How to Buy Bitcoin Cash?
Since August 1, Bitcoin Cash, or bitcoin cash, has become a popular cryptocurrency that attracted attention due to its technological improvements. Currently, Plus500 allows traders and investors to buy and sell Bitcoin Cash easily. Sign up for Plus500, deposit funds via bank transfer or credit card, and you can trade Bitcoin Cash from your desktop or mobile app. AvaTrade also offers traders the opportunity to buy and sell Bitcoin Cash through an advanced trading platform, with low spreads and fast execution.
In early August, the Bitcoin industry experienced a significant change. Bitcoin split into two. One continued to be called Bitcoin while the other part was called Bitcoin Cash. This split had resulted in a lot of tension among traders.
What is Bitcoin Cash?
The good news is that the division has been managed quite well so far and no significant issues have been reported on the bitcoin network so far. This has led to the invention of a new cryptocurrency called Bitcoin Cash. It started with a total volume of around 20% of Bitcoin and a roughly 20% price of Bitcoin.
Since then, it dropped significantly in terms of price and market capitalization. This split also saw many miners switch from bitcoin to bitcoin cash. The idea behind the division was to make the number of transactions in the Bitcoin market possible, which has been achieved more or less to a great extent.
Buying Bitcoin Cash
The simplest method, especially if you had any bitcoin in your wallet at the time of the split, would have received an equivalent amount of Bitcoin Cash in it. If this is not the case, you have to request the same from your broker or market and receive Bitcoin Cash in your wallet. Some markets give an equivalent number of Bitcoin Cash, while others give slightly less for various reasons.
The problem with that free Bitcoin Cash credit is that you still couldn’t easily withdraw it. Many of the markets still face many technical challenges in managing this particular Bitcoin and Bitcoin Cash split. It may even take a few months before the markets start allowing this Bitcoin cash to be withdrawn.
However, with the growing popularity of cryptocurrencies and Bitcoin Cash’s appeal, many intermediaries offer an excellent service to buy and sell the new digital currency.
If you don’t have Bitcoin Cash, the next method is to go to an exchange and buy it. Some of the significant Bitcoin markets such as CEO.IX, Kraken, and Bithumb have already started trading Bitcoin Cash and are witnessing increasing volumes. So all you need to do is visit these exchange centres, observe the demand, supply and price and go for them. Kraken has only just started accepting Bitcoin Cash deposits and withdrawals, which is a sign of this cryptocurrency’s growing use.
Once you have acquired your Bitcoin Cash, either from the exchange or by purchasing it from the exchange, you can use it in any way you want, just like any other currency. You could also convert it back to Bitcoin.
However, there are a few things to keep in mind. The addresses are identical for bitcoin and bitcoin cash. Therefore, if you reveal one, it also automatically reveals the other. Which is quite risky in terms of security and privacy. It also displays your public key and not your private key, which would mean that you are missing a specific security layer built into the cryptocurrency industry. One way to overcome this problem would be to move bitcoin or bitcoin cash to an entirely new address. So, you can ensure your safety.
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