How to Buy Bitcoin Cash - Comparewise

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How to Buy Bitcoin Cash

Are you wondering about how to buy Bitcoin Cash in Canada? If so, you’re at the right blog. Blockchain is the future, and the more significant part of this future involves cryptocurrencies. Bitcoin Cash is amongst the most popular cryptocurrencies worldwide. With more and more countries accepting digital currencies, it is the right time to put money in Bitcoin Cash.

Bitcoin Cash is a revolutionary cryptocurrency that shares characteristics with Bitcoin but also integrates new features that sets it apart. When you use this digital currency, your transactions are approved more quickly. With currency’s popularity steadily rising, it’s the right time to analyze how to buy Bitcoin Cash. You can use popular trading applications like Bitbuy to make your transactions.

This article will analyze why Bitcoin Cash is a valuable cryptocurrency and the areas it lacks. We will also look into how to buy Bitcoin Cash and why it is essential to store them in third-party wallets.

Bitcoin Cash Bch -Comparewise

What Is Bitcoin Cash?

Bitcoin Cash is a comparatively newer digital currency, which is built on a similar ledger to Bitcoin. While Bitcoin is one of the most trusted cryptocurrencies, it does have a few flaws. Bitcoin Cash was developed to adopt the characteristics of Bitcoin while integrating new features that make it better.

BCH was launched on August 1, 2017. The cryptocurrency addressed the issue of offering a faster yet cheaper way to process payments. This coin was launched after a split in the Bitcoin network.

In early 2016, a few blockchain participants proposed altering the rules of the protocol to allow faster transactions. However, others were against the proposal. This led to a disagreement, and a new currency was developed, known as Bitcoin Cash. Since then, the currency has been counted among the top 25 coins in the market today.

Bitcoin Cash is a decentralized P2P electronic cash system. Since BCH doesn’t rely on any central institution, it has redesigned the true nature of money.

Key Features of Bitcoin Cash

1.   Transparent

Just like other digital currencies, Bitcoin Cash is also transparent. All Bitcoin Cash transactions are recorded on the blockchain, which is a public ledger. This ledger is regularly updated.

Blockchain makes the currency a transparent one. Anyone can easily view the complete history of the coin and eliminate the risk of fraud.

2.   Secure

Bitcoin Cash works on the process known as ‘Proof of Work.’ Crypto miners participate and engage in adding new blocks to the network through this process. The energy and hardware costs associated with mining Bitcoin Cash contribute to the network’s security. Attacking this network is expensive, and the hacker cannot directly profit from it.

3.   Low Fees

Bitcoin Cash was designed to lower the transaction fees on payments. This digital currency offers reliable, fast, and affordable transactions, regardless of location. These features make Bitcoin Cash an adequate substitute for payment networks like MasterCard or American Express.

4.   Fixed Supply of Coins

Just like Bitcoin, Bitcoin Cash also has a fixed supply of coins. Only 21 million coins can be created. This makes BCH a hard asset like gold, offering an opportunity for people to make a profit in the long term.

5.   Pseudo Anonymous

When you make payments with Bitcoin Cash, your identity is never attached to the transaction. This ensures that this digital currency is free to be used by everyone without any censorship.

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Pros and Cons of Buying Bitcoin Cash

When you are looking into how to buy Bitcoin Cash, you should first weigh and analyze its pros and cons. In this section, we will stress the benefits of this digital currency and areas where it can improve.

The Pros of Buying Bitcoin Cash

1.   Scalable

When compared to Bitcoin, one of the advantages that Bitcoin Cash has is its increased scalability. The developers behind this digital currency were quick to execute changes and make it more scalable. This means that more individuals can carry out their transactions at the same time. Since Bitcoin Cash offers high scalability, its future potential for adoption and growth is also high.

2.   Low Transaction Fees

The developers have increased the overall robustness of Bitcoin Cash. As such, the transaction speed and fees of the network have decreased. This makes the payments more affordable. Bitcoin Cash can process over 100 transactions every second. The price of each transaction is less than a single cent.

