Binance is a crypto exchange where you can easily and securely purchase Bitcoin Cash (BCH). Before purchasing Bitcoin Cash, you’ll need to complete the account verification process and deposit funds into your Binance account.
Bitcoin Cash is a decentralized digital currency that was created in August 2017 as a result of a hard fork from the Bitcoin blockchain. Investing in Bitcoin Cash (BCH) can present both opportunities and risks for investors. The safest option is to use a cold wallet, also referred to as a hardware wallet.
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How to Buy Bitcoin Cash (BCH): A Quick Guide
Binance is a crypto exchange where you can easily and securely purchase Bitcoin Cash (BCH). The process of buying Bitcoin Cash on Binance is simple, and you have the flexibility to choose from different currency pairs such as USDT, BTC, EUR, and BNB. In this guide, we specifically use the euro as the fiat currency, but the process remains the same for other fiat currencies like USD, GBP, and EUR.
Here are the step-by-step instructions for buying Bitcoin Cash on Binance:
- Click this link to create a new account on Binance.
- Complete the KYC (Know Your Customer) process, which involves verifying your personal information.
- Deposit euros into your Binance account by either performing a bank transfer or using a debit card.
- Use the funds in your Binance account to purchase Bitcoin Cash (BCH)
- You can choose to store your BCH tokens on Binance or withdraw them to your personal wallet.
Below is an image of Binance’s homepage for reference.
Bitcoin Cash is a highly popular cryptocurrency that is well-supported on various crypto exchanges and wallet providers. If you’re looking to find BCH, you can explore the most popular exchanges available. Kraken and Coinbase, both American exchanges, are reliable alternatives to Binance. If you want to learn more about these exchanges, you can click on the “Reviews” section in the main menu, where you’ll find beginner’s guides and detailed information about their features.
How to Buy Bitcoin Cash (BCH): A Detailed Guide
Before purchasing Bitcoin Cash, you’ll need to complete the account verification process and deposit funds into your Binance account. Our Binance review provides comprehensive instructions on how to verify your account and make a deposit. If you’re new to Binance and unfamiliar with its features, we recommend reading the article for guidance.
Next, we’ll provide you with step-by-step instructions on buying Bitcoin Cash using the Binance mobile app. If you have an iOS device, you can download the app from the Apple Store, and for Android devices, it’s available on the Google Play Store.
For this guide, we’ll be using the Lite mode of the Binance app, which is enabled by default.
Open the trading menu
Open the Binance mobile app and navigate to the main menu. Look for the yellow trading icon, which represents the trading page for cryptocurrencies. Tap on it to access the trading page (refer to the image below).
Choose the “Buy” option from the menu that appears on your screen.
Select Bitcoin Cash (BCH)
Now, you will be presented with a list of various cryptocurrencies on your screen. You can either scroll through the list to locate Bitcoin Cash or directly enter “BCH” into the search field, as demonstrated in the provided image.
Select Bitcoin Cash from the list to access the “Buy Crypto” form.
Buy Bitcoin Cash (BCH)
On your screen, you should now see the “Buy Crypto” page. Here, you can enter the desired amount in euros or click on the BCH icon highlighted by the red arrow in the image below. By clicking on the icon, the unit will switch from EUR to BCH. This feature is particularly useful if you want to buy a specific quantity of Bitcoin Cash, like exactly 2.5 BCH coins.
To complete your purchase, simply click on the yellow-highlighted “Buy” button. This will redirect you to the confirmation page, where you can choose your preferred payment method.
Choose the payment method
Now, it’s time to select the payment method. This is the final step in buying Bitcoin Cash. If you have previously made a deposit using fiat currency, you can utilize the funds in your cash balance to pay for the purchase. Alternatively, you have the option to explore different payment methods.
Finalize your purchase by clicking the “Confirm” button. Please note that the price of BCH coins will remain valid for 45 seconds. If you require more time, you’ll need to return to the “Buy Crypto” form to obtain a new quote.
