How to Buy Bitcoin Cash and Place a Bet – Beginner’s Guide
In this article, “Bookmaker Ratings” explains the ways of acquiring the BCH crypto asset and the features of currency storage. You will learn how to buy Bitcoin Cash, what storage methods are most popular lately, how you can bet on BCH, and other interesting features of transactions with this asset.
Ways to Purchase Bitcoin Cash
So, to buy BCH, users can use the following methods:
- crypto exchangers,
- OTC markets and P2P trading on different services.
Executing transactions on exchanges is better, safer, and more profitable. Here you can buy Bitcoin Cash at current prices, and the security of the operation will be high. Risks are virtually eliminated.
It is worth noting that buying assets through crypto exchangers should be done with caution – choose services for purchase based on the positive and negative reviews ratio. The rate will be slightly lower, but the speed of transfers is quite high.
P2P trading is a good option for a quick purchase. But the rate will be lower than on the exchange; you may have to pay a commission. OTC markets are the least reliable of the above and are also characterized by the most unfavorable exchange rate, the presence of commissions, and a high degree of risk.
How to Buy on the Exchange?
To purchase Bitcoin Cash through an exchange account, you need to follow these instructions (for example, we will choose the Binance service):
Step 1: Go to the company’s website and select the “Registration” option.
Step 2: Enter all the required details and continue creating your account.
Step 3: After confirming the contact details, go through identity verification.
Step 4: After logging in, click “Buy Cryptocurrency” (choose the most convenient method).
Step 5: Specify BCH as an asset to buy and enter the amount you want to buy tokens or their number.
Step 6: Confirm the purchase and wait for the Bitcoin Cash tokens to be credited!
Where to Store Bitcoin Cash?
The storage of BCH is carried out in different ways, and each crypto holder, in this case, acts at their discretion. We strongly suggest you understand the available methods:
- Cold wallet – The most secure way to store funds. It is enough to have a PC that has never been connected to the Internet – a cold wallet in front of you. It is very difficult to steal assets from such a device, so most investors recommend it;
- Hardware wallet – It looks like a simple modem or flash drive that stores private keys electronically. Convenient for those who frequently travel due to good transportability. In terms of reliability, it is not much inferior to a cold wallet. Therefore it is often used to store large amounts;
- Exchange account – A less secure way to store, but if you choose an exchange with a solid reputation, you can use this method to store large amounts. Exchange accounts can be protected by biometrics and two-factor authentication, which significantly increases the degree of reliability of asset storage;
- Browser wallet is the least secure way to store BCH. But it is quite suitable if you have a small amount of funds. Easy to use, protected by a password, seed phrase, and private keys.
Now, when you know where to store your cryptos, let’s go through some technical guidelines on installing a browser wallet and placing a bet with cryptos.
Downloading and installing Metamask
Metamask is one of the most popular multi-currency crypto wallets. It works with different networks, allowing you to store almost all the currently existing tokens. Easy to use and has a relatively good degree of protection. To download such a wallet, you need to go to the official metamask.io website and select the version of your browser.
Now click on it to start downloading the file. It will be automatically unzipped after completing the download and installation on your browser. After installation, a special Metamask icon will appear in the toolbar, by clicking on which you can create a wallet, get a seed phrase, and set a password. Each time you click on the wallet icon, you will be able to access your assets.
Transferring Funds to a Wallet
After buying BCH on the exchange, if necessary, you can transfer your assets to a browser wallet. This is done as follows:
Step 1: Go to the exchange website, log in and select the spot balance.
Step 2: Now, find the BCH asset and click the withdraw button.
Step 3: Copy your browser wallet address.
Step 4: Return to the exchange website and enter the wallet address for the transfer; also, be sure to indicate the network in which the operation is performed.
Step 5: After confirming the operation by entering the codes, it remains to wait for the completion of the transfer within a few minutes.
How to Place a Bet?
Nowadays, there are many sportsbooks that accept Bitcoin Cash. How to find these sportsbooks? We have already done that. We have compiled all TOP online bookmakers that accept BCH. Go to our “5 Best Bitcoin Cash Sportsbooks & Crypto Betting Sites 2022” to learn more.
Bitcoin Cash is one of the most popular crypto assets at this time, used in various fields. Buying BCH is available in a variety of ways, from exchanges to OTC and P2P. You can store tokens on wallets of various types – from exchange to hardware. The choice depends on the preferences of the holder. Bets can be placed at bookmakers that accept Bitcoin Cash. To do this, it is enough to register on the service, replenish your account in BCH, select an event and complete the betting.
Bitcoin Cash FAQs
Is it possible to buy Bitcoin Cash in small amounts?
Yes, you can buy parts of the token since its value as of September 2022 exceeds $100. You can buy BCH in small amounts, depending on the limits set by the sellers.
Where is the best place to store Bitcoin Cash?
Crypto assets can be stored in a variety of ways. It is better to use a cold wallet for large amounts, and for small amounts, browser-based crypto wallets are suitable.
Where to buy Bitcoin Cash?
You can buy BCH on crypto exchanges, through exchangers, P2P trading, or using OTC markets.
What is the safest way to store Bitcoin Cash?
The most secure way to store the Bitcoin Cash asset is to consider cold and hardware wallets. These devices are known to have a high degree of reliability.
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