How to obtain BCH coin? BCH coin purchase and acquisition method complete graphic tutorial

For beginners seeking to acquire BCH, Binance and Coinbase offer reputable platforms with user-friendly interfaces and industry-leading security measures.

Oct 13, 2024 at 01:18 pm

How to Obtain BCH Coin: Comprehensive Acquisition Guide

1. Understand What BCH Is

Bitcoin Cash (BCH) is a cryptocurrency forked from the original Bitcoin (BTC) in August 2017. BCH aimed to increase transaction capacity and reduce transaction fees by increasing the block size limit.

2. Choose a BCH Exchange

To purchase BCH, you need to choose a reputable cryptocurrency exchange that supports BCH trading. Consider factors like security, fees, and trading volume when selecting an exchange. Some popular BCH exchanges include:

• Binance
• Coinbase
• Kraken
• Huobi
• Bitstamp

3. Create an Account and Deposit Funds

Once you have chosen an exchange, create an account and complete the KYC (Know Your Customer) verification process. After verification, deposit funds into your account using supported payment methods like bank transfer, credit/debit card, or cryptocurrency.

4. Place a BCH Order

Navigate to the BCH trading page on the exchange and place a buy order. Specify the amount of BCH you want to purchase and the price you are willing to pay. You can choose from different order types depending on your trading needs.

5. Payment and Confirmation

Your order will be executed based on the market conditions. Once payment is complete, the purchased BCH will be credited to your exchange account. You can then withdraw the BCH to a personal wallet for storage or further use.

Additional Methods

Peer-to-Peer Trading:

• Use decentralized platforms like LocalBitcoins or Bisq to connect with individuals willing to sell BCH.
• Transaction terms and payment methods vary depending on the platform and the seller.

Mining:

• Participate in the BCH mining process using specialized hardware to validate transactions and earn BCH rewards.
• Requires significant investment, technical knowledge, and a high level of competition.

Faucet Websites:

• Some websites offer BCH faucets where users can earn small amounts of BCH by completing tasks or watching advertisements.
• Earnings are typically minimal, and the legitimacy of these sites should be verified.

Key Considerations

• Volatility: The cryptocurrency market is highly volatile, including BCH. Be aware of potential price fluctuations.
• Research: Conduct thorough research about BCH before investing, including its technology, team, and market potential.
• Storage: Use secure storage methods like hardware wallets or reputable third-party custodians to safeguard your BCH.
• Fees: Consider exchange fees, network fees, and potential withdrawal fees when acquiring BCH.