3.   Decentralized

Just like other cryptocurrencies, Bitcoin Cash’s value also lies in its decentralized nature. By buying these digital currencies, you are eliminating the need to rely on central banks. Since this is a decentralized global currency, it is immune to political attacks.

4.   Highly Efficient

An advantage of buying Bitcoin Cash is its high efficiency. Since it has more sizable blocks than other digital currencies, it can record more transactions in each block. This makes Bitcoin Cash transactions faster and more affordable. The team developing this cryptocurrency makes regular block size updates to make the currency more scalable.

5.   Easy to Acquire

The popularity of Bitcoin Cash makes it pretty easy to acquire. It is supported by trading platforms like Bitbuy, CoinSmart, and Newton. You can easily buy Bitcoin Cash from these platforms by exchanging your fiat currency.

The Cons of Buying Bitcoin Cash

1.   Lower Adoption Rate

Despite the potential and popularity of Bitcoin Cash, its adoption rate has been comparatively slower. BCH is not backed up by large investors and shows a slower market penetration. This means that buying Bitcoin Cash might take a few years before you can make any profit out of it.

2.   Lower Liquidity

Bitcoin Cash has fewer transactions when compared to Bitcoin. This reduces the liquidity rate of Bitcoin Cash. Lower liquidity can affect the future prices of this cryptocurrency and its adoption.

3.   Branding Issues

Since its development, Bitcoin Cash has had issues distinguishing itself from Bitcoin. It has also had several splits in the past few years. This hurts the confidence of new investors in cryptocurrency.

4.   Weaker Security

Bitcoin Cash requires less mining power to process transactions, and the payments can be processed at a lower cost. This makes the network a little less secure when compared with Bitcoin.

Different Ways How to Buy Bitcoin Cash

Using easily accessible open-source programs, buying Bitcoin Cash has become easier than ever. With the widespread use of the internet globally, there are various ways to invest in your favourite cryptocurrency. In this section, we’ll discuss how to buy Bitcoin Cash.

1.  Cryptocurrency Exchanges

If you are buying digital currencies for the first time, these exchanges are your perfect choice. Depending on your platform, you can buy Bitcoin Cash with your fiat currency with just a few clicks. However, you need to check what exchanges legally function in your region.

Cryptocurrency exchanges like Bitbuy, CoinSmart, and Coinberry are available in almost all states in Canada. You can use Canadian Dollars or other fiat currency how to buy Bitcoin Cash through these platforms. Some crypto trading platforms have built-in wallets where you can store your cryptocurrencies. You can also store them in a more secure, third-party wallet.

With the rising regulation on the trade of cryptocurrencies, you now have to submit your documents before you can start trading. The government should issue these documents. This is done to monitor any fraud or money laundering efforts.

The biggest challenge these cryptocurrency exchanges face is the network’s security. Your digital currency is safe until the developers can defend their platform from hackers. So, if you’re a long-term investor, you can buy Bitcoin Cash through these exchanges and store them in a hardware wallet.

2.  Peer-to-Peer

With the growing popularity of cryptocurrencies and the restrictions on exchanges, peer-to-peer transactions have become quite popular. Using P2P transactions, you directly buy or sell your digital currencies to another individual. Before this can be done, you will need to find a platform where you can come together with traders.

One of the main benefits of peer-to-peer transactions is lower fees and faster settlements. When you want to make this transaction, you will deposit your fiat currency with the platform. This platform will now find a suitable seller if you want to cash out their Bitcoin Cash. It then enables the transaction to go through, and the Bitcoin Cash is deposited in your linked wallet.

The peer-to-peer transaction is one of the most reliable and fastest ways how to buy Bitcoin Cash. However, if you’re investing for the first time, you should first buy the tokens using the cryptocurrency exchange. Once familiar with the transactions, you can try P2P trades.

