Bitcoin Cash is a ‘store of value’ crypto. Its purpose is to act as a means for people to pay each other. The crypto was formed out of a ‘fork’ of Bitcoin in 2017 to offer faster and cheaper transactions than Bitcoin itself. The total market capitalization of Bitcoin Cash is over $7bn, and almost $5bn of BCH is traded every day.
Is Bitcoin Cash a Good Investment?
The crypto market has been in the doldrums since last year. First, fears over inflation meant that big institutions started putting their money into assets with more sedate risk/reward profiles than crypto. This deflated crypto prices.
Then fears over the Ukraine crisis took over. It may be too early to say it, but it does seem like crypto prices are beginning to rise again. If so, the best time to buy Bitcoin Cash is right now before its value increases.
Investors are better off investing in crypto that offers real-world benefits. So how does Bitcoin Cash offer value? BCH allows users to send money to other people far cheaper than it costs to use Bitcoin. Bitcoin transaction fees are roughly $1.00 per transaction; Bitcoin Cash fees are roughly $0.01 per transaction. So that makes Bitcoin Cash one hundred times cheaper than Bitcoin.
Bitcoin Cash – Dual Benefit for the Owner
If you hold Bitcoin Cash, you can use it in two ways:
1. You can hold onto it as an investor in the hope that its value rises; then you can sell it at a profit. If you follow the investor route, you do not need to get a crypto wallet.
2. You can use Bitcoin Cash to pay for services on the internet. With its low transaction fees, BCH is suitable for transactions of relatively-low value. You will need a crypto wallet to store your Bitcoin Cash in this case.
The supply of Bitcoin Cash is limited to 21 million coins. This means that the price is protected from the inflationary pressures of unlimited coins being minted. Currently, there are 17 million coins in circulation.
Buy The Dip
The price of Bitcoin was this cheap in January this year (2022). But, before that, you have to go back another year to January 2021 to pick it up under the $400 mark. Since January 2022 the price has stabilized and found support around the $300 mark; a platform for future growth, perhaps.
Bitcoin Cash Price
In the last seven days, the price of Bitcoin Cash has increased by roughly 3.1 percent. In the previous 24 hours, the price had dropped by nearly 4 percent. The price has increased by 0.98 percent in the last hour or so. The current price of BCH is $372.12. Bitcoin Cash is down 91.5% from its all-time high of $4,355.62 which was recorded on December 20th, 2017.
In January 2021, the average price of one BCH token momentarily hit the $600 mark. Bitcoin Cash is a fork of the more well-known Bitcoin that trades independently on crypto exchanges. When comparing the prices of a “normal” BTC at the same period, it was over $40,000, demonstrating just how dissimilar the two virtual currencies are.
Bitcoin Cash Price Prediction
Since the end of January, the price of Bitcoin Cash has found some support around the $300 level. The last few weeks have seen a modest upwards movement in line with the rest of the crypto sector. If you look at the graph above, you will see that BCH reached an all-time-high price of almost $1,500 last May. The Bitcoin Cash price is unlikely to reach these heights again anytime soon. But even a modest target price of $500 for 2022 would see an investment of $1000 in BCH right now make you over $200 by year’s end.
Ways of Buying Bitcoin Cash
Buying cryptocurrencies is fast becoming the new normal in 2022. With some research claims that more than 15% of US residents have already engaged with cryptocurrencies in some form and fashion. With more people jumping on the bandwagon, you might be wondering how to buy Bitcoin Cash easily, securely, and quickly.
Before you make the first move, here are some of the best ways to buy BCH in 2022 via the popular crypto broker eToro.
Buying Bitcoin Cash with PayPal
The best way to buy Bitcoin Cash with PayPal is to use Coinbase. PayPal has fallen out of favor with other vendors since it began to offer crypto purchases itself from inside the PayPal app. With Coinbase, you can use PayPal to buy crypto, as well as deposit and withdraw from your Coinbase account.
