This is a detailed guide to buy Bitcoin Cash which goes by the symbol BCH/BCC. Apart from learning how to buy BCH/BCC, you will also learn where to buy BCH/BCC. The guide will also explain where to store BCH/BCC and how to set up Bitcoin Cash wallet.
About Bitcoin Cash
Bitcoin Cash is currently available at a large number of exchanges. Bitcoin Cash is a decentralised payment system just like the Bitcoin. Bitcoin Cash is a result of a hard fork of the Bitcoin Network. It came into existence on August 1, 2017. A group of guys didn’t want to follow the rules of Bitcoin anymore, so they formed they walked away splitting the Bitcoin blockchain and also forming new rules as a result of consensus. This gave birth to Bitcoin Cash. The Bitcoin Cash supporters expected and wanted the Bitcoin Cash to be the next Bitcoin, but it didn’t turn out quite well for them. Bitcoin Cash saw a really good rally when it’s coinbase listing was confirmed. Bitcoin Cash even made it to the Coinbase exchange for a while, but it was removed immediately as a result of insider trading reports.
How to buy Bitcoin Cash (BCH/BCC)
Step#1: Buy Bitcoin
First of all, you need to buy Bitcoin. You need to decide whether you want to buy Bitcoin from Coinbase or from Localbitcoins. Coinbase operates in 32 countries only while Localbitcoins operates in more than 200 countries. Your choice totally depends on your country.
Buy Bitcoin from Coinbase
- Open Coinbase website and sign-up. Go through the email confirmation, verification (provide your phone number and your ID) in order to complete the sign-up procedure on Coinbase.
- Log in to your newly created Coinbase account now and click on the Buy/Sell tab.
- Click on Bitcoin now.
- Select your payment method i.e. Bank Deposit, VISA or Wire Transfer.
- Fill up the on-screen details now to get the Bitcoin now. Your Bitcoin will appear in the Accounts tab.
Buy Bitcoin from Localbitcoins
- Open Localbitcoins.com and sign up. Use this link to sign up if you want to earn a little bit of reward. Go through the email confirmation and ID verification to be eligible to buy Bitcoin from LBC.
- Once done, Log in to your LocalBitcoins account.
- On the LocalBitcoins.com homepage, you will find options to buy Bitcoin Online, Bitcoin using Cash and some other options.
- The preferred option is to buy online. Choose the cheapest seller. Always check the limit of the seller and buy Bitcoin from the one that suits your limit.
- After selecting the seller, read the terms of trade and prepare your identity for verification.
- Begin the trade now. Transfer money to the seller and he will release your Bitcoin.
- The Bitcoin you just bought will appear in your LocalBitcoins wallet.
Step#2: Transfer Bitcoin to Binance
- It’s time to transfer the Bitcoin from Coinbase or Localbitcoins to Binance now.
- First of all, open Binance website and sign up. Use this link to sign up on Binance to earn a little bit of reward. Verify your identity as per the requirements of Binance.
- Now on Binance, click on Funds > Deposits > Select BTC and copy the Deposit address.
- Coinbase: Now open Coinbase and click on Accounts. Under accounts, you will find options to Send and Recieve Bitcoin. Click on Send and paste the Binance Bitcoin deposit address here. Enter the amount of Bitcoin you want to send and then send it. It will take a few minutes for you to receive Bitcoin in your Binance wallet.
- LocalBitcoins: Log in to your LocalBitcoins.com account and click on Wallet. Paste the Binance Bitcoin deposit address, enter the amount of BTC you want to send and then send it. You will get BTC in your Binance wallet in a few minutes.
Step#3: Trade Bitcoin for BCH/BCC (BTC → BCH/BCC)
- Now that we have got the Bitcoin in Binance wallet, it’s time to trade it for BCH/BCC.
- Open Binance and log in.
- Now click on Exchange > Basic.
- From the right side, select BCH/BCC/BTC.
- Now from the right side, select the rate that suits you the most. It’s always recommended to place a low buy order. The red ones show the people who are selling. The sell orders from bottom to top are low to high and the green ones are buy orders, they are from top to bottom high to low.
- Enter the amount of BCH/BCC you want to purchase and also enter the rate at which you want to buy.
- Place the buy order. As soon as someone sells at your desired rate, you will get BCH/BCC in your Bitcoin Cash wallet at Binance.
Step#4: Store BCH/BCC in Bitcoin Cash Wallet
- Open wallet.btc.com on your computer and sign up or create a wallet.
- Save your wallet’s backup file on your computer.
- You will get access to your wallet now. Click on the Recieve button on the right side now.
- Copy your wallet address.
- Now open Binance > Funds > Withdrawals > Select BCH/BCC > Paste your Wallet address and click send.
- The transaction will begin and you will get your BCH/BCC in the BTC wallet in a few minutes. That’s all.
More information on Bitcoin Cash:
Important Note: This guide is for educational purposes only. This should not be taken as a piece of advice. Our mission is only to help you buy a certain currency. Always follow the golden rule of cryptocurrency investment that says: Invest what you are willing to lose. Cryptocurrency is a highly risky investment. DYOR before investing.