Home > Blog > Complete instructions for a beginner



Like Bitcoin (btc), Bitcoin Cash is easy to buy on an online crypto exchange. As the most popular fork of Bitcoin, BCH is available on almost every exchange. You can type in the search engine ‘buy bch cryptocurrency’ and you will see a list of sites where it is possible to purchase cryptocurrency.

The easiest way to start buying Bitcoin Cash is through a cryptocurrency trading service.

Consider the purchase on the example of the popular eToro exchange. On any other platform, all actions are similar.

Here is a step-by-step guide on how to use eToro to buy Bitcoin Cash.

Step 1: Open an account

Go to the exchange’s website and create an account. You have to fill in the required details or you can also connect your Facebook or Google account to register.

Step 2. Upload the ID

As a regulated trading platform, the exchange requires all its users to verify their identity to ensure that they are trading in the country they live in and that their users are legitimate. Upload a copy of your driver’s license or passport (you can scan it or take a clear photo).

Step 3: Deposit funds

Although you can start trading using their demo account, this will not give you any real monetary value. To start trading real Bitcoin cash, you need to top up your account with money with a minimum initial deposit of $200 or 160 pounds sterling. There are several money payment methods available, such as debit or credit card, bank transfer (Sberbank, Tinkoff), PayPal, Neteller or Skrill. Please note that these payment methods may vary depending on where you live.

You also have the option to transfer any cryptocurrency you own by linking an existing bitcoin wallet.

Step 4: Buy Bitcoin in Cash

At the last stage, you will buy Bitcoin Cash! Find the ticker symbol “BCH” and click the “Trade” button when it appears. In the order form, enter how many coins you want to buy (you have the option to buy depending on the number of coins or in fiat currency in US dollars/pounds).

If your trading strategy involves the use of stop loss and/or take profit, you can set them in your order. Don’t worry, you can always change the stop loss and take profit values while the stock price has not yet reached them.

Do I need a crypto wallet to buy Bitcoin Cash?

Yes, you need a crypto wallet to buy a coin. Most crypto trading platforms have their own built-in crypto wallets. You can also choose a third-party wallet that you can download.

How much money do I need to buy Bitcoin Cash?

Depending on your crypto exchange platform, you can buy any amount of Bitcoin Cash. You don’t need to buy a whole coin to invest.

The basics of the basics
Bitcoin Cash (BCH) is a cryptocurrency that has many of the same characteristics as Bitcoin (BTC), but also includes a number of changes and features that distinguish it from others. It is considered a “fork” of Bitcoin (BTC), although supporters claim that the Bitcoin Cache more closely corresponds to the original vision of creating a peer-to-peer electronic money system. Bitcoin Cash is a hard fork of the original Bitcoin (BTC). A hard fork is an alternative version of the original coin that has evolved into its own independent cryptocurrency.

Bitcoin Cash separated from its predecessor in 2017 when

two different coin philosophies collided between his supporters.

The main reason why Bitcoin Cash separated from Bitcoin is related to scalability issues. One of the problems of Bitcoin (BTC) was that it could not process a large number of transactions, which meant that with large trading volumes, there was a possibility of lagging execution.

Roger Ver, one of the main proponents of Bitcoin Cash, wanted a more scalable bitcoin (BTC) capable of handling a larger volume of transactions. Thus, in 2017, Bitcoin Cash was created with a block size of 8 MB compared to the block size of Bitcoin(BTC) of 1 MB. In 2018, the block size was again increased to 32 MB for the coin.

There are many wallets that support Bitcoin in cash.

Each type of wallet has its own characteristics and is characterized by ease of use and security. For example, there are mobile wallets, software wallets and hardware wallets.

Mobile wallet – managing coins using a smartphone.

Software wallet – managing coins using a computer.

Hardware wallet – managing cryptocurrencies from a physical device.

Using a hardware wallet is the safest way to manage your Bitcoin cash. The hardware wallet does not have a permanent Internet connection, which significantly reduces the likelihood of hacking your wallet. However, there are many other ways to protect your online wallet or software wallet as much as possible.

 

Variability of purchase
The very first tokens were given to bitcoin holders after the initial hard fork, now it can be done freely – just by buying.

The following methods are described below where you can buy Bitcoin cash.

 

Cryptocurrency exchanges and exchangers
Cryptocurrency exchanges are the most popular platforms among novice investors to buy a cryptocurrency token, such as BCH. At the beginning of the year there were about 400 exchanges. Bitcoin cash can be bought in just a few clicks in exchange for local fiat currency (traditional money such as the dollar, euro or pound) or any other cryptocurrency. Crypto exchanges have built-in wallets that can support many tokens that differ in unique addresses.

Depending on the field of activity, exchanges offer various ways to deposit fiat currency, which will later be used to buy/exchange cryptocurrencies on the platform. Many jurisdictions have laws prohibiting citizens from using debit and credit cards to make deposits on crypto exchanges. The online crypto exchange allows users to make deposits using third-party payment services such as Cash App. After the BCH is purchased on the exchange, they can be moved to the appropriate wallet. BCH assets can now be sent to any other BCH wallet worldwide.

Growing restrictions and regulations have led many major cryptocurrency exchanges to require government-issued “know your customer” (KYC) documents, such as a social security card or driver’s license, before allowing users to buy or sell cryptocurrency.

It is worth noting that it is possible to conveniently and reliably exchange Bitcoin Cash on the website Exnode.ru

 

peer-to-peer
Peer-to-peer (P2P) implies the direct purchase and sale of cryptocurrencies with another person. This method of buying BCH involves finding a service that can connect you with people willing to sell their tokens for cash (in local currency). The main advantages of this method are lower transaction costs and faster calculations.

In a typical P2P transaction, the user deposits a certain amount of fiat currency to the platform, for example, to a crypto exchange. The platform will then find a suitable merchant(s) who wants to cash out their savings in BCH, and activate a peer-to-peer transaction between the two parties.

The P2P service guarantees each transaction through an escrow service, which involves a third-party provider or a service that stores the assets of both parties to the transaction (i.e. the sender and recipient). This process is considered the safest and fastest way to purchase BCH tokens. However, there have been cases when fraudsters have used the chargeback function (contesting the payment) to unlawfully claim the transferred amount from the platform. Instead of depending on platforms, you can go the old-fashioned way. Bitcoin can be exchanged physically, that is, to meet with people to exchange BCH tokens. As a result of the influx of numerous specialized forums and blogs, offline traders find each other based on the proximity of users and online trust. In such transactions, users usually scan the recipient’s QR codes to send BCH and receive the corresponding fiat currency through bank transfers or cash payments. However, since no third party will be involved in such direct transactions, users should take extra care to ensure the trust of others.

 

Face to face
Exchanges offer novice investors a familiar and convenient way to trade and invest in cryptocurrencies. Unlike using crypto wallets and peer-to-peer transactions, which can be complex, users of centralized exchanges can log in to their accounts, view their account balances, see the current bitcoin cache rate and make transactions through applications and websites. Cryptocurrency exchanges offer an additional level of security and reliability when it comes to transactions and trading. By simplifying the transaction through a developed centralized platform, centralized exchanges offer a higher level of comfort.

 

Advantages of buying via Peer-to-peer (P2P)
Imagine that you meet someone on the Internet, and after sending money, he just disappears. The P2P format prevents this by withholding crypto funds, issuing them to the buyer only after the seller confirms that he or she has received the payment. You can exchange Bitcoin cash by trading only with the one who offers the most convenient way for you. You are not as limited by payment methods as on centralized exchanges. Traders offer their preferred payment methods and you will find many different payment methods on P2P platforms.