Buy Bitcoin Cash with Credit Card or Debit Card
You can fund your eToro account with a credit card with no card fee charged. You can then buy Bitcoin Cash using your account funds. This is a simple way of buying Bitcoin Cash with a credit card. Otherwise, you can use Binance to buy Bitcoin Cash with a credit card directly.
When it comes to credit cards, watch out generally – financial regulators are making it harder to use credit cards to buy crypto because of the risk of fraud, and exchanges tend to charge higher fees on credit card transactions.
You can buy Bitcoin Cash with a debit card with Binance too, provided they accept your card. Otherwise, fund your account with eToro with your debit card and by using the funds in your account.
Best Bitcoin Cash Wallet
Remember: if you just want to invest in Bitcoin Cash as an investment asset, you do not need a crypto wallet. You need a crypto wallet if you want to use Bitcoin Cash to pay for goods and services on the internet or send to friends. Many wallets are compatible with Bitcoin Cash, including the eToro Money crypto wallet.
linked to your eToro account, this free wallet allows you to move around crypto from the major blockchains (Bitcoin Cash, Bitcoin, Ethereum, Tron, Litecoin, XRP, and Stellar) as well as buy crypto on eToro and store it yourself. You can send and receive crypto as you see fit, as well as exchange crypto using eToro’s pro-level crypto exchange. It comes with an unlosable private key, as well as welcome regulation from the Gibraltar Financial Services Commission.
You can have as many crypto wallets as you want. It is a good idea to hold several wallets. This minimizes your risk in the event of something going wrong with a particular wallet.
How to Buy Bitcoin Cash – Tutorial
To keep things simple, we recommend choosing a regulated crypto broker like eToro. With an eToro trading account, you can invest with a minimum deposit of just $10, enjoy social and copy trading tools and you can even store your valuable digital assets in the secure eToro Money Crypto Wallet.
1. Sign up with eToro
Head to eToro.com. To get the ball rolling simply click on ‘Join Now’ and fill in a few personal details such as name, and email address and then choose a secure password for your brokerage account. Alternatively, you can sign up with your Google or Facebook account.
2. Verify your ID with eToro
As part of being regulated by top-tier financial authorities, eToro requires all new users to comply with standard KYC procedures. This is a simple process in which you simply need to upload copies of your passport or government-issued ID and proof of address. This can be in the form of a recent utility bill or bank statement.
4. Deposit Funds to Buy Crypto
You can deposit funds in up to 15 different currencies with eToro, including the major ones: USD, GBP and EUR. A currency conversion fee applies to all deposits that are not in USD. No deposit fee is charged otherwise (in marked contrast to many crypto exchanges).
5. Buy Bitcoin Cash with eToro in Seconds
First, find Bitcoin Cash on eToro. Enter ‘Bitcoin Cash’ in eToro’s top toolbar.
Press on the BCH logo to access the BCH homepage; here you can review stats, research, and get into some powerful charting options. Press the blue ‘Trade’ button when you are ready to trade.
Simply enter how much you want to spend and press ‘Open Trade’. The money will be taken from your eToro account and your brand new BCH added to your eToro portfolio. If you have an eToro Money crypto wallet, you can move it there. Or eToro will hold it for you until you want to sell.
How to Sell Bitcoin Cash
Broker eToro and the 3 exchanges we have reviewed (Crypto.com, Coinbase, and Binance) will look after your crypto until you want to sell. Then these vendors will buy your crypto from you; beginners will be glad to know you do not need to go looking for a buyer!
In reviewing four crypto providers, we have looked into where to buy Bitcoin Cash. Your priority is to decide on how to buy BCH in a way that suits you. The big exchanges are increasingly set up for newcomers. But the options on offer can be overwhelming.
We recommend eToro for beginners and more advanced traders alike. This broker may not have the range of crypto that the big exchanges do, but it makes up for it with a wonderfully-simple way of doing business. There’s a real sense that you can’t go wrong on eToro, which newbies will find reassuring. eToro’s social trading options work well for beginners and advanced traders alike. Best of all, eToro is so stringently regulated that there can be no doubt that you are dealing with a reputable business.