How To Buy Bitcoin Cash Atm - Comparewise

How Much Does It Cost to Buy Bitcoin Cash

When you are looking into how to buy Bitcoin Cash, you must understand the initial investment you will have to make. The value of Bitcoin Cash can vary on an hourly basis. Its price depends on various financial, political, and geographical factors.

When the coin was launched, its price hiked from CAD 430 to CAD 5,500. The coin crashed the next year to an all-time low of CAD 132. Currently, the cryptocurrency market is highly volatile. The value of Bitcoin Cash varies between CAD 213 and CAD 360 for May and June in 2022.

How to Buy Bitcoin Cash on an App

Bitcoin cash is a popular cryptocurrency widely available on all major trading platforms. Here is how to buy Bitcoin Cash using an application.

Bitbuy

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1.  Bitbuy

Bitbuy is Canada’s most popular cryptocurrency exchange. It was founded in 2016 to provide a quick, easy, and safe way to buy or sell cryptocurrencies. Twenty-four different currencies are listed on the exchange, besides Bitcoin Cash.

Before you can trade, you must sign up for the platform and verify your profile. You will need to upload a state-issued id to get yourself verified automatically. In case your profile is rejected, you will need to opt for manual verification. For this, you’ll have to submit your financial statement, utility bill, photo of government-issued ID, and your selfie with the ID.

Once your profile is verified, you can easily buy or sell your digital currencies. Here is how to buy Bitcoin Cash using Bitbuy.

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Using Bitbuy Desktop Platform

  • Sign in to your Bitbuy account. You will be automatically redirected to the account section on your profile.
  • Click on the ‘Express Trade’ option, which is located at the top of the window.
  • Click on the drop-down menu and look for Bitcoin Cash.
  • Now enter the dollar amount you want to invest in your cryptocurrency. Once done, the amount of BCH you bought will be displayed below.
  • If you are happy with the rate, click the ‘Buy’ button to complete your transaction.
  • The amount gets debited from your account, and the Bitcoin Cash token is deposited in your wallet.

Using Bitbuy Mobile Application

  • Sign in to the Bitbuy account on your mobile. Click on the ‘Account’ option in the bottom right corner of your screen.
  • Search for BCH and click on the ‘Buy’ option.
  • Now enter the dollar amount you want to invest in the cryptocurrency. Once done, the Bitbuy app will display the amount of Bitcoin Cash you purchase on the screen.
  • If you are satisfied with the market rate, click on the ‘Place Buy Order’ button.

Once done, the amount will be deducted from your account, and the Bitcoin Cash will instantly be deposited in your wallet.

CoinSmart

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2.  CoinSmart

CoinSmart is another popular trading platform where you can learn how to buy Bitcoin Cash. The exchange was founded in 2018 and is headquartered in Toronto. This online crypto exchange supports over nine cryptocurrencies, including Bitcoin Cash. The platform is well suited for novice and advanced investors.

Before starting trading, you must sign up for the platform and verify your email address. Once your profile has been activated, you must provide personal details to complete the verification process. You must also submit your government-issued ID to start trading on CoinSmart.

Coinsmart Crypto Online Platform - Comparewise

Once your profile is verified and you have credited funds in your wallet, you can start trading. Here is how to buy Bitcoin Cash using CoinSmart.

Using CoinSmart Desktop Platform

  • Login to your CoinSmart account. Once logged in, click on the ‘Buy/Sell/Trade’ option in the header.
  • You will be diverted to a new page. Select the ‘Buy’ option.
  • Now choose Bitcoin Cash from the list of digital currencies visible on the page.
  • Enter the number of dollars you are looking to invest in the crypto token. The amount of BCH you will receive will be displayed on the screen.
  • If you are comfortable with the rates, click on the ‘Buy Now’ option. Once your order is processed, the amount will be deducted from your account. The BCH token will be instantly deposited in your crypto wallet.

