How To Buy Bitcoin Cash (BCH)?

Bitcoin Cash 500x286 1 - How To Buy Bitcoin Cash

A common question you often see on social media from crypto beginners is “Where can I buy Bitcoin Cash?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Bitcoin Cash on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports Bitcoin Cash (BCH)

First, you will need to open an account on a cryptocurrency exchange that supports Bitcoin Cash (BCH).
We recommend the following based on functionality, reputation, security, support and fees:

1

 Binance

Create Binance Account - How To Buy Bitcoin Cash

Fees (Maker/Taker)            0.075%*-0.1%*

Cryptocurrencies
Available for Trade                             500
+

Sign-up bonus
 10% reduced trading fees*

Available in
Europe, Asia, Oceania, Africa

2

 MEXC

Create MEXC Account

Fees (Maker/Taker)                    0.2%*-0.2%*

Cryptocurrencies
Available for Trade                             1500
+

Sign-up bonus
 10% reduced trading fees & up to $170 in USDT vouchers*

Available in
North America, South America, Europe, Asia, Oceania, Africa

3

 Coinbase

Create Coinbase Account - How To Buy Bitcoin Cash

Fees (Maker/Taker)             1.49%*-3.99%*

Cryptocurrencies
Available for Trade                              150
+

Sign-up bonus
 $10 sign-up bonus*

Available in
North America, South America, Europe, Asia, Oceania, Africa

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Bitcoin Cash (BCH) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Bitcoin Cash (BCH)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Bitcoin Cash (BCH) or Bitcoin Cash (BCH) trading pairs. Look for the section that will allow you to buy Bitcoin Cash (BCH), and enter the amount of the cryptocurrency that you want to spend for Bitcoin Cash (BCH) or the amount of fiat currency that you want to spend towards buying Bitcoin Cash (BCH). The exchange will then calculate the equivalent amount of Bitcoin Cash (BCH) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Bitcoin Cash (BCH) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

How to create a Binance account

Create Binance Account

Show Detailed Instructions

Step 1: Go to the Binance website.

Step 2: On the registration page, enter your email address, and create a password for your account.
Then, read and agree to the Terms of Service and click “Create Account”.

How To Create a Binance Account Step 2

Note: Your password must be a combination of numbers and letters.
It should contain at least 8 characters, one UPPER CASE letter, and one number.

Step 3: Complete the Security Verification.

How To Create a Binance Account Step 3

Step 4:
The system will send a verification code to your email. The verification code is valid for 30 minutes. If you can’t find the email in your inbox, check your other mail folders as well, or click “Resend Email” to resend.
How To Create a Binance Account Step 4
Congratulations, you have successfully registered on Binance.

How to complete KYC (ID Verification) on Binance

Step 1: Log in to your Binance account and click “User Center” and then “Identification”.
 

How To Complete KYC ID Verification on Binance Step 1 - How To Buy Bitcoin Cash

Step 2: click “Start Now” to verify your account.

How To Complete KYC (ID Verification) on Binance Step 2

Step 3: Select your country of residence.
Ensure that your country of residence is consistent with your ID documents.

How To Complete KYC ID Verification on Binance Step 3 - How To Buy Bitcoin Cash

You will then see the list of verification requirements for your specific country/region. Click “Continue”.
How To Complete KYC (ID Verification) on Binance Step 4

Step 5: Enter your personal information and click “Continue.”

Make sure that all the information entered is consistent with your ID documents.
You won’t be able to change it once confirmed.
How To Complete KYC ID Verification on Binance Step 5 - How To Buy Bitcoin Cash
Step 6: Next, you will need to upload pictures of your ID documents. Choose the type of ID and the country your documents were issued. Most users can choose to verify with a passport, ID card, or driver’s license.
Refer to the respective options offered for your country.
How To Complete KYC (ID Verification) on Binance Step 6

Step 7: Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.

