After considering all advantages and disadvantages of Bitcoin Cash (BCH) and comparing it to Bitcoin you have eventually decided to buy BCH. What are your next steps? First of all, think of a good Bitcoin Cash wallet. Among some trustworthy options are Electron Cash, Unit, BTC.com, Mobi, BitPay, StrongCoin, Coinomi, etc.
The former Bitcoin Core developer and one of the early bitcoin propagandists Mike Herne interrupted a long silence and held an AMA session (“Ask me about anything”) on Reddit, during which he shared his thoughts on the current state of affairs in the crypto industry. In particular, he criticized the fork of Bitcoin Cash, noting that today this project is very similar to the bitcoin community in 2014. And this, in his words, is “not good”.
During the session, Herne described his attempts to transform the bitcoin protocol in 2015 and early 2016, which eventually led to his departure from the project.
Together with Gavin Andresen, Hern developed software to increase the maximum block size and offered to conduct hardfork. The initiative did not find support, after which Hern left the Bitcoin Core development team, and then the entire community, saying that bitcoin “failed.”
Claiming Bitcoin Cash
In case you owned Bitcoin before the 1stof August 2017 (this is when BCH hard fork took place) you are allowed to claim the same number of units in Bitcoin Cash. Don’t worry, your tokens are still waiting for you and will be available whenever you decide to claim them. However, you need to remember what Bitcoin wallet you used at that time. If you used a full node (thick) Bitcoins wallet and downloaded the whole blockchain, you simply need to select ‘Backup Wallet’ option in the menu. After that, you can import a generated file to any thick Bitcoin Cash wallet and get your BCH.
IMPORTANT! Some thick wallets might conflict with one another. For instance, Bitcoin ABC conflicts with Bitcoin Core, the latter’s info can be overwritten, because both wallets have identical default data directory. Also, you need to make sure that that you have backed up your special private keys. In case you haven’t, you will lose your Bitcoins and Bitcoin Cash forever! Always install two different full node wallets to a different device (computer, laptop, etc.).
However, there are other types of wallets that you can successfully use in order to claim your Bitcoin Cash tokens. An SPV (Simplified Payment Verification) wallet does not require the whole blockchain to be downloaded on your device. You can also claim your BCH when using Simplified Payment Verification wallets as well. As long as they apply a recovery seed, such wallets can store both Bitcoin and Bitcoin Cash private keys. As soon as you insert your recovery seed into your new SPV wallet info, you will access your BCH.
Before proceeding to Bitcoin Cash reclaim procedure, you need to check if there is any announcement made by wallet representatives or other officials. You also need to check if there are any guidelines on how to reclaim your tokens. In case you can not find any announcement on the official wallet page, you can email the support team which would navigate you.
Cryptocurrency exchanges to buy / sell Bitcoin Cash
Bitcoin Cash is in the top 10 best cryptocurrencies in terms of the market cap. It is important to know that Bitcoin Cash is not listed in any of the biggest crypto exchanges in the world. Thus, have a quick look at the full list of crypto exchanges, which support BCH. Only Kraken, Cex.io and GDAX allow buying BCH for a real currency. Other top Bitcoins exchanges only allow buying Bitcoin cash for other cryptocurrencies, like Dash, Ether, Bitcoin or Monero. All Bitcoin Cash pairs can be found on the official website of the cryptocurrency or use CryptoCoinCharts.
Each trader will also need to verify their identity with a time-consuming procedure. You will only be able to trade after you send your ID / passport details, photograph, address proof, etc. Don’t forget to add your bank details to the withdrawal platform of the exchangein order to withdraw your tokens from the exchange in the future. Keep in mind that it might take a few working days in order to complete the process of verification and registration. Most trustworthy exchanges only process deposits through special bank transfers and it might also take several days to complete.
Using credit cards, PayPal or other payment systems can mainly be possible when buying or selling BTC, not Bitcoin Cash. Different crypto exchanges have different commissions: some of them have a fixed fee, while others have a full list of operations and fees. Check the commission on the official website of the crypto exchange. Just like the fees, transaction times also depend on a platform or exchange. Sometimes it takes a few hours and sometimes you will have to wait for up to four days. Everything depends on the exchange. However, withdrawing Bitcoin Cash is not as time consuming as Bitcoin: the waiting time and commissions are reduced. Do you hold Bitcoins and have them on your account? If so, you can use some useful platforms like Shapeshift in order to trade between other cryptocurrencies. Moreover, you can also use your credit / debit cards for different operations. As easy as it is!
P2P cryptocurrency trading
In case buying Bitcoin Cash on the crypto exchange or claiming it is not for you, you can always try Peer to Peer trading, which is an easy and available alternative. LocalBitcoinCash, just like other popular platform LocalBitcoins, supports Bitcoin Cash. It is very easy and transparent. You only need to set up and verify your account and post a selling / buying request. There are always people, who are willing to buy or sell the crypto that you need. There are still many security questions to the platform, so you need to be careful when trading. Double-check the price, because the bitcoin cash price chart is also unstable sometimes.