Using CoinSmart Mobile Application

  • Login to your CoinSmart application on your mobile
  • Once logged in, choose Bitcoin Cash from the home screen.
  • You will be diverted to a new page. Now click on the ‘Buy’ option available in the bottom left corner of the screen.
  • Now enter the number of dollars you want to invest in this cryptocurrency. The amount of BCH you will receive will be displayed next to it.
  • If satisfied with the current market rate, click on the ‘Buy’ option. A confirmation screen will appear on your mobile screen. Click on the ‘Confirm’ option.

Once your order is processed, the amount gets deducted from your CoinSmart account. The Bitcoin Cash token will be deposited in your wallet instantly.

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3.  Coinberry

Coinberry is a popular Canadian cryptocurrency exchange, which is headquartered in Toronto. The exchange was founded in 2017 to make trading cryptocurrencies easier for beginners. Coinberry supports over 30 digital currencies on its platform, including Bitcoin Cash.

Before you start trading on Coinberry, you will need to create a profile and get it verified. You will have to upload a photo of a government-issued ID and a video selfie to get your account verified. If your profile doesn’t pass the automatic verification process, you’ll have to submit a few additional documents for manual verification. However, more than 90% of accounts are verified automatically.

Once your profile is approved, you can start trading on the platform. Here is how to buy Bitcoin Cash using Coinberry.

Coinberry Crypto Trading - Comparewise

Using Coinberry Desktop Application

  • Log in to your Coinberry account. Once signed in, click on the ‘Buy/Sell’ option on the header.
  • You will be diverted to a new page. Click on the ‘Buy’ option.
  • Now select Bitcoin Cash from the list of cryptocurrencies on your screen.
  • Click on the ‘Market’ option to buy BCH at the current market price.
  • Enter the number of dollars you want to invest in this cryptocurrency. The platform will automatically display the amount of Bitcoin Cash tokens you will receive in exchange.
  • If you are happy with the market rate, click on the ‘Preview Order’ option.
  • You will be redirected to a new screen where you can read and acknowledge the crypto risk statement for Bitcoin Cash. When you are ready, click on the ‘Buy Now’ option.
  • Once your order is processed, the money will be deducted from your Coinberry account. You will also see a receipt of your transaction. The Bitcoin Cash is instantly deposited in your linked wallet.

Using Coinberry Mobile Application

  • Log in to the Coinberry account on your mobile. Once logged in, click on the ‘Buy/Sell’ option at the bottom of your screen.
  • You will be redirected to another screen. Choose the ‘Buy’ tab on this screen.
  • Now enter the number of dollars you want to invest in your crypto token. The application will auto-calculate the amount of Bitcoin Cash you will receive.
  • If satisfied with the market rate, click the ‘Next’ option.
  • You will be redirected to multiple payment options, from which you can choose to pay in Canadian Dollars. Once selected, you will get a preview of your order. When ready, click on the ‘Buy Now’ option at the bottom of your screen.
  • Once your order is processed, you will get a transaction confirmation slip. The amount will automatically be debited from your Coinberry account. Your BCH will be deposited instantly in your linked wallet.

Newton

  • Get a $25 bonus when you sign up
  • Canada's low-cost crypto trading platform
  • Instant account verification & e-transfer deposit
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4.  Newton

Newton is one of the best options for Canadians looking to buy digital currencies without hassle. The platform was founded in 2018 and offered the largest selection of assets compared to other Canadian crypto exchanges. Newton supports more than 70 digital currencies, including Bitcoin Cash.

Before starting trading on the platform, you must sign up and verify your profile. To get started on Newton, you should be 18 years of age, a Canadian resident, and own a North American phone number. You must submit proof of address and a state-issued ID to approve your account.

Once your profile gets approved, you can start trading on the platform. Here is how to buy Bitcoin Cash using Newton.

