Bitcoin is still the most popular cryptocurrency out there. Moreover, the BTC price is still the highest among crypto coins. It’s probably going to stay that way for some time, but many crypto traders are investing in numerous other altcoins which are growing popular as well.
Other popular cryptos at the moment are Ethereum, Ripple, Tether, and many others. In fact, there are hundreds of available cryptocurrencies you can invest in. However, one of them really stands out and confuses many newcomers to the crypto world — Bitcoin Cash. Although it bears the name “Bitcoin” it’s actually not related to digital gold. The only thing that makes them related is a hard fork – an important event in BTC’s timeline that resulted in the creation of Bitcoin Cash.
Therefore, let’s take a look at what Bitcoin Cash actually is. After that, we’ll talk more about crypto exchanges where you can buy this altcoin.
What is Bitcoin Cash exactly?
The first thing that you need to know is that Bitcoin Cash is definitely not the same thing as Bitcoin. This is important to take into account as many new investors make a mistake of buying one instead of the other. Although they use the same technology, they are completely independent cryptocurrencies. It’s like comparing an American and a Canadian dollar. They are both dollars, but they are not related in any way.
When the popularity of Bitcoin began to increase, the popular cryptocurrency experienced a type of scaling issue. More users meant more transactions, and Bitcoin wasn’t ready to support massive adoption. It had 1MB block sizes, which many believed wasn’t enough for what was to come.
However, in order to change the block size, some developers would deny some core values that were part of the Bitcoin as a peer-to-peer electronic cash system. Nevertheless, one group of developers working on Bitcoin decided to make a step towards creating a new version of it, which they named simply Bitcoin Cash.
Bitcoin Cash, aka BCH, was a result of a hard fork that happened back on August 1, 2017. It was basically the birth of BCH that had 8MB blocks and was much faster compared to the original Bitcoin.
Is Bitcoin Cash better than Bitcoin?
This is a really difficult question. Although it has some advantages compared to BTC, especially when it comes to speed, it’s still not as popular as Bitcoin. Therefore, there’s much more hype going on about the digital gold, and it seems that Bitcoin Cash will need more time before it gets even close to its parent coin.
There’s an ongoing debate on which one is better. You can buy both and see how they differ in everyday use. It’s up to you to decide. If you’re willing to buy some Bitcoin Cash, just make sure to do it in an online crypto exchange that’s best for it. Let’s take a look at some of the exchanges that offer BCH.
CEX.IO is a platform for trading digital currencies which is mainly regarded as one of the friendliest for new users. However, that doesn’t mean that the platform is not suitable for professionals. On the contrary, it can be used both by total beginners and by professional traders. Therefore, if you’re new to the world of crypto trading, and you’re looking to buy some Bitcoin Cash, this is definitely a place to start.
If you want to buy BCH using your fiat money, you can do that using a wide array of payment options, including wire transfer, SEPA, and various credit and debit cards.
Coinbase originally started as a platform that focused on trading Bitcoin, but it has included several other options with time. This is an all-American platform, meaning that US residents will probably love the way it works since it had to pass all the standards. You can find competitive rates for trading Bitcoin Cash on this platform and will have no trouble learning how to use it, as it features a very intuitive interface.
The only downside to Coinbase is that it’s pretty limited when it comes to the countries where it is available. At the moment, residents of only 33 countries can register on the site, so make sure to check whether that’s possible for you.
Some of the popular payment methods used by those who buy BCH with fiat are credit and debit cards, and wire transfers (in the US, it’s ACH, and in the EU, it’s SEPA). Moreover, Coinbase lets you use PayPal if you want to withdraw money.
Coinmama is all about tradition, being one of the oldest platforms of its kind in the business. It has an established user-base, but it is always open to doing business with new users. Apart from competitive rates, Coinmama has a nice offer of coins you can trade, including Bitcoin Cash.
Some of the payment methods you can use to buy BCH with fiat money include credit and debit cards, as well as SEPA transfer.
Conclusion: Choosing an exchange is just a start
The three exchanges presented in this article all support Bitcoin Cash, meaning you can use them to buy or sell this crypto for fiat money or trade it for other cryptocurrencies. Apart from Bitcoin Cash, each of them also offers a wide variety of other popular cryptos, so make sure to explore them as well before you make your final decision.
That being said, it’s safe to conclude that choosing an exchange that meets your needs is just a beginning. In order to be able to buy Bitcoin Cash and make a profit from trading it for other cryptos, you need to learn numerous trading strategies.
Therefore, make sure to do your research, read the news about Bitcoin Cash and other cryptos that you’re trading and follow some of the people from the industry on social media. That way, you will be able to minimize the element of luck in your trading processes and have a better understanding of what to do next.