Buy Bitcoin Cash (BCH)
In the modern world, you cannot find a person who has not heard about digital currencies. Their number is huge on the Internet, and the number of users is increasing many times every day.
The reason for this is to generate huge income with the help of the electronic money market. Now earning a fortune on digital currency is not a problem, you just need to approach the matter with knowledge.
If a person thinks that it is too late to buy such assets in the long run, then he is completely wrong. Many digital currencies enter the market daily, the reason for this is that any student who understands programming can create his own electronic asset. No one knows what currency will be profitable in two years, because the volatility in the market is very high.
What is Bitcoin Cash (BCH)?
In 2017, there were huge loads on the Bitcoin network, due to which the speed of digital currency transactions dropped dramatically. The recipient could see his coins with a delay of a couple of days. It was then that, due to disagreements between the developers, the network split into two and Bitcoin Cash was formed.
Thus, the Bitcoin Cash development team, led by Amory Sechet, a former Facebook engineer, increased the block size to 8 MB, which made it possible to prevent the loss of digital money transfer speed between users.
At the same time, the coins actually “forked” - all owners of bitcoins received a similar number of new Bitcoin Cash coins. Bitcon Cash uses different software than Bitcoin, but it differs only in block size and cipher change frequency. Transactions can be made from the same wallet where bitcoins are stored using the same access keys.
First of all, currencies differ in transaction cost and commission:
- Bitcoin validates 3-7 transactions per second, worth $5-50 each.
- Bitcoin Cash validates 100 transactions per second at a minimum cost of a few cents.
Bitcoin is often positioned as digital gold, and Bitcoin Cash proponents criticize this approach while also promoting their currency.
After all, BTC and BCH can coexist and be used for different purposes: BTC as digital gold (store of value) and BCH as PayPal 2.0 (media of exchange). However, in order to realize this, the BCH ecosystem will need to grow significantly, which is not facilitated by numerous forks. In addition, the ultimate goal of the project may be hampered by community fragmentation and internal divisions.
The good news is that the capitalization of the global digital currency market continues to grow. This is partly due to the favorable sentiment in the industry, as well as the recent rise in Bitcoin and Dogecoin.
However, Bitcoin is likely to retain its dominant position for a long time to come and will be able to solve the scaling problem in the future. And BCH is likely to serve only as a temporary medium of exchange and will not be able to catch up with its predecessor, the world's first and most valuable digital currency. But despite this, Bitcoin Cash is one of the five most popular digital assets.
How to buy BCH?
To buy Bitcoin Cash in India, the user has several options. Their choice depends solely on the convenience of the investor or trader who is interested in this digital currency.
The first thing that comes to mind when it comes to buying electronic assets is exchanges.
An exchange is a special platform where people enter into transactions and exchange money, goods, securities or derivative contracts. The latter refers to the obligation to buy or sell an asset when its price reaches a certain level.
The bottom line is that the user selects a trusted exchange, registers and makes a purchase of an electronic asset. Everything is very simple, and most importantly, buying digital currency on exchanges is the safest way.
The main thing is to choose an exchange that supports Bitcoin Cash, for example:
The second way to purchase digital currency is to use online exchangers. This way to buy BCH is less secure, but it saves a lot of time for a trader or investor. Saving time is the lack of registration on the exchanger. The user searches for the necessary currency and gets acquainted with the exchange commission, then selects the amount and confirms the operation.
Online exchangers are very popular among users of electronic assets, allowing you to get the desired amount of assets to your wallets at any time.
Another way is the ability to buy coins from friends. Then the amount and price can be discussed individually and avoid commission. But experts advise resorting to this method only if the user knows the person with whom he wants to exchange well and has confidence in him.
Where to store BCH?
Before buying Bitcoin Cash, you need to think about how it is stored. Since digital currency does not have a physical body, unlike fiat money, it is impossible to store them in banks. Therefore, special storage methods called e-money wallets have been developed.
The meaning is as follows: the coins are always in the blockchain, and the keys that give access to the digital currency are stored on the wallet. In fact, the wallet is used only to store keys and perform transactions, ensuring the safety of the user's assets.
Storage of digital currency implies a long-term and short-term. As a general rule, long-term storage wallets have the best security, but not all of them are designed for permanent transactions, so choosing a wallet should be taken seriously.
For storing BCH, wallets such as:
1. IQ Wallet
How to invest in Bitcoin Cash?
To invest in Bitcoin Cash in India or any other country, you first need to decide on the investment period.
In the long term, an investor or trader will need to choose a good wallet for long-term and reliable storage of digital currency. The trader or investor then buys the electronic money from the exchange or through the other methods mentioned above. Well, then the user can only wait until the price of the digital currency increases enough to satisfy the investor or trader.
This method can take a long time, some users are waiting for the price to increase from a year to five years.
When it comes to short-term investment, an investor or trader should think about trading on special platforms that give access to exchanges online. On such sites, the user can start making a profit without buying an asset, but using it as a tool.
The so-called price difference contact trading allows an investor or trader to use the currency that is supported on the selected platform, to carry out transactions, simply by using the asset's constant price jumps. This method brings daily income to the investor or trader and allows, without having a huge capital, to enter the market with a small amount of funds, and with the help of trading, gradually increase your deposit.
The meaning of such trading is to analyze the price movement, for example, the user is sure that the price will go up. In this case, the investor or trader opens a deal to buy, and when the price crosses the border of the beginning of the purchase, he starts to make a profit. No matter how much the price goes up, if an investor opened a trade at $50 and the price went up to $80, he would get the difference of $30 when he closed the trade.
The key is to keep an eye on the trade after it is opened, because the market has a lot of volatility, which means that the price can rise slightly and then drop sharply down. Then the user may lose his funds.
It is important for the user to approach this type of investment prepared, as well as to choose proven trading platforms, such as IQ Option. This site has established itself among a huge number of users, with its user-friendly interface and a small initial deposit.
Which investment method to use is chosen by the user himself, based on his requests and interests. If an investor or trader has good patience, then buying a digital currency in the long term is suitable for him, but if he wants to make a profit on a daily basis, then it is better to use short-term investments.
QUESTIONS AND ANSWERS
Is Bitcoin Cash a good buy?
Bitcoin Cash has a good reputation among digital currency users, BCH is used as a long-term investment and also as a short-term one. Therefore, if the user chooses a long-term investment, then first he needs to use the fundamental analysis of the market in order to develop a strategy. Later, you can purchase this digital currency.
Where can I buy Bitcoin Cash?
You can buy Bitcoin Cash in India using an exchange or an online exchanger. All you need is internet access for this.
Why does the price of Bitcoin Cash (BCH) fluctuate constantly?
Constant price fluctuations occur due to high volatility. Due to these fluctuations, investors and traders can earn on these fluctuations every day.