Newton-Mobile-App-Comparewise

Using Newton’s Desktop Platform

  • Log in to your Newton account. Once logged in, navigate your mouse to the two arrows on the right-hand panel of your screen.
  • A drop-down menu will open up—Select Bitcoin Cash from this menu.
  • You will be diverted to a new page. Here, you can enter the number of Canadian dollars you wish to invest in the coin. The platform would automatically calculate the amount of Bitcoin Cash you receive per the current market rates.
  • When satisfied with the rate, click on the ‘Review Order’ option.
  • Once your order is processed, the money will be automatically deducted from your Newton account. The BCH will be deposited into your linked wallet.

Using Newton’s Mobile Application

  • Log in to the Newton account on your mobile. Once logged in, navigate to the two arrows present on the right-hand corner of the screen.
  • You will be diverted to a new page. Select the ‘Market’ tab.
  • Now choose Bitcoin Cash from the cryptocurrencies displayed on your screen.
  • Enter the amount of CAD you wish to invest in your crypto token. Based on the current market rate, the platform would calculate how much Bitcoin Cash you will receive in return.
  • If you are pleased with the market rate, click on the ‘Review Order’ option.
  • Once your order gets processed, the money will be deducted from your Newton account. The Bitcoin Cash would be instantly deposited in your linked third-party wallet.

How to Buy Bitcoin Cash with a Credit Card?

You might consider several options while looking into how to buy Bitcoin Cash. One of the ways is to buy it with your credit cards immediately. However, you must ensure that your cryptocurrency exchange supports this payment method. Platforms like CoinSmart and Coinberry accept payment via credit cards.

Here is how to buy Bitcoin Cash with your credit card.

  • Sign in to the cryptocurrency platform that supports credit cards. Go to your accounts and click on the ‘Deposit Funds’ option.
  • Here you can recharge your account with your credit card. Select the number of dollars you need to transfer and click on the ‘Proceed’ button.
  • Once the order is processed, the money will be displayed in CAD in your account.
  • You can then proceed with buying Bitcoin Cash directly through your account.
  • Enter the amount of CAD you wish to invest and click on the ‘Buy Now’ option.
  • The amount will be debited from your account when the order is processed.
  • Bitcoin Cash token would be instantly deposited in your linked wallet.

How to Buy Bitcoin Cash with PayPal?

PayPal is the leading virtual wallet in the world. Connecting your exchanges to your PayPal account and directly authorizing the payment is among the fastest ways to buy Bitcoin Cash. However, PayPal does not allow Canadian citizens to buy Bitcoin Cash through their website. This option is being tested and is available only for the residents of the United States.

How to Store Bitcoin Cash in a Third-Party Wallet?

Just like your regular wallets, wallets in blockchain serve the same purpose – storing your money. This money is in the form of digital assets. The developed cryptocurrency wallets are much more secure and comprise three layers of technology.

Digital wallets are an integral part of the blockchain. There is no use in trading your digital currencies if you do not have a secure place to store them. The developers of Bitcoin Cash have offered various options to store your cryptocurrency safely. While looking at how to Bitcoin Cash, you must analyze secure methods to store it.

There are different wallets available to stack your BCH. You should select one that perfectly suits your storing and spending needs.

1.  Mobile Wallets

Mobile wallets are the most straightforward and accessible options to store your BCH. You require your mobile phone and a stable internet connection to access your wallet. These wallets can be downloaded directly from the Playstore or AppStore. They do not require any upfront investment.

2.  Hardware Wallets

The most reliable way of storing your BCH is through hardware wallets. It is usually preferred when you want to store your cryptocurrencies long-term. Using a hardware wallet will make you responsible for your finances and security.

Hardware wallets are the only type of crypto wallets that require an upfront investment. However, the benefits it offers easily outweigh the cost.

3.  Software Wallets

Software wallets have been around since the inception of cryptocurrencies. Satoshi Nakamoto developed the first software wallet to store the original Bitcoin. Since then, many developers have designed secure software wallets to store your Bitcoin Cash.

Software wallets run similar to a classic computer program. You can download these wallets on your PC and run them quickly.

4.  Paper Wallets

Paper wallets were once considered the best option to store your BCH. A paper wallet is a piece of paper that includes all details like a wallet address, private keys, and public keys. It would help if you used a paper wallet generator to create these wallets. You can find these generators either online or offline.

How to Buy Bitcoin Cash Takeaway

Bitcoin Cash is amongst the top 25 cryptocurrencies in the market. The currency is continuously growing in terms of trading volume and market cap. Buying Bitcoin Cash at the right time and rate is crucial to making a profit in this growing market.

While there are different methods how to buy Bitcoin Cash, cryptocurrency exchanges are still the most popular ones. You can easily deposit your funds and exchange them for Bitcoin Cash in a few clicks. To save money on transaction fees, you can use Bitbuy, Newton, Coinberry, or CoinSmart exchanges. Learn more about buying Bitcoin Cash in Canada using Comparewise and comparing multiple exchanges. Thanks for checking out how to buy Bitcoin Cash.

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FAQs about How to Buy Bitcoin Cash

What Is the Difference between Bitcoin and Bitcoin Cash?

Bitcoin and BCH are two different digital currencies. The most significant difference is that Bitcoin Cash has every block 32 times larger than Bitcoin. This makes transactions through BCH faster and cheaper.

Is There a Limit to Bitcoin Cash?

Just like Bitcoin, the amount of Bitcoin Cash is capped at 21 million coins. That means only 21 million coins can be mined and traded in the market.

How Many BCH Coins Are Left?

According to CoinMarketCap, 18.9 million Bitcoin Cash coins are already circulated in the market. This means 2,048,718.75 Bitcoin Cash is yet to be mined.

Will Bitcoin Cash Replace Bitcoin?

It is doubtful that Bitcoin Cash will be able to replace BTC. This is because the latter is widely popular and deeply penetrates the cryptocurrency market. However, people have started adopting Bitcoin Cash, which is much cheaper and easier to transact.

Are Bitcoin Cash Transactions Anonymous?

All transactions made via Bitcoin Cash are stored in a public ledger. This ledger contains all the addresses and can be viewed by anyone. However, these addresses are numbers and are not attached to your identity. This means no one can trace a BCH address to the individual using it, thus making it anonymous.

How Does a Bitcoin Cash ATM Work?

Canada has several crypto ATMs where you can insert your money, just like a vending machine. You then need to select Bitcoin Cash and enter your wallet address. The crypto tokens would be directly deposited in your third-party wallet.

Where to Buy Bitcoin Cash?

There are multiple crypto exchanges and peer-to-peer networks through which you can buy Bitcoin Cash. The most popular trading platforms in Canada are Bitbuy, CoinSmart, Coinberry, and Newton. These platforms charge lower transaction fees and offer a secure platform to buy Bitcoin Cash.

Can I Get Bitcoin Cash without KYC?

Buying Bitcoin Cash without verifying your ID is impossible if you are trading through cryptocurrency exchanges. The Canadian government has established strict restrictions to monitor money laundering or fraud. However, if you are buying Bitcoin Cash through a peer-to-peer network, there is a chance you can skip the KYC part.

How Much Will BCH Be Worth in the Future?

There is no way to examine the exact value of Bitcoin Cash in the future. Since digital currencies aren’t regulated, they are highly unpredictable. The value of Bitcoin Cash depends upon the supply and demand in the market. Since the coins are limited, there is a good chance that the value of Bitcoin Cash will inflate in the future.

What’s a Good Wallet for Bitcoin Cash?

Different Bitcoin Cash wallets are available in the market for hot and cold storage of your crypto tokens. By choosing a mobile wallet, you can track your portfolio easily.

Trust Wallet is amongst the best mobile wallets to store your BCH. There is no upfront investment required. You only have to download and link the app to the crypto exchange.

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