Bitcoin Cash gained instant notoriety in August 2017 when it was created as a fork of the Bitcoin blockchain and airdropped into every bitcoin wallet. The creators of BCH believed cryptocurrency should primarily act as a medium of exchange and that Bitcoin was not structured in a way that enabled the masses to use it as money. In order to help bitcoin’s viability as money, the BCH camp increased the blocksize, which allowed for more transactions to be added into a block. By creating a blockchain with faster transactions and lower fees, BCH touts itself as the best peer-to-peer payment network in the world.
In order to buy or sell BCH on Beaxy you will need to create an account, add Bitcoin to your account’s wallets, and exchange BTC for BCH or vice versa. Follow the steps below to open your account and gain access to globally competitive liquidity on BCH.
1. Open an account on Beaxy
Registering an account is quick and easy. Visit Beaxy.com and enter your name and email address to set up your account. After you set up your account, you can complete the verification process that is required before you can buy, sell, trade, or withdraw digital assets from the exchange. If you live in the United States, submit your state-issued driver’s license. If you are verifying an account from outside the United States, upload a clear copy of your passport. Your KYC application can be processed and approved in as little as 5 minutes.
2. Purchase Bitcoin
Once your account’s KYC status changes to ‘verified’, you now have access to transfer funds on the exchange. To purchase the Bitcoin (BTC) you will use to exchange for BCH, go to the My Account section of the Beaxy trading platform and click on the Buy Crypto tab. Enter the amount of your national currency you wish to spend on BTC. You will arrive at the SImplex portal where you can complete your purchase and the BTC you purchased will become available in your Beaxy wallet.
3. Exchange BTC to BCH
Now that you have purchased BTC and can access it inside your Beaxy account, navigate to the BTC-BCH trading pair where you can exchange your Bitcoin for Bitcoin Cash. If you are submitting a market order, enter the amount of BCH that you want to buy and your order will be filled immediately. If you are placing a limit order, enter the amount of BCH that you want to buy and the highest price that you are willing to pay for it. In this case, your limit order will remain posted on the bid side of the order book until a seller places an order to sell at that price.
BCH value and price
On 10th June 2020, the cost of Beaxy was 0.02542570 BTC, and its market cap was 4,398,703,376 dollars. It is ranked 5 amongst all cryptos with a daily volume of 1,289,935,074 dollars.
BCH advantages and disadvantages
1. Bigger block size
The Bitcoin Cash protocol allows for 32mb blocks which are 32 times greater than the size of a Bitcoin block. This means that transactions on the Bitcoin Cash network can be processed quicker. Also, having 32mb blocks enables more transactions to be placed into one block which reduces the required network fee for each transaction making the transactions themselves cheaper for the people who are sending BCH.
Bitcoin Cash can support transaction throughput of 40-90 transactions per second which many multiples more than the Bitcoin network. That means that more people could use BCH without clogging up and the network and making it extremely slow.
The development of Bitcoin Cash was led by prominent figures in the cryptocurrency community who are still heading the project’s marketing and branding today. Having an established leader behind is digital currency has been viewed by many as creating an attack surface that government regulators or bad actors could go after to harm the project.
2. Low adoption
Bitcoin Cash has not yet reached a sufficient level of adoption and is still not used nearly as widely as other digital currencies such as Bitcoin and Ethereum. A lot of the proposed value structure for Bitcoin Cash is that it functions well for payments. Supporters of BCH will look to expand the amount of retail and online merchants that accept BCH to help spur an increase in adoption.
Best BCH wallet – how to choose
Remember to keep your funds safe. Most importantly, never keep too much of your cryptocurrency in a place that is not secure. The history of the crypto industry is filled with instances of hacks and other examples of funds being compromised.
Moreover, if you’re using an exchange’s wallet, you’re effectively giving up control of your private keys, and, by extension, your funds to a third party. When you store your BCH and another crypto, keep a portion on the exchange that you wish to trade with, and secure your exchange account as much as possible. Any funds you are not interested in trading, store them offline, and consider investing in the safest option currently available – a hardware wallet.
Also, keep in mind that all Bitcoin Cash transactions are irreversible, so make sure to double-check the amount you’re sending, as well as the addresses of you and the recipient.
Make sure to protect your accounts on exchanges with strong passwords. Using different passwords for different websites and services related to cryptocurrency trading is also a very good idea. Enable 2-factor authentication on your exchange account, so your Bitcoin Cash and other cryptos are protected.
Bitcoin Cash is among the top cryptocurrencies both in terms of value and market capitalization. For that reason alone it attracts many traders and investors. However, every trading move involves risk, you should conduct your own research when making an investment or trading decision. Before you look to place a trade, or make an initial buy, research the coin or token you want to trade and the market around it. If you’d like to buy BCH, Paypal, cryptocurrency, and cash are the easiest methods.
You can buy Bitcoin Cash on Beaxy when you add BTC to your account and exchange them on the BCH-BTC trading pair. By registering and verifying your account now you will be prepared to access the fiat pairs that are coming soon to Beaxy.