Early in 2017, the bitcoin blockchain was forked. How? A new cryptocurrency was introduced called “bitcoin cash”. This is the way a fork works; rather than create a completely new blockchain and cryptocurrency and start at block 0, a duplicate version is created that has the same history as that cryptocurrency from which it is created from. This way, all transactions made on the bitcoin cash blockchain are similar to that of the bitcoin core blockchain, with balances and transactions yet to be made being entirely autonomous.
To put it simply, what this means is that anyone with a bitcoin just before the fork now has a matching amount of bitcoin cash, which the bitcoin cash blockchain records. Sounds easy right? Well it’s not exactly that easy.
This is the thing, if you hold your bitcoin in an exchange that credits your balance with bitcoin cash, or you are in control of your own private keys, then you are good to go, and can get access to your new cryptocurrency.
However, if your bitcoin is stored in an exchange like Coinbase that don’t plan to distribute bitcoin cash or even interact with the newly found blockchain as a whole, then you might not be in luck with bitcoin cash.
Buying Bitcoin Cash
Just like any other cryptocurrency, you can easily buy Bitcoin cash and store them for when you need to use them. These simple steps can help you buy Bitcoin cash without any stress.
Step 1 – Find a Bitcoin Cash Exchange
Exchanges that support Bitcoin Cash are not that many, but there are still some platforms you can get Bitcoin Cash from. Some of these platforms include Binance, HitBTC, Coinbase, eToro, CEX.IO, Coinfloor, Poloniex, and Bitfinex.
Step 2 – Get a Bitcoin Cash Wallet (Optional)
This is a optional step you can skip this step if you want to store your Bitcoin Cash in exchange where you purchase it from.
Before you think of buying Bitcoin Cash, you need to first have a Bitcoin Cash where you can store it. A number of platforms and providers have had second thoughts on embracing Bitcoin Cash. However, there are some major wallets that are not thinking twice before accepting Bitcoin Cash.
Some platforms where you can get Bitcoin Cash wallets include Coinomi, Bitpay, BTC.com, and KeepKey.
Step 3 – Transfer the Bitcoin Cash to your Wallet (Optional)
This step is optional, but it is usually advisable that you move your money from an exchange. Once you have been able to buy your Bitcoin Cash, you can move it to your wallet which you have private keys to. Once you get confirmations that your Bitcoin Cash has been moved, then your transaction has been completed.
It is obvious that Bitcoin Cash is drawing the attention of a huge part of the cryptocurrency society, and it still stands just behind its elder brother both in availability and price.
Bitcoin’s future is still not clear but more hard forks and splits are such to happen, and Bitcoin Gold, another Bitcoin, has not really gathered a large profile since October 2017 when it was forked from Bitcoin.
Though Bitcoin increasingly implements Segwit, Bitcoin Cash is clearly staying away from Segwit. But who will be the last man standing? No one really knows, but Bitcoin Cash might just have the advantage since it is the first major split from Bitcoin that has been generally accepted. For more information on Bitcoin Cash and how to buy Bitcoin Cash visit Binance to get the best deals.