Buy Bitcoin Cash (BCH)
Digital currency has long been introduced into the life of mankind. For the first time, they learned about electronic money back in the late 90s, and now, after a long period of time, almost everyone is talking about them. The most popular digital currency is Bitcoin.
Digital currency is an electronic means of payment. Today, some firms issue their own coins, the so-called tokens. The decentralized method of organization allows maximum security to carry out transactions with the presented currency.
Today, the number of electronic projects is growing daily. Digital assets are an attractive and sustainable investment tool for all market participants. Because of this, new coins are constantly appearing with their own advantages.
The main feature of such a currency as virtual money is the decentralization of the network, which is why this kind of digital currency does not depend on central banks. For example, in banking structures, the bank monitors monetary transactions, and in digital currency, the users themselves.
Another advantage of digital currency is the speed of transfers between users. In banks, international transfers take several hours or days, but virtual currency allows you to transfer finance anywhere in the world in just a few minutes. At the same time, the confirmation procedure itself is also quite fast.
Another advantage of digital currency is complete anonymity. When making digital currency transfers, it is quite difficult to track the sender, because the user’s personal data is not required to create a wallet for storing electronic funds.
Despite the fact that the digital currency industry is only at the very beginning of its journey, even now coins differ in many ways. However, they are united by one common feature - they all work on blockchain technology. Blockchains are also different and have different properties, but they have the same essence.
Now, many users of virtual funds have a good income, both passive and active.
What is Bitcoin Cash (BCH)?
The digital currency Bitcoin Cash (designated BCH in the markets, some exchanges use the ticker BCC) appeared in August 2021 through a Bitcoin hard fork.
A hard fork is either a radical transition to a new protocol that is incompatible with the previous version, or a complete division of the blockchain into two independent branches. In the first case, by mutual agreement of the community, the entire system is updated. In the second, the community divides, a new coin appears, and each of the blockchains continues to develop independently. Since both chains have a common beginning, all operations already performed are copied to the new blockchain. Main network coin holders receive tokens generated as a result of the hard fork on their balance in an amount equal to the number of coins in the wallet at the time of the split. The Bitcoin Cash hard fork is the second option.
The main reason for the separation of the most famous virtual currency was the gradually increasing problem of bitcoin scaling and the increase in the waiting time for transaction confirmation. Limiting the maximum allowed size of one block in the blockchain led to the creation of a “queue” for transaction confirmation: for example, the situation deteriorated so much that the confirmation of the operation could take several days. The user could speed up the process by setting a higher commission, which contradicts the idea of using digital currency as a means of payment: it becomes unprofitable to transfer small amounts.
A key feature of Bitcoin Cash is the prospects for growth and scaling through improved consensus rules. There are a lot of common factors between Bitcoin and Bitcoin Cash, but along with them there are differences that also act as advantages.
What makes BCH unique?
Bitcoin Cash has abandoned the introduction of Segwit as a prerequisite for using the Lightning Network. Instead, the block size was simply increased to 8 MB, which eventually made it possible to achieve a rate of 40-90 transactions per second. After increasing the block size to 32 MB, this number has increased several times more.
The Bitcoin Cash system applies protection against replay attacks and erasure attacks. Which allows us to say that the digital currency has new security standards. Modern security technology also includes an innovative type of complexity recalculation, which allows transactions to be carried out with another security feature. Namely - signing the input value, to improve the security of wallets and eliminate problems in quadratic hashing.
How to buy BCH?
In order to buy Bitcoin Cash in Kenya, an investor or trader needs to decide for what purpose he is purchasing this digital currency.
You can buy Bitcoin Cash in absolutely any country, this is not the most difficult task. But the main thing is to choose the right purchase method, the copper security of the user's funds, as well as his personal data is very important.
To begin with, an investor or trader should consider buying with the help of an exchange. This option is considered the most reliable and safe among all existing ones. The procedure is simple, first a trader or investor finds an exchange that supports the asset of interest to him. Then the user, for security reasons, needs to register and verify on the site, this can take time, but the result justifies any delays on the way to the goal.
When the user has registered, he can choose a digital currency for purchase and make a transaction. There are several established exchanges that many investors and traders use to buy BCH:
Their use already provides a guarantee of security for an investor or trader, since these exchanges have been used for a long time and are known to users of digital currencies around the world.
If the user needs to quickly purchase BCH, then he can use the online exchanger. Exchangers are convenient services available around the clock for making transactions, on which it is enough to go through a simple registration procedure or not to go through it at all.
The differences between such exchangers and exchanges are as follows:
- speed of financial transactions
- no need to open an individual account
- the ability to operate with small amounts of money
- less favorable exchange rates for digital currencies than on exchanges
- possibility of carrying out exchange transactions around the clock
The services themselves provide an opportunity to choose a more suitable course for the user and get acquainted with the commissions. This method of obtaining Bitcoin Cash is popular because you can make a purchase using a bank card.
The most profitable way to buy Bitcoin Cash is to buy digital currency from your friends. This makes it possible to agree on the exchange rate and save on transaction fees.
Where to store BCH?
Digital currencies are stored on special wallets that work according to the following principle: the wallet stores special keys that give access to the blockchain and allow an investor or trader to manage their assets as they please.
It is also worth noting that wallets have their own characteristics, some are designed for long-term storage of currencies, while others are for performing permanent transactions.
There are several wallets that have proven to be a good way to store Bitcoin Cash among a large number of users, these are wallets such as:
1. IQ Wallet
How to invest in BCH?
To choose the right way to invest in Bitcoin Cash in Kenya, a trader or investor needs to choose the type of investment that suits him best.
For example, in order to receive a permanent income, it is not necessary to buy the coins themselves. The user can use special trading platforms that have the ability to provide an investor or trader with a type of trading called CFD.
It works like this: a trader or investor chooses a proven and reliable trading platform, such as IQ Option, then goes through a simple registration on it and deposits his account (mostly platforms use dollars). The user then opens a trading terminal and finds an instrument that includes Bitcoin Cash. Further, with the help of analysis tools that allow you to determine the further direction of price movement, a trader or investor makes a choice in which direction to open a deal, buy or sell.
If the price has an upward direction, then, accordingly, the user opens a buy deal, and it also works in the opposite direction, if the price goes down, a sell deal is opened. After the trader himself closes the deal and the profit will be the difference between the price of opening the deal and closing it.
This method is quite popular, since you can start with small investments and gradually increase your deposit.
There is a way that allows you to invest in Bitcoin Cash in a different way. To do this, the user needs to buy coins of the selected currency and keep them in his wallet for a long time. Thus, the investor will wait until the price of the coin rises enough to sell it and cover his costs of buying it and make a profit.
This method of investing makes sense if the user invests a sufficiently large amount of their funds.
QUESTIONS AND ANSWERS
Can you buy BCH?
This digital currency can be purchased without difficulty in any country.
Is BCH a good long term investment?
If the user has enough free money and a lot of time left, then this method will suit him.
Where can a user buy BCH?
You can buy coins on an exchange or an online exchanger, the main thing is to make sure that the resources support the chosen digital currency.
How to buy BCH in Kenya?
For this action, an investor or trader needs only the Internet and a computer, as well as a pre-installed wallet.
Why does the price of BCH fluctuate constantly?
The reason is the high volatility of the digital asset market, and thanks to this, traders and investors throughout the market earn and increase their capital.