency long term if done correctly. Do extensive research before creating your paper wallet, so you know the process, security tips and best solution for your specific needs. Please also keep in mind a paper wallet is just like cash: if you lose your private keys than you lose your coins. Paper tears, ink bleeds and anything could happen like a natural disaster or fire. Use your best judgement on how to protect yourself from every possibility, just like you would cash.
Mobile and Desktop wallets are inherently online, so while they are just fine for many intents and purposes, they do pose the risk of being exposed to viruses and malware that could end up on your device. The only exception to this is a Desktop/Laptop/Mobile device that is kept offline 24-7, which in reality is hard to accomplish and, in most scenarios, unlikely.
We only recommend Desktop/Mobile wallets for small cryptocurrency amounts or when being utilized for day to day trading and/or purchases. A damaged mobile device or desktop could also pose a risk of losing your cryptocurrency, so there are typically backup files/phrases/passcodes for situations like this. Be sure to back these up to multiple secure locations to protect yourself.
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