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a decentralized digital currency that was created in August 2017 as a result of a hard fork from the Bitcoin blockchain. A hard fork occurs when a blockchain splits into two separate chains with their own transaction history and rules.
Bitcoin Cash was created to address certain perceived limitations of Bitcoin, particularly in terms of scalability and transaction speed. It increased the block size limit to 8 megabytes, allowing for a higher volume of transactions to be processed in each block. This increase in block size aimed to enhance transaction efficiency and reduce fees.
Similar to Bitcoin, Bitcoin Cash operates on a decentralized network without the need for intermediaries like banks or payment processors. It uses blockchain technology, a distributed ledger system, to record transactions in a transparent and secure manner.
Below is a screenshot of the official website of Bitcoin Cash, bitcoincash.org.
The Bitcoin Cash blockchain has its own native cryptocurrency, also called Bitcoin Cash (BCH), which is used for transactions and as a store of value within the network. It can be acquired through various means such as mining, purchasing on cryptocurrency exchanges, or receiving it as payment.
Overall, Bitcoin Cash aims to provide a digital currency that offers faster and more affordable transactions compared to Bitcoin, while retaining the principles of decentralization and security. However, it’s important to note that Bitcoin Cash and Bitcoin are separate cryptocurrencies, even though they share a common origin.
Read more about Bitcoin Cash from our in-depth beginner guide.
Investing in Bitcoin Cash
Investing in Bitcoin Cash (BCH) can present both opportunities and risks for investors. It’s essential to consider various factors and make informed decisions before investing in any cryptocurrency.
Bitcoin Cash, as a digital asset, offers potential for investment gains similar to Bitcoin (BTC). However, there are some key differences to consider when comparing the two. Bitcoin Cash aims to address the scalability limitations of Bitcoin by increasing the block size, which enables faster and more cost-effective transactions. This could attract users and merchants, potentially driving demand and value for Bitcoin Cash.
When comparing the risks of investing in Bitcoin Cash to Bitcoin, it’s important to note that both cryptocurrencies are subject to market volatility and regulatory uncertainties. Bitcoin, as the first and most well-known cryptocurrency, has a more established position and a larger user base. However, Bitcoin Cash faces its own set of risks and challenges, including competition from other cryptocurrencies and internal divisions within its community.
In terms of competitors, Bitcoin Cash competes with Bitcoin (BTC) itself, as both aim to be digital currencies and have overlapping use cases. Bitcoin’s established network effect and larger market capitalization give it an advantage in terms of adoption and recognition. Additionally, other cryptocurrencies that prioritize scalability and transaction speed, such as Litecoin (LTC) and Ripple (XRP), can be considered competitors to Bitcoin Cash.
It’s crucial to stay updated with the latest news, trends, and developments in the cryptocurrency space to make informed investment decisions. Seeking advice from financial professionals or consulting with experienced cryptocurrency investors can also provide valuable insights when considering investing in Bitcoin Cash or any other digital asset.
Follow the price of Bitcoin Cash from this page: BCH price.
How to securely store Bitcoin Cash?
The safest option is to use a cold wallet, also referred to as a hardware wallet. A cold wallet is a device similar to a USB stick that is only connected to a computer or smartphone when confirming transactions. This ensures maximum security for your Bitcoin Cash coins.
The most popular cold wallet on the market is the Ledger Nano X, which is priced at around 150 euros. You can securely purchase the Ledger Nano X directly from the manufacturer’s website by clicking on this link.
Alternatively, there are free wallet options available for storing BCH, although their security level is not as robust as that of a cold wallet. Beginners can choose to store Bitcoin Cash in the cryptocurrency exchange from which they purchased it, but we do not recommend this for long-term storage.
Some well-known free wallets for Bitcoin Cash include Trust Wallet, Exodus, and Coinomi. Additionally, you can find more wallet options from the official bitcoincash.org website.
