Where Bitcoin holds the throne of cryptocurrencies, its hard-forks are also no less profitable assets. Bitcoin Cash, the spin-off inaugurated in 2017, is peer-to-peer electronic cash with an easy to claim procedure.
If you are wondering where to buy bitcoin cash or how do I buy bitcoin cash, here is a simple guide.
How to buy bitcoin cash
Create a BCH wallet
First of all, claiming a cryptocurrency demands the possession of a crypto wallet. The modes of holding a digital coin vary depending on the wallet in use. You can store your cryptocurrency in a hardware wallet, paper wallet, or a suitable mobile wallet. Once you have your wallet, you will need your Bitcoin Cash address. A new format was invented for Bitcoin Cash called “Cash Address,” 42 characters extended code.
Where to buy bitcoin cash
A number of exchanges have extended their services to solve your dilemma of querying where can I buy bitcoin cash. Once you hold a wallet, you next need to look for an exchange that supports BCH. Renowned trading platforms, including Coinbase, Binance, allows you to buy bitcoin cash in exchange for USD or other crypto coins like Bitcoin or Ethereum. Also, some exchanges assist in the rapid purchase through the allowance of credit or debit card usages.
Parallelly, you can also obtain BCH through Over the Counter (OTC) traders, who trade the digital asset for fiat money. Furthermore, Bitcoin Cash ATMs have been established to ease the process in many countries.
Along with BCH, BTC has also evolved in the methods of its purchase. While online trade is an exceptional and most used path, buying bitcoin with cash is considered to be a more reliable and secure method that prevents your identity and carries negligible rates of fraud.
How to buy bitcoin with cash
When you purchase virtual currencies through exchanges, you are bound to provide the personal details to fulfill the required KYC norms; but, when you commence trade with an independent seller, your transaction is more anonymous. Several websites like LocalBitcoins, Bitquick, Paxful, etc. are available that connect you to independent dealers who use the P2P platform to complete the trade. To begin, you commonly have to create an account on the network, verify your details comprising E-mail and mobile number, and select cash as the payment method. Also, always make sure to enable two-factor authentication. As you search, a list of traders will appear to help you choose the most reliable. Besides, Bitcoin ATMs are also available to support buying BTC with cash.
Recently, the San Francisco based payment company, Square, released the Cash app for bitcoin deposits.
How to buy bitcoin with Cash App
The App launched has made it easy to buy and sell BTC direct from the Cash App balance. Unlike other apps, the trade is performed in seconds, and you can even spend your proceeds from a free Visa debit card. Cash App users can deposit bitcoins from external wallets into their app bitcoin addresses. Also, deposits are limited to $10,000 worth of bitcoin in seven days.