Buy Bitcoin Cash (BCH): 3 simple steps to buy Bitcoin Cash
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We explain how exactly Bitcoin Cash came into being and where the exact differences to Bitcoin lie. We go into the price development and show what options there are for buying Bitcoin Cash.
Finally, we explain how exactly you can buy Bitcoin Cash with detailed instructions.
What is Bitcoin Cash?
Bitcoin Cash (BCH) was created on 01 August 2017 from a hardfork of the original Bitcoin, so it only differs from Bitcoin (BTC) in a few important details. Due to the well-known problems of Bitcoin (poor scalability, problems with SegWit), a part of the Bitcoin network has decided to create its own altcoin to solve these problems.
BCH has thus emerged from a major dispute between Bitcoin developers and is now an independent altcoin known as Bitcoin Cash, Bcash or simply BCH.
The relationship with Bitcoin gives Bitcoin Cash some practical advantages: its code is largely based on the same properties and the blockchain is also built in a similar way, so implementing Bitcoin Cash should be very easy for a company or manufacturer that already has experience with Bitcoin. Due to this fact, Bitcoin is also supported by a very large selection of providers and crypto exchanges.
Overall, Bitcoin Cash (BCH) offers all the functions that are also known from Bitcoin. In addition, however, it also offers some advantages due to the changes, such as significantly cheaper transaction fees.
The continuous price increase of Bitcoin Cash has definitely shown that the crypto community is very interested in the coin and the number of users continues to rise. This gives hope that this digital currency will gain in value and importance in the future.
To buy Bitcoin Cash or not? The top reasons to buy Bitcoin Cash
Bitcoin Cash has cheaper transaction fees than Bitcoin
Significantly larger block size than Bitcoin
Bitcoin Cash(BCH) has improved scalability
BCH is easy to implement due to its similarity to Bitcoin
Bitcoin Cash allows faster transaction
BCH is emerging while bitcoin already dominates the market
How does Bitcoin Cash work and what is the technology behind it?
Bitcoin Cash is based on the same operating principle as Bitcoin. This means that the coin is based on a peer-to-peer network that connects many nodes with each other. These nodes invest their computing power to ensure the secure processing of transactions and simultaneously mine new coins. This mining process is already very familiar from Bitcoin and other cryptocurrencies and is no different here.
Bitcoin Cash, like Bitcoin itself in the meantime, supports the so-called SegWit method, which makes it possible that information does not have to be stored again in each Blockcahin block and thus makes more transactions per block and a higher speed of transaction execution possible.
The Bitcoin was originally developed as a digital means of payment and not as a speculative object for investors. People believed in the digital revolution of cryptocurrencies and Bitcoin should be used in everyday life to pay for things like the coffee around the corner or the noodles in the supermarket. However, Bitcoin itself is far from that due to its extreme fluctuations in value and speculation on ever higher prices.
Bitcoin Cash, on the other hand, comes closer to this version: here, the transaction fees are significantly lower, which is made possible by the larger block size. Theoretically, up to 25,000 transactions per block are possible, whereas Bitcoin is limited to about 1000.
Due to this high capacity, the fees for using Bitcoin Cash are also significantly lower than for Bitcoin. Whereas in 2021 Bitcoin will sometimes cost around €10 to €20 for a transaction, the price for Bitcoin Cash is less than one cent and thus much lower.
So, as the name suggests, Bitcoin Cash is implementing the original version of Bitcoin and working towards a revolution in the payments market. Perhaps in a few years we will all be using cheap, convenient and fast transactions via Bitcoin Cash to pay at our favourite cafe.
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Should you invest in Bitcoin Cash?
CryptocurrenciesWhoever wants to invest in cryptocurrencies has a specific goal. There are now over 4,000 digital currencies and not all of them have the same purpose. Those who invest in Bitcoin Cash usually do so for reasons of potential appreciation in the future. Bitcoin Cash is currently the third strongest cryptocurrency. However, this does not mean that the future of the coins is secured.