For example, if you are using an ID card, you have to take photos of the front and back of your ID card.
How To Complete KYC (ID Verification) on Binance Step 7
Step 8: After uploading the document photos, the system will ask for a selfie. Click “Upload File” to upload an existing photo from your computer.
How To Complete KYC ID Verification on Binance Step 8 - How To Buy Bitcoin Cash
Step 9: After that, the system will ask you to complete face verification. Click “Continue” to finish face verification on your computer. Alternatively, you can move your mouse to the QR code on the bottom right to complete the verification on your phone instead. Scan the QR code via your phone’s camera to finish the face verification process.
Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
How To Complete KYC ID Verification on Binance Step 9 - How To Buy Bitcoin Cash
After completing the process, please wait patiently.
Once your application has been verified, you will receive an email notification.

How to buy cryptocurrency on Binance

Step 1: Log in to your Binance account and click “Buy Crypto” and then “Credit/Debit Card”. 

How To Buy Cryptocurrency on Binance Step 1

Step 2: Here you can choose to buy crypto with different fiat currencies. Enter the fiat amount you want to spend and the system will automatically display the amount of crypto you can get. When you have selected the amount you wish to spend then press “Continue”.

Note: You might not be able to purchase every cryptocurrency directly using fiat, if you’re looking to purchase something that isn’t offered in the currency list on this page, then you will want to purchase USDT. We will then show you how to exchange that on the spot-market for the cryptocurrency that you want in the next section of this guide.

How To Buy Cryptocurrency on Binance Step 2 - How To Buy Bitcoin Cash

Step 3: Click “Add New Card”. Then enter your credit card details and your billing address.

How To Buy Cryptocurrency on Binance Step 3 - How To Buy Bitcoin Cash

Step 4: Check the payment details and confirm your order within 1 minute. After 1 minute, the price and the amount of crypto you will get will be recalculated. You can click “Refresh” to see the latest market price. You will then be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.

How To Buy Cryptocurrency on Binance Step 4

How to Conduct Spot Trading on Binance

Step 1: Log in to your Binance account.
Click on “Classic” under “Trade” on the top navigation bar.

How to Conduct Spot Trading on Binance Step 1

Step 2: Search and enter the cryptocurrency you want to trade.

How to Conduct Spot Trading on Binance Step 2 - How To Buy Bitcoin Cash

Step 3: Set buying/selling prices and buying/selling amount (or exchange total). Then click on “Buy”/”Sell”.

(Note: The percentages under the “Amount” box refer to percentages of the total account balance.)

How to Conduct Spot Trading on Binance Step 3 - How To Buy Bitcoin Cash

Step 4: If you don’t want to set a manual price, you can place a “Market Order” to set the buying/selling price automatically.

How to Conduct Spot Trading on Binance Step 4

Hide Detailed Instructions

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Bitcoin Cash (BCH)?

When politics happen to blockchains, hard forks can instigate new projects. Bitcoin Cash (BCH) was created by a group of developers, investors, entrepreneurs, and miners who were unsatisfied with Bitcoin’s development plans. Created in August 2017, Bitcoin Cash is a peer-to-peer electronic cash system that focuses on increased scalability and low transaction fees. The project is also referred to as Bitcoin ABC (Adjustable Blocksize Cap).

Blockchain scalability

In 2017, Bitcoin was suffering from long transaction confirmation times and growing transaction fees, detracting from its initial premise of being near-instant payments with very low fees. Before the creation of Bitcoin Cash, there was a strong debate in the Bitcoin community about the implications of increasing the block size limit.

Since Bitcoin is decentralized, proposed changes to the protocol require widespread agreement. Therefore, all network nodes need to reach consensus when making changes and updates to the Bitcoin software.

Bitcoin Cash was presented as a more scalable cryptocurrency, with reduced transaction fees and confirmation times. The BCH community argues that the project is more in line with Satoshi Nakamoto’s proposal of a peer-to-peer electronic currency. Mainly because the altcoin offers a faster and cheaper payment system that might be more suitable than Bitcoin for daily use.
Shortly after the Bitcoin Cash fork, the original Bitcoin blockchain went through a long-waited soft fork upgrade to implement a technology known as SegWit (Segregated Witness). Such an upgrade was created in 2015 by Bitcoin developer Pieter Wuille. It was implemented on the Bitcoin network to address network congestion and other scalability issues.

