How to Buy Bitcoin Cash for Beginners

Almost 30% of Canadians have invested in cryptocurrency.

Crypto is becoming more popular all over the world as the potential to benefit from it is being realized. Many people still don’t fully understand crypto or how to begin investing.

If you want to buy Bitcoin Cash, follow this simple guide to get started.

1. Pick an Exchange

The first step to investing in Bitcoin Cash is finding an exchange. There is a wide choice of online crypto exchanges, and most of them work in a similar way. If you’re investing specifically in BCH then you need to find an exchange that provides it, such as VirgoCX. 

VirgoCX is a Canadian exchange where you can buy Bitcoin Cash and a range of other cryptocurrencies. Their app makes it quick and easy to manage your assets from anywhere.

2. Set Up a Payment Option

Some exchanges may need some additional information from you before you can buy any crypto. This could be a passport or driver’s license for ID verification, or maybe even information about your source of funds.

The easiest methods of purchasing Bitcoin Cