Bitcoin Cash (BCH), launched in 2017, is a newer cryptocurrency that aims to provide an alternative to the world’s oldest and most commonly traded cryptocurrency, Bitcoin (BTC).

When users choose to use an alternate version of the software with capabilities that were no longer compatible with Bitcoin, Bitcoin Cash was born. This essentially divided Bitcoin into two distinct blockchains (Bitcoin and Bitcoin Cash) and two distinct assets (BTC and BCH).

Everyone who had BTC at the moment of the fork received Bitcoin BCH. If you missed the launch (or just want to diversify your portfolio), you’ve come to the correct spot.

Purpose of Bitcoin Cash

Bitcoin Cash supporters hope that by cutting transaction costs, the cryptocurrency will be able to gain market share in a broader range of consumer finance and payments use cases.

Users using BCH may discover that their transactions are authorized faster and with fewer costs. However, users should be aware that the expenses of running a node and holding the complete Bitcoin Cash transaction history may be greater.

Where you can buy Bitcoin Cash

1. Direct purchase: You can buy it straight from another individual online or in person.

2. Crypto ATMs: You can attempt to find a BCH-accepting crypto ATM near you. However, ATM fees can be high, and there is no assurance that you will be able to locate a counterpart to trade with.

3. Crypto exchanges:

The simplest way to get Bitcoin cash is through a digital asset exchange such as Kraken. You may buy BCH using local currency or with other cryptocurrencies like Bitcoin and Ethereum.

When selecting an exchange, there are several factors to consider, including pricing structure, volume, reputation, and (most importantly) security.

Cryptocurrency exchanges are a continual target for hackers and criminal actors, so study up on their security precautions before entrusting your money to one.

How to buy Bitcoin Cash on Kraken

You can buy Bitcoin Cash safely from Kraken by following these steps:

1. Create an account: Choose a username and password, enter your email address, and you’re good to go.

2. Verify your account: You can buy Bitcoin cash using other cryptocurrencies using “Starter” authentication. All you have to do is provide your name, birth date, nationality, and phone number. If you want to utilize cash, such as USD or EUR, you’ll need to present additional documentation proving your identification. To understand more about our verification tiers, see this link.

3. Fund your Kraken account with crypto or fiat money: Depositing cryptocurrency on Kraken is as easy as emailing it to a friend. To receive funds from your crypto wallet, just create a new deposit address in your Kraken account. You may fund your trading account with cash in a variety of ways, including SWIFT, SEPA, and domestic wire transfers. The choice you choose will be determined by your location and preferences.

4. Proceed to purchase Bitcoin Cash (BCH): You’re ready to buy BCH after your account has been loaded with funds. You’ll also have access to our powerful charting tools, worldwide customer support 24 hours a day, and margin and futures trading. All of these qualities are what make Kraken so popular among worldwide traders.

How to store your Bitcoin Cash (BCH)

When you’ve finished purchasing BCH, you should seek the best way to store and secure it. This is best accomplished using a wallet. A wallet is a hardware or software program that not only stores but also allows you to spend your cryptocurrency.

Mobile and web-based wallets facilitate frequent transactions. Hardware wallets are ideally suited for long-term, safe storage. Consider what you want to accomplish with your tokens when selecting a crypto wallet. What you pick is entirely up to you, and it will be determined by your personal choices for security vs. simplicity of use.