If you disagree with Bitcoin’s (BTC) scaling solution then there is an alternative option. Buying Bitcoin Cash. Bitcoin Cash (BCH) is a fork of Bitcoin that has increased the block size to 8 megabytes and doesn’t incorporate Segwit on to the technology. The differences can be confusing and frustrating for some, but the battle between the two different versions of Bitcoin is likely to rumble on.
BCH aims to make themselves the payment solution for the world. By increasing the block size, they believe that the fees will be reduced and the cost of sending BCH will be cheaper. If you prefer the vision of Roger Ver, Bitcoin Unlimited and Bitcoin ABC, then there are a variety of ways to buy and spend Bitcoin Cash.
If you had some Bitcoin at the time of the hard fork, then you will have received the equivalent number of Bitcoin Cash in your wallet. However, if you didn’t have Bitcoin to begin with at the time of the fork then you will have to purchase BCH separately.
Bitcoin.com is a website run by Roger Ver. Controversy surrounds the website, with many traditional Bitcoin supporters accusing Ver of hijacking the Bitcoin name to promote Bitcoin Cash.
The controversy deepens with the recommendation from Bitcoin.com to buy Bitcoin Cash, as it ascribes to what they believe is the original goal of Bitcoin. As one of the main Bitcoin Cash supporters, it’s little surprise that Ver’s website would suggest such.
Bitcoin.com provides a place where you can buy Bitcoin Cash and is a news service as well. However, it must be remembered that as it’s a prominent supporter of Bitcoin Cash then the news is likely to be biased.
Kraken is another exchange that provides the option to buy Bitcoin Cash. Being one of the largest exchanges in operation, they also provide a fiat on-ramp should you wish to purchase Bitcoin Cash with your existing money rather than trading another cryptocurrency.
Being one of the most prominent exchanges, users should expect that the service is secure. However, some exchanges have been hacked in the past so it’s never wise to keep your crypto stored on an exchange.
Coinbase is another exchange that offers Bitcoin Cash. Like Kraken, Coinbase provides the opportunity to purchase BCH using fiat money instead of relying on trading cryptocurrencies. Coinbase is one of the largest exchanges in the world and very easy to use. However, this comes at a cost as the fees are notoriously higher than on other exchanges.
There are more fiat to cryptocurrency exchanges on the market but, with the volatility of cryptocurrencies coupled with the bear market, you need to ensure that they are reputable. Unfortunately, there are still many shady exchanges on the market.
Buy Bitcoin Cash with cryptocurrency
If you already have some cryptocurrency that you would like to trade, then you will find that most major exchanges offer Bitcoin Cash. Since the fork, many have kept Bitcoin Cash on their books including Binance, Poloniex and Bittrex. Some even have dedicated trading pairs with BCH.
Trading cryptocurrencies is slightly more complicated than merely buying with fiat currency so should only be done if you are aware of the risks and know the methods to do so.
There are many options should you wish to buy Bitcoin Cash. There are fiat ramps, as well as numerous exchanges where you can trade another cryptocurrency for it.
Before buying Bitcoin Cash, you should ensure you know the differences between Bitcoin and Bitcoin Cash. Their roadmaps are definitely different and the battle wages on as to who will win – although Bitcoin has remained comfortably ahead so far.
If you have purchased either cryptocurrency, ensure that you send it to the designated address of either Bitcoin or Bitcoin Cash. Sending either to the wrong address could result in the loss of your coins.