Buying Bitcoin Cash

Disclaimer: This is an educational post to understand Bitcoin cash and how to buy it. It is not investment advice.

I have been earning Bitcoin cash (BCH) since June 2020. Today, 70% of the BCH in my portfolio is earned from read.cash, and noise.cash while I bought the remaining 30%.

In September 2020, I set out to buy one whole bitcoin cash for $230 but it never actually happened. The closer I got to buy the Bitcoin cash, the more confused and worried about the whole thing I got. So I gave up. I didn't see a working option to buy Bitcoin Cash on the platform of the exchanges I visited. And my friends who are into crypto trading seem not to know about bitcoin cash and the local crypto vendors I was referred to don't deal with Bitcoin cash. I got confused about the whole thing coupled with the fear and worry of losing my money.

I was still a crypto novice and just new to the bitcoin cash community, I didn't understand much and I have been reading in that regard. And this advice from experts and bloggers kept coming up:

"Invest only as much money as you can afford to lose"

"You should never invest in anything that you don't understand" 

At that time I was yet to understand how Bitcoin cash works and I couldn't afford to lose even $10 of the money I intended to invest. In confusion and worry, I gave up on buying some bitcoin cash then.

I wasn't to know, but if I had persevered and bought a whole BCH at $230 (or even less as BCH dipped to as low as $200 then), that Bitcoin cash would now be worth over $600.

With the increase in awareness and promotion of Bitcoin cash adoption, there has been a surge in interest. The bitcoin cash conversation is getting louder, soon it would be too loud to be ignored.

According to the monthly price chart on Binance, the price of Bitcoin Cash has been on a monthly rise since October 2020.

In 2021, with more months of earning and learning about bitcoin cash, I came to the conviction that Bitcoin cash could have huge implications for everyone's future. I felt it was time to try buying Bitcoin again. Today I'm proud to say that I have invested more than $300 in BCH which I plan to HODL for as long as possible.

In this post, I'll share the exact steps I followed to buy Bitcoin Cash (BCH). The buying process itself took just about 5 minutes.

But before we get to the steps of how to buy bitcoin cash on Binance, it's really important to know what we're getting into.

What is Bitcoin Cash?

Bitcoin cash is a peer-to-peer digital currency created in August 2017, from a hard fork of Bitcoin. It was created to accommodate a larger block size compared to BTC to allow for an increase in speed and quantity of transactions into a single block and improve scalability. Bitcoin Cash itself underwent a fork in November 2018 and split into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision) and another in November 2020 and split to Bitcoin Cash Node (BCH) chain and Bitcoin Cash ABC (BCH ABC) chain.

To many people, cryptocurrency represents the future system of making payment transactions in a digital era. And bitcoin cash is part of the dream. So rather than paying with dollar bills, something could be worth 1BCH.

Bitcoin cash is much more than just a currency. Transactions involving bitcoin cash are processed, verified, and stored securely within a digital ledger known as a blockchain.

So when you make a payment of $50 for goods using a Mastercard debit card, the transaction must be sent through Mastercard, your bank, and at the merchant bank. Through each point of this transaction, communication and verification take place. Bitcoin cash cut out all of these middlemen making transactions much more secure and cheaper too, especially international payments.

11 key points to know about Bitcoin Cash

Here is a list of bitcoin cash key points:

1. Secure - Bitcoin cash transactions are encrypted within a Blockchain which is impossible to hack.

2. DDecentralized- With no one body in control, it can't be taken down, hacked, or manipulated.

3. Unregulated - There's no guarantee of protection if a payment is made in error

4. Transparent - Both code and all BCH transactions.

5. Low cost - You are charged as little as a penny for bitcoin cash transactions.

6. Speed - allows for instant transactions.

7. Limited supply - Capped at 21 million Bitcoins

8. Truly global - Doesn't geographically exclude people

9. Privacy - Institutions don't hold your data

10. Virtual - Despite its name, Bitcoin cash has no physical coins.

11. Volatile - Bitcoin value fluctuates as it's still relatively new.

You don't need to understand everything to buy Bitcoin cash.

Within its core, cryptocurrency is an incredibly complex technology, which makes it so secure. It is not essential to understand exactly how Bitcoin cash works to use it. If we can effectively use the internet and card machines without knowing how they work we can use Bitcoin cash as well. You can get started with the basics. You can dig deeper into the background and implications of Bitcoin cash later if you're so keen to learn more.

Do you have to buy a whole Bitcoin cash?

​No! Cryptocurrencies are divisible, you don't have to buy a whole Bitcoin cash. You can buy as little as $10 worth of BCH or even less.

Should you buy Bitcoin?

