Buying Bitcoin cash for the first time? Here’s what you should know
October 26, 2018
When you purchase Bitcoin Cash, you need to ensure that it does not lie in an Online Cryptocurrency Exchange account. This makes the Bitcoins susceptible to fraud and hacking attempts. You should move the Bitcoins in a secure wallet that is certified by Bitcoin/Bitcoin Cash.
Once you have your Bitcoin Cash tokens (BCH) in your secure wallet, you can then proceed to purchasing them from an exchange platform like Evonax as and when needed. You also need to make sure that you back up your private keys of your wallet or else you risk losing all of your Bitcoin and Bitcoin cash tokens.
You can claim your Bitcoin cash tokens using a Simplified Payment Verification(SPV) wallet that doesn’t need the entire Blockchain downloaded on your device to operate.
These wallets use a recovery seed, which holds your Bitcoin and Bitcoin Cash’s private keys . You can access your Bitcoin cash simply by typing in this seed into the dedicated wallet.
However, the procedure for this varies from wallet to wallet. For this, you need to look at the announcements made by the wallet provider for this or contact the wallet’s support team for more info.
Bitcoin cash is the 4th largest cryptocurrency after Bitcoin, Ethereum and Ripple. However, only a few Cryptocurrency Exchange platform like Evonax allow Bitcoin Cash to be bought with Fiat currency. Many others, however, only allow exchange of Bitcoin Cash for other cryptocurrencies.
You need to realise that before trading online in Bitcoin Cash or any cryptocurrencies for that matter, you would need to go through a long and daunting procedure on other exchanges to verify your identity before you can start to trade, while on Evonax the procedure takes just a few minutes. You will also need to connect your bank account to the cryptocurrency exchange’s withdrawal system. Verifying your identity and linking your bank account can take a lot of time before you can finally start trading using your own cryptocurrency exchange account.
For security reasons, exchange service providers like Evonax accept deposits and withdraws primarily through wire transfer, which is done almost instantaneously. Yet others allow debit/credit card payments
At Evonax, the transactions are totaly free of charge, but other exchanges may charge a onetime fee or deduct the fee from the transaction. You can read about the fee structure at the FAQ page of their website.
If you already hold Bitcoins or other cryptocurrency and you want to trade it for Bitcoin cash, you can do so with exchange platform like Evonax.
At the end of the day, trading in Bitcoin cash is something that can be done easily over the internet, but a few precautions need to be taken. Do ensure that you do not give any opportunity to hackers to steal your hard earned money, you can take care of your cryptocurrencies with a few basic steps that have been mentioned here. With increasing popularity and value of Bitcoin cash and other cryptocurrencies, there is no doubt that investing here is the next big way you can grow your money.