Therefore, only the amounts that are not needed in the medium and long term should be invested. For all those who can live with a high risk when investing and at the same time hope for high opportunities, the investment in Bitcoin Cash may be suitable. After all, large price increases are possible in principle.
Even though Bitcoin and Bitcoin Cash are often mentioned in the same breath, the Bitcoin Cash price develops individually. This means that the success of this currency is not necessarily dependent on the success of the other cryptocurrencies.
The Bitcoin Cash price development
The Bitcoin Cash price has risen by more than 350% from 2020 to over €700 today. In April 2021, Bitcoin Cash is at an all-time high and is aiming for new heights. The further development of the value will now certainly depend on the crypto market in general, but the forecast for 2021 and the future remains positive:
The cryptocurrency Bitcoin Cash (BCH) can still play in the top 20 cryptocurrencies and has not really lost relevance. Some interesting new partners could even be acquired and it is possible that the cryptocurrency will get another boost in the further course of 2021. So the situation remains very exciting.
How to buy Bitcoin Cash?
Bitcoin Cash can be purchased from brokers or exchanges. The two options bring different advantages:
Bitcoin Cash CFD Broker
Pros
Cons
Bitcoin Cash CFD: When you invest in Bitcoin Cash CFD, you do not own any coins, but you can participate in the development of the digital currency. As soon as the value of the virtual currency increases, the value of the CFD also increases.
Leverage: Leverage multiplies the chances of profit and loss. If you work with a leverage of 10, the price will rise and fall ten times as much as normal.
Note: Investing in cryptocurrencies is associated with a high level of risk!
Bitcoin Cash Exchanges
Pros
Cons
Bitcoin Cash Coins: When you buy the coins, you do not receive the currency in physical form, but in virtual form.
Wallet: The wallet is your digital wallet. Here, too, make sure you use a reputable provider and a secure password.
It is clear that you can invest in Bitcoin Cash in two different ways. As real coins or as CFDs. The Bitcoin Cash exchanges trade the real Bitcoin Cash coins and the Bitcoin Cash brokers trade the Bitcoin Cash CFDs.
Bitcoin Cash exchanges trade in "real" Bitcoin Cash.
Bitcoin Cash brokers trade in Bitcoin Cash CFDs, which are based on the Bitcoin Cash rate.
Here is an overview of the advantages and disadvantages of real Bitcoin Cash and Bitcoin Cash CFDs:
Bitcoin Cash CFD
Pros
Cons
Real Bitcoin Cash Coins
Pros
Cons
The third option: Bitcoin Cash certificate
For example, there are certificates on oil, on wheat, but also on Bitcoin Cash (BCH).
The advantage of buying a certificate is that you can use a normal broker who has access to a trading centre such as the Frankfurt or Stuttgart stock exchanges. If this is the case, you can simply search for the given certificate in the search bar and then purchase it, similar to a share, and add it to your portfolio.
Under the security identification number VL99BC, the provider Vontobel offers an open-end participation certificate on Bitcoin Cash. If you buy this certificate, you can participate in the performance of Bitcoin Cash in the long term without having to worry about a wallet or its security.
Buy Bitcoin Cash anonymously offline
Originally, the creation of cryptocurrency was also motivated by the desire to create anonymity on the internet comparable to that of cash. By using an online broker, however, you are now forced to reveal your address and identity. This is often stored on servers for years and the whole thing is of course primarily for security, but at the expense of anonymity.
However, if you really want to buy Bitcoin Cash anonymously and similar to cash, there is also a way to do this. On platforms like these, you have the possibility, similar to Ebay Kleinanzeigen, to exchange Bitcoin Cash and other cryptocurrencies for cash or also a payment via PayPal.
By handing over the money in person, there is a relatively high level of security and it is possible to remain completely anonymous. However, this option also has a big disadvantage, because this way you will never get as good a price and exchange rate as with large online brokers. Often you even pay 5 to 10% more.
What is the difference between Bitcoin and Bitcoin Cash?
So why do we need Bitcoin Cash?