The experts always advise people to invest only an amount they are willing to lose into cryptocurrency. So If you are in debt and can't spare $10 please don't buy Bitcoin cash. There are options to earn them with some effort on read.cash and noise.cash till when you are ready to invest your own money.

Everyone has their motivations when it comes to buying and selling I started buying bitcoin cash I appreciate the coin and the opportunities it brings. So find your motivation and once you give it a go by buying and sending some BCH, it becomes a whole lot simpler to understand! I believe everyone would benefit by buying a tiny bit of Bitcoin cash which could quickly become part of our future.

How to buy Bitcoin Cash

I'm going to walk you through the fact steps I took to buy my first bitcoin cash on Binance. Of course, there are other means, platforms, and exchanges you could use to buy bitcoin cash.

You need just 5 things when buying Bitcoin cash:

1. Bitcoin cash wallet - Bitcoin.com wallet is a secure place to store your bitcoin cash. There are other available wallets, but the Bitcoin.com wallet is my preferred wallet for storing my bitcoin cash.

2. Bitcoin cash Address: This performs a similar function to your bank account number. It is a unique 26-35 alphanumeric characters (both letters and numbers) and it looks something like this: qprmvqs7x6a5gzykq87apl356uv7447cdc68n3mjeq. A BCH address indicated the destination of a bitcoin cash payment. With it, you can receive and send bitcoin cash.

3. Binance app (Crypto Exchange)- Binance is one of the world's largest crypto exchanges. With it, you can trade any other coin for Bitcoin cash.

4. Payment method - I paid via mobile bank transfer. There are other payment methods like using debit or credit cards.

5. Form of identity - You'll need a government-issued form of identity like your, national ID card, international passport, or driver's license.

7 steps to buying Bitcoin

Step 1: Register Account

Click here to get started with creating a free account on Binance.

Complete the short form by entering your email address and choose a secure password. Then click on "Create Account"

Step 2: Account verification

After clicking on "Create account" a 6-digit verification code will be sent to your email.

Follow the instructions for verifying your account email by inputting the code sent to your email address. The code is valid for 30 minutes, so enter it as soon as possible.

Step 3: Enable 2-Factor Authentication (2FA)

To secure your account you have to enable two-factor authentication. A pop-up appears on the screen on your first log-in, immediately enable 2FA to increase your account security.

Step 4: Identity verification

To follow financial regulations Binance requires at least a basic identity verification. Choose your preferred level of verification and enter the required personal details and on the next step select an ID type for which you'll need to upload a photo.

Step 5: Buy crypto from the P2P marketplace

• After login, click on “Payment Methods” to complete SMS authentication and set your payment methods.

• Go to the home page, tap on the “P2P Trading” tab. On the P2P page, select "Buy" and the crypto you want to buy (USDT)

• Select an ad or trader to purchase USDT from and click "Buy". I recommend you choose a trader with a large number of trades and a high successful trade percentage.

• Enter the amount you want to buy, tap on “Buy USDT” and then on " "Transfer the fund" to see the seller's payment information.

• Transfer the amount of money directly to the seller based on the payment information he/she provided within the payment time limit.

• After a successful transaction, click "Transferred, next"

• The status will be “Releasing”.

  Once the seller has released the cryptocurrency, the transaction is completed. You can click "Transfer to Spot Wallet” to transfer the digital assets to your Spot Wallet.

Step 6: Convert the USDT to Bitcoin Cash

1. Go to the homepage on the Binance app

2. Click on " Trades" in the bottom menu.

3. Click on "Convert" in the top menu.

4. Select convert from USDT to BCH and the talk on "MAX" to convert all the USDT to BCH.

5. Tap on the "Preview conversion" tab. You will then see the price quote for the transaction and you have 5 seconds to approve the quote shown to you and fulfill the deal. If the 5 seconds expire, click Refresh to get a new rate.

6. Click Convert to finalize the conversion.

Step 7: Send the BCH to your bitcoin.com wallet.

Now that you received your bitcoin cash (BCH) into your finance wallet, you can send it to your bitcoin.com wallet.

To send the Bitcoin cash to your bitcoin.com wallet, here are the steps to follow:

1. Copy the BCH address from your bitcoin.com wallet.

2. Open your finance app and click on " Wallets" in the bottom menu.

3. Click "Withdraw" and select BCH.

4. Paste the BCH address you copied and enter the amount you wish to send. You can simply click "MAX" to send it all.

5. Click "Withdrawal".

6. Click on Send Code, and enter the six-digit code you received in your email.

7. Enter your 2FA code.

8. If everything is in order, click Submit.

After this step, you wait to receive the BCH in your bitcoin.com wallet.