Bitcoin Cash (BCH) is the sixth most expensive cryptocurrency in the world and one of the best to invest and trade-in. BCH came about as a result of a hard fork of the original Bitcoin blockchain that took place in 2017.
Bitcoin Cash was meant to solve the scalability and transaction speed problem associated with BTC by increasing the maximum block size from 1 MB to 8 MB, and later 32 MB. It was famously supported by “big blockers” such as Roger Ver, but the other camp (decentralists) opted to implement strategies such as SegWit and the Lightning Network to solve these problems.
Bitcoin Cash has since become very popular both for investing and trading. If you are interested in buying or selling Bitcoin Cash, you have many easy and secure options you can explore.
How to Buy Bitcoin Cash
Thanks to BCH’s popularity and reputation, there are many ways to buy it using fiat currency or exchange it for other cryptocurrencies.
- Direct purchase
You can buy Bitcoin Cash online from another person who already owns the crypto. By buying from another individual online in exchange for other cryptocurrencies or fiat currency, you can maintain the complete anonymity of your identity.
However, peer-to-peer purchases carry a high risk of fraud. If you cannot find a trustworthy person from whom to buy BCH, you can use services like LocalBitcoins that facilitate these kinds of direct transfers with an escrow service.
Even then, security on the platform is not guaranteed and you can still get scammed. Make sure to do your due diligence and beware of abnormally high transaction fees.
- Buy BCH through an exchange
The safest, secure, and most convenient way to buy or sell your Bitcoin Cash is through a crypto exchange. A crypto exchange is like a market where you can buy any amount of BCH you want using either fiat currency or other crypto assets.
Some of the best exchanges in Australia where you can buy BCH include Coinbase, Kraken and Swyftx. For instance, Swyftx supports the most common currencies, such as the US dollar, and offers various purchase methods, including cards and direct transfers. However, as reported in our Swyftx review, this platform is not transparent about its fee structures and has received a bad rating from its users.
Keep in mind that exchanges are also susceptible to hackers and fraudsters. Also, many exchanges require you to verify your bank account and identity in order to transact freely. They also charge fees for transactions and withdrawals, which you would be wise to check first.
- Use a crypto ATM
A crypto ATM is another convenient way to buy BCH anonymously with fiat currency. They are standalone kiosks or devices that allow you to send and receive tokens straight to your wallet, but they can get very expensive.
Selling Your Bitcoin Cash
Selling your Bitcoin Cash for fiat currency or other cryptos is even easier, especially if you use an exchange. Depending on your location, transaction amount, and verification level, you can sell unlimited amounts of BCH and get your cash in your account within hours or days.
Of course, the rules vary from exchange to exchange. Some have limits on how much you can withdraw, while some require as much as a week to process withdrawals.
For fully verified users, you will find exchanges such as Coinbase and Kraken to be the safest and most convenient way to convert your BCH into hard cash. Alternatively, you can also use the platform to turn BCH into other cryptos such as BTC or ETH.
If you wish to remain anonymous or minimise transaction fees, a peer-to-peer sale is one other option you have. You only need to make an offer through online forums or utilise platforms like LocalBitcoins, find a willing buyer, and either transact online or meet physically.
Should You Buy, Hold, or Sell BCH?
Bitcoin Cash has been going strong since its inception, boasting a market cap of just over $12 billion at the time of publishing. Its price has been holding as well, with the number currently at $643.
Despite this, the decision to buy more BCH, hold onto your investment, or sell it should be a personal one. We advise you to research widely on the future prospects of BCH to help you make the right call.