Bitcoin (BTC) | Bitcoin Cash (BCH) |
|---|---|
1500 transactions per block | 25,000 transactions per block |
slow, expensive transactions | fast, cheap transactions |
+ 860% in 1 year | + 340% in 1 year |
most popular cryptocurrency | in 12th place among the cryptocurrencies |
Bitcoin Cash Forecast 2021 to 2023
Overall, a lot depends on whether BCH can maintain and expand its competitive advantage, or whether they will fall behind other cryptos. For this decision, we are currently in the exciting phase, which can definitely make Bitcoin Cash interesting as an investment.
To get an overview of the opinions from different sources, here is a little insight:
The website Smarteum is very positive about the future for Bitcoin Cash overall. They even estimate the value of the coin to be around 10,000 US dollars in five years. However, they still do not believe in a miracle, but also emphasise the high volatility of the coin and the great dependence on whether Bitcoin Cash can play its advantages well against the competition.
A less strong bull market is believed in by Digitalcoinprice: they believe in an upward trend until 2023 and a preliminary top at around 2500 US dollars, which would represent a gain of over 300% compared to the current price. Nevertheless, Digitalcoinprice also emphasises that forecasts for cryptocurrencies, and thus also BCH, are very difficult and should never be taken as definite predictions.
Bitcoin Cash Mining
Mining Bitcoin Cash works in a similar way to Bitcoin, and can partly be done with the same equipment. With Bitcoin, however, the difficulty is constantly increasing due to the growing number of mined coins. This makes mining Bitcoin Cash more and more attractive in the meantime.
The developers of Bitcoin Cash have also lowered the difficulty for mining their coins and hope to attract even more interest from the mining community. If this succeeds, the use of a lot of computing power on Bitcoin Cash could greatly boost its price and the general interest in the coin.
Bitcoin Cash Wallet
Choosing a suitable wallet is also very important for Bitcoin Cash. Fortunately, the coin is supported by almost every major wallet provider: It is possible to use the coin on mobile wallets, such as the Exodus Wallet, but it is also compatible with popular web wallets, such as the one from our test winner eToro.
In this article, you will find out what you need to consider when choosing a good wallet and how the functions and fees differ.
Buy Bitcoin Cash: Instructions for buying Bitcoin Cash at eToro
Thanks to the many different offers on the internet, it is no longer a problem to buy Bitcoin Cash. The problem is rather finding out which provider is reputable. So comparing different providers before investing is part of the process.
You don't have to become a crypto professional to invest in Bitcoin Cash. However, you should get to grips with the different offers, compare them with each other and check them carefully. Of course, you can follow the tips of professionals here.
The premium partner of Eintracht Frankfurt and sponsor of many other companies is the regulated and licensed trading platform eToro. This well-known provider is perfectly suited for Bitcoin Cash purchases. Moreover, eToro offers a nice additional feature with social trading. Do you want to buy Bitcoin Cash with credit card, PayPal or by instant bank transfer? Almost all deposit methods are possible with our test winner. We will guide you through the process step by step.
Step 1: Create an account with eToro
Our buttons will take you to eToro's platform, which you may have to change. Then click on "Register now" to enter your personal details in the next window. Use a secure password and finally accept the terms and conditions to create an account with eToro.
Step 2: Deposit money
You will be taken to eToro's homepage. From here, select the "Deposit money" option - you can deposit up to €2,000 without verification. However, sooner or later you should still verify yourself in order to be able to use all functions to the full extent.
Now all you have to do is select your desired method from the payment methods and make the payment afterwards. After that your money should be available.
Payment methods available at eToro:
Payment method | Possible |
|---|---|
Buy Bitcoin Cash with bank transfer | ok |
Buy Bitcoin Cash with a credit card | ok |
Buy Bitcoin Cash with Neteller | ok |
Buy Bitcoin Cash with Skrill | ok |
Buy Bitcoin Cash with PayPal | ok |
Buy Bitcoin Cash with online banking | ok |
Buy Bitcoin Cash with Rapid Transfer | ok |
Buy Bitcoin Cash with Sofort | ok |
Buy Bitcoin Cash with a debit card | ok |
Step 3: Buy Bitcoin Cash
After you have successfully deposited money, you can start buying the Bitcoin Cash CFD on eToro. Click on "Markets" in the navigation menu and then on "Crypto". Here you will be shown quite a few cryptocurrencies and all the necessary details about each one.
To buy the desired Bitcoin Cash CFD, you need to click on "Buy" and then on "Open Trade".
You have just bought your first Bitcoin Cash CFD on eToro. We wish you every success with it!
Still haven't opened an account with eToro?
What happens after I buy Bitcoin Cash?
After the purchase, you should store your Bitcoin Cash safely as soon as possible. In the next step, you can think about whether you want to resell the coins one day and at what price. After all, you want to make as big a profit as possible. And so that the coins remain in your possession in the meantime, you need a wallet.
Bitcoin Cash storage
After buying Bitcoin Cash, the coins should be stored in a wallet as soon as possible. If you have opened an account with a crypto exchange, you will also have a wallet at your disposal. The transfer to the wallet usually works automatically.
The disadvantage of this coupling is that the exchange operators secure this wallet and thus also have control over it. So if the exchange is hacked, your wallet is also at risk. The alternative is to have your own wallet with an external provider. Be sure to check for reliability!
Selling Bitcoin Cash
Selling Bitcoin Cash works in the same way as buying it, but in reverse. Ideally, you can use the same platform for selling as for buying.
Bitcoin Cash advantages and disadvantages
Bitcoin Cash (BCH) offers some advantages, especially compared to Bitcoin (BTC), but also some disadvantages. What exactly these are, and how they affect the function and performance, we clarify below.
Our conclusion on Bitcoin Cash investment
Taking a closer look at Bitcoin Cash, it quickly becomes clear why more and more crypto enthusiasts are investing in this digital currency. While Bitcoin Cash is highly volatile (like all cryptocurrencies), it is also young.
Cryptocurrencies are becoming more and more widespread, blockchain technology is now being used in a wide range of industries and the first countries are experimenting with state cryptocurrencies. So cryptocurrencies have an exciting future ahead of them and so, of course, does Bitcoin Cash: an interesting Bitcoin spin-off with a lot of potential.
Anyone who is new to the crypto business or simply wants to buy Bitcoin Cash in an uncomplicated way - with high protection and competitive fees at the same time - cannot avoid eToro. Users will find an extensive, the revolutionary Copy Trading function, as well as opportunities for further education.
FAQ
Bitcoin Cash is one of approximately 4,000 cryptocurrencies. Bitcoin Cash emerged from Bitcoin on 01 August 2017. The big difference between the two cryptocurrencies is that mining is much faster with Bitcoin Cash. In the long run, Bitcoin Cash should establish itself as a recognised and much-used payment system.
Trading with cryptocurrencies is only as safe as the platform on which the trade takes place. If you place your coins on a not so reputable base or invest in a dubious broker, then the trade is over before it has begun and the fraudulent operators make off with your investment. The basis is therefore to choose a safe, authentic and transparent platform for trading. Only then are you sufficiently protected. So keep your eyes peeled for licensed crypto trading platforms, read test and experience reports and take a very close look at every offer.
The fundamental idea of cryptocurrencies is anonymity. That's why crypto fans can of course buy Bitcoin Cash anonymously. You don't have to give your address or any other data to buy, only when opening an account. Your data is therefore stored at the crypto exchange or your broker. These can be viewed by the authorities in case of doubt. So the matter is not entirely anonymous after all. One way to acquire Bitcoin Cash anonymously is through mining!
The purchase of Bitcoin Cash will not work completely without registration, unless you focus on mining. However, mining is extremely difficult for private individuals. So for easy purchase, you need to register at least with your email address and payment method.
Bitcoin is commonly known as BTC, Bitcoin Cash is abbreviated as BCH. Bitcoin was the first internet currency and Bitcoin Cash was created by a fork from the Bitcoin network. Compared to the classic Bitcoin, Bitcoin Cash comes with a significantly larger block size limit.