The SegWit soft fork was planned before the BCH hard fork, but the Bitcoin Cash proponents believed that SegWit was an inferior alternative to increasing the block size limit. The Bitcoin Cash fork from Bitcoin was supported by some notable members of the blockchain industry, including Jihan Wu (co-founder of Bitmain) and Roger Ver (CEO of Bitcoin.com).

How does BCH work?

Bitcoin Cash was directly forked from the original Bitcoin source code, so there are many similarities. Both networks run a Proof of Work consensus mechanism and are open for anyone to join and contribute. Also, any address that had BTC prior to the fork received an equal amount of BCH after the fork (same address string, but on different networks).
Similar to Bitcoin, BCH also has a target block time of 10 minutes and a max supply of 21 million coins. The emission rate of BCH halves every 210,000 blocks (roughly every four years). The current block reward is 6.25 BCH per block.

Unlike Bitcoin, Bitcoin Cash has an increased block size limit, which allows for more transactions to be included in each block. The block size limit was initially raised from 1 MB to 8 MB and then raised again in 2018 to 32 MB.

In practice, though, the average block size of BCH only surpassed 1 MB a few times since 2017. We can see a comparison between BTC and BCH average block size at BitInfoCharts.com.

Both Bitcoin and Bitcoin Cash adjust their mining difficulty through the so-called difficulty adjustment algorithm (DAA). However, Bitcoin adjusts the difficulty every 2016 blocks, while the mining difficulty of Bitcoin Cash is adjusted after each block.

In the past, Bitcoin Cash also implemented an emergency difficulty adjustment (EDA) algorithm to decrease the mining difficulty and incentivize miners to join the network. However, the algorithm was later removed due to instabilities. The EDA implementation is one of the reasons why the BCH blockchain is thousands of blocks ahead of Bitcoin.

In 2019, Bitcoin Cash implemented a technology called Schnorr Signatures, an alternative algorithm that changes the way digital signatures are used. The Schnorr Signatures scheme is simple and secure and allows for more privacy and scalability than the ECDSA scheme currently used by Bitcoin.

BCH key features

  • The BCH source code was based on the original Bitcoin protocol.
  • The supply is capped at 21 million.
  • As a fork of Bitcoin, BCH also uses the Proof of Work (PoW) consensus mechanism to issue new coins.
  • Increased block size from 1 MB to 32 MB.
  • The community argues that the BCH ethos aligns more closely with Satoshi’s original plans.
  • The BCH mining difficulty is adjusted after each block through the difficulty adjustment algorithm (DAA).
  • BCH did not implement SegWit.
  • BCH implemented Schnorr Signatures in 2019.
  • Smart contract development built-in as a later update.

Day to day payments

The Bitcoin Cash community defends that BCH is designed to be used as money. You can use it to quickly send and receive money to and from anyone with a BCH wallet, both individuals and businesses. With fast transaction times and low fees, BCH can be more suitable for daily use than Bitcoin, especially when making small payments.

Official website: https://bch.info/en/

Best cryptocurrency wallet for Bitcoin Cash (BCH)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Bitcoin Cash (BCH)?

Deciding which type of wallet to use depends on a variety of factors, including:

  • How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
  • What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
  • Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
  • How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
  • What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).

Ledger Hardware Wallet
Trezor Hardware Wallet

Market Overview

Coinmarketcap.com

Find the latest Bitcoin Cash (BCH) price chart, trade volume, market cap, and other vital information to help you with your cryptocurrency trading and investing.

Coinmarketcap will be your cryptocurrency go-to for just about everything. Here you can see the following:

Market Capitalization And Daily Trading Volume

Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)

Circulating And Total Supply

Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).

CMC - How To Buy Bitcoin Cash
Last updated Apr 29, 2022

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