Getting your first BCH is the first step in a revolutionary and exciting journey.
After several weeks or months of trying, guessing, and questioning Bitcoincashers on how they are getting a tip for writing, you finally get lucky and earned your first BCH. First of all, allow me to congratulate you on your entry into the Bitcoin cash community.
Bitcoin cash is a monetary revolution that will take everything on its path going into the future. Many people are still struggling to understand the impact that BCH will have on the world in the future. From Reddit to Tweeter and every other Crypto forum, the argument is the same. This is logical and healthy because BCH is a total paradigm shift from everything we know about money. BCH has simply created its unique category, adapting to the different needs of its users. For some, BCH will be a great store of value. For others, BCH as it is, already, is an essential solution for everyday payments. This is what is happening around the world involving millions of people, from merchants, shop owners, end-users, and people living in emerging countries or under authoritarian regimes.
On whatever side you chose, BCH will change your life. For you to fully enjoy BCH in the months and years to come, there are some necessary things you need to do now that you have lay hold of your first BCH. These are 3 essential things to remember.
Secure the private keys of your BCH
The first thing we must understand with cryptocurrencies is that when you acquire any, you don’t really own it. You only own a portion of its Blockchain. To access this portion, you must have the associated private keys in your possession. Same thing with BCH. Without the private keys associated with your BCH, you still do not own anything. You simply trust the third party, a wallet provider, a trading platform eg Coinbase, Kraken, Binance, etc, or living it with a company like PayPal, to keep for you. This means you are not yet enlightened about cryptocurrencies and you still find yourself at the same risk as with the current monetary and financial system. If these exchange platforms choose to ban you or have a major problem you lose access to your BCH. I know most of us know about wallet seed phrases, but seed phrases are only associated with the wallet and not your BCH. Your private keys are what grant you access to your BCH anywhere at any time.
You will need to retrieve the private keys from your BCH by sending them to an address on the BCH network that is associated with your wallet. Why this is important is that even if you leave your BCH in a third party in possession and anything happens you can still recover your BCH with the private keys.
Always remember Not your Keys, Not your Bitcoin.
Lock and forget your BCH for at least ten years
A majority of people see cryptocurrencies only as a high-return investment. In reality, cryptocurrencies are saving technology. Saving your money from inflation. BCH aims to give you back the power of money. I think the majority don't understand that yet. A monetary system that will eliminate the middlemen or central government banking system. When acquiring BCH, you are putting the fruits of your labor into the secure network with a guarantee that your BCH today will still have the same value in the Bitcoin cash system in 10, 20, or 50 years. If the BCH price in U.S. dollars is increasing, it is mainly due to the weakness of the U.S. dollar, which is of course weak money. Once you get your BCH safely sent to your wallet, the best thing to do is to lock it up and forget about it. Choose your time frame for hodling, there is no need checking your wallet time and time again.
HODL your BCH, and be patient. You will be rewarded in the future. Don’t give in to pressure and I will advise no need to try to enter into trading with your BCH. You don't increase your BCH that way. Those who do it are there to make a few dollars buying and selling other coins with BCH and most ended up in losses.
Keep deepening your knowledge about BCH
The essential quality a BCH hodlers should have is patience. This patience can only be achieved if you have complete confidence in the BCH revolution. To have confidence in the BCH system, you must constantly deepen your knowledge. Get adequate knowledge at all levels, the concept, concerns, the current system, the economy, money, and of course BCH development. Join forums to gain knowledge about recent developments in the Crypto world.
The more you understand how the flaws and non-trustworthiness of the current financial system, the more you will be able to understand why BCH is the best alternative money we have for the future. As your knowledge about BCH deepens you will overcome doubting and pressure. If you give in to laziness you will end up giving in to greed and the sirens of the BTC mafias. You will need to have the necessary knowledge to have full confidence in the BCH revolution.
Final Thoughts
Hodling BCH makes you opt for a new system of inclusiveness that is fairer for all its users. Without knowing it, you are starting an exciting journey that will change your future forever.
As they say
“A journey of a thousand miles begins with a single step.”
Lead image source unsplash
Truly inspiring, I've heard a lot about securing one's private key,but never took it serious, I use Luno app wallet and I thought it's safe that way, thank you very much sir. I will do the needful straight away.
And about locking for years, that's my plan...I only seek way in getting more BCH, the rate this apps charges is too much😰