Best Bitcoin Cash Wallet 2021: The ultimate comparison
However, there is also the cryptocurrency Bitcoin Cash, which now exists as a separate cryptocurrency due to a hard fork in 2017. More on the origins of Bitcoin Cash later in this article.
Bitcoin, like most online currencies, is based on a decentralised booking system. This has the advantage, in contrast to the classic banking system, that no central settlement system is necessary. This decentralised approach has the advantage of increased security.
Within this decentralised booking system, however, you need a wallet to store cryptocurrencies such as Bitcoin Cash.
In this big Bitcoin Cash wallet comparison 2021, the best digital wallets for BCH are compared.
The best wallets for Bitcoin Cash
1: eToro Wallet
In first place among the best wallets for Bitcoin Cash is the free eToro wallet. The trader has existed since 2007 and always offers customers new possibilities. In 2011, for example, the world's first social trading platform, OpenBook, was launched. This enables every user to earn a share in the fintech revolution by copying particularly successful traders.
This is a big plus in our Bitcoin Cash wallet comparison. It is available for iOS and Android and can be easily downloaded from the respective AppStore. At the beginning, there is a simple tutorial that explains all the possibilities of eToro to the new user.
This covers managing, sending and receiving. There is also an overview of possible crypto trades and general security precautions. The digital keys are managed automatically by eToro, so you don't have to do this yourself all the time. Of course, you can also switch off this function.
2: Exodus Bitcoin Cash Wallet
Especially for people who like to work a lot on their desktop and less on their smartphone, Exodus is an interesting wallet. This software supports many different currencies.
For example, Bitcoin Cash is also available in addition to Bitcoin. The software is clearly and simply designed. This is a great advantage, especially for beginners, because they can quickly start with the actual trading. Tutorials and individual videos are available on request and guide through all processes of the software. One disadvantage of Exodus is the lack of 2-factor authentication. The future will show whether this will be added.
Since wallets have to meet a high standard of security, this could be a problem for some users. Furthermore, Exodus for Bitcoin Cash is not open source based. These two negative points make the software seem somewhat less trustworthy than the competition from eToro.
3: Bitcoin Cash Wallet Ledger Nano S
Ledger Nano S has long been considered one of the best hardware wallets on the market. Most cryptocurrencies can be stored here offline. Bitcoin Cash is supported as well as Bitcoin or Ripple. Unfortunately, the price for the hardware solution is not exactly cheap. The customer has to pay a total of €79 for a Ledger Nano S.
At the beginning, one also had to reckon with longer waiting times. In the meantime, however, it is more readily available. Recently, several security flaws have been discovered. In addition to the high purchase costs, these currently prevent a better ranking.
4: Trezor for BCH
Trezor has already made a name for itself in the field of hardware wallets. Many different currencies are supported. Trezor, unlike Ledger Nano S, even offers its own small screen. The design is also more memorable and has a higher recognition value. The device can be connected to any PC with a normal USB cable.
Unfortunately, Trezor currently costs at least €89 and is thus even more expensive than other hardware solutions. Recently, more and more serious security holes have been discovered. The system, when connected to a PC, is therefore a potentially easy target for hackers.
5: Coinbase and Bitcoin Cash
Coinbase is a very simple, easy-to-learn wallet. Coinbase is primarily a service provider that allows traders to obtain Bitcoin Cash by credit card or bank transfer.
New customers can start with as little as €25. The amount of tokens does not matter. So you can also buy less than one Bitcoin Cash. Coinbase itself refers to high security standards. Unfortunately, only Bitcoin, Bitcoin Cash, Ethereum and Litecoin can currently be purchased.
However, if the customer wants to store the tokens for a longer period of time, it is advisable to switch to a more secure service provider.
6: Keepkey for Bitcoin Cash
Keepkey allows you to manage Bitcoin Cash. In addition, many other online currencies can be controlled. The hardware wallet can be ordered online for about 100 euros.
However, offers on Ebay and dubious other sellers should always be bought with caution. The danger of receiving a manipulated device is particularly high. For this reason.
In the USA, Keepkey is significantly cheaper, although about $35 in taxes must be added. Keepkey attaches importance to new addresses for each transaction carried out. It is possible to use the hardware wallet with Windows, Mac OS, Linux and Android. A version for iOS is currently not offered.
Negative aspects are the high acquisition costs and the lack of distribution. In terms of security, it lags behind other providers such as Ledger Nano S.
How to set up a Bitcoin Cash wallet: Instructions for the test winner eToro Wallet
Download and install
First you call up the link to create a free wallet. In addition to Bitcoin Cash, 120 other cryptocurrencies are supported. Now the user can download the wallet for their operating system.
In addition to Android and iOS, Mac OS, Windows and Linux are also supported. So far, over four million wallets have been created. The Bitcoin Cash wallet comparison above shows the most popular variants.
Now download the approx. 80 MB file and follow the installation.
Set up account
Now you can start with the registration. Here you have the option of creating a new wallet or a shared wallet. An old wallet can also be restored.
You are then asked to enter a name for the wallet. Further options follow, and you can set your own password. Please note that screenshots are not secure and should always be avoided.
Buying, sending and receiving EOS
A recovery key follows, which can be used to restore the wallet in an emergency. Afterwards, it is possible to transfer Bitcoin Cash directly. All settings can still be changed afterwards.
Of course, security must also be guaranteed for soft wallets. The individual user is responsible for this.
What is a Bitcoin Cash Wallet?
On 1 August 2017, Bitcoin Cash was created through a separation from the actual Bitcoin network. Meanwhile, Bitcoin Cash is the fifth largest digital currency by capitalisation on the market.
There are several reasons for the partial split of Bitcoin Cash. The individual transactions per second are regulated in Bitcoin. This had security reasons in 2009, among others, to avoid major attacks on the network.
However, it turned out to be an obstacle with Bitcoin's strong growth. With Bitcoin Cash, theoretically more than eight times the number of monetary transactions per second is possible.
Basically, Bitcoin and Bitcoin Cash share the same transaction history until 1 August 2017. Users who had purchased Bitcoin before that date were now also owners of BCH.
Bitcoin Cash has since been extended by a block that is enforced to be more than 1 MB in size (thus violating normal Bitcoin rules).
How does a Bitcoin Cash Wallet work?
For every cryptocurrency, you need a wallet for storage. Basically, it can be compared to a real wallet because it fulfils some of the same functions.
In addition to storage, the wallet is used to send and receive Bitcoin Cash. Depending on the wallet, it is also possible to exchange different currencies, such as euros or dollars, into the cryptocurrency.
Unlike wallets for physical money, the value of the currency is only digital here. Here, you can think of the individual digital wallets as a unique numerical code that only exists once.
The Bitcoin Cash wallets are stored anonymously, i.e. without the owner's personal data.
Since digital money is stored in the Bitcoin Cash wallets, they must meet a high level of security. Among other things, each wallet is provided with a password. Anyone who knows it has access to the cryptocurrency.
With some wallets, it is possible to store the data offline on a USB stick and thus store it offline. Another option is to print it out in the form of paper wallets.
The different options are discussed below in the Bitcoin Cash Wallets Comparison.
Buy Bitcoin Cash? Already integrated in the test winner wallet eToro:
If you have chosen Bitcoin Cash as your cryptocurrency, you will need a coin wallet. Fortunately, our test winner eToro offers the possibility to purchase and manage Bitcoin Cash.
An account is required for eToro, which can be created in just a few minutes. Instructions on how to do this can be found in the following text under the eToro test.
The future of Bitcoin Cash
Bitcoin celebrates its tenth birthday this year and is by far the most important cryptocurrency. In 2015, the average value for one Bitcoin was 300 euros. In December 2017, the token reached its highest conversion rate to date at 16721 euros.
What are the different types of BCH wallet?
The Best Bitcoin Cash Desktop Wallet
Some providers allow the user to install the programme on their own PC. Unlike hardware solutions such as Trezor or Ledger, these are purely software-based solutions. The scope of functions in relation to the tokens is largely identical.
However, there is one striking difference. If you decide to use a desktop wallet, you have to be aware that you have to protect your PC against external attacks. Both Trojans and viruses can otherwise cause damage here.
The best Bitcoin Cash desktop wallet is eToro. In the Bitcoin Cash wallet comparison, this wallet was rated as exceptionally good. The software supports 120+ cryptocurrencies and is therefore also suitable for Bitcoin Cash.
The user interface is intuitive and simple. Tutorials are available for beginners to quickly familiarise themselves with the new software.
Furthermore, eToro is not open source based. Thus, the eToro wallet turns out to be the test winner of our Bitcoin Cash wallets.
The Best Bitcoin Cash Paper Wallet
Security plays a big role in life for all of us. Especially when it comes to your own money, this is essential. In the case of cryptocurrencies, paper wallets promise a very high level of security.
Here, the private key is simply printed on a piece of paper. This makes paper wallets very easy to keep out of the public internet. Some security experts even consider paper wallets to be the most secure solution for storing tokens.
Basically, if possible, a PC should be used that is not connected to the internet at all or only very rarely. Currently, there are repeated reports that customers are being robbed of their online currency. The topic is therefore highly topical.
To set up a paper wallet for Bitcoin Cash, the user must first register and have the specific private key and the general key with him. Both are printed out in the form of a QR code.
You can set up a paper wallet on various websites. The keys are created randomly. Sometimes it is also possible to create your own code by moving the mouse in a field.
You can then send Bitcoin Cash to this paper wallet. You can use the test winner of the Bitcoin Cash wallet comparison eToro for this.
It is always advisable to create several copies of the Bitcoin Cash paper wallet in case one is lost. They should also always be kept in a safe place.
Furthermore, it makes sense to save the private key on a USB stick in case you want to print it out again.
Bitcoin Cash Wallet Test Conclusion - Our Experience and Rating
The name Bitcoin is ubiquitous and is synonymous with cryptocurrencies for many people. In 2017, Bitcoin Cash emerged from the original Bitcoin.
In the process, it gained some new features that make it an interesting alternative to the other tokens. Of course, as with any digital currency, Bitcoin Cash requires a wallet for storage.
The demands on the wallet are high, because it sometimes contains large amounts of money. For this reason, security is of the utmost importance for digital wallets.
It is therefore better to use licensed brokers that allow you to trade BCH. In our Bitcoin Cash wallet comparison, the test winner eToro with its integrated eToro Wallet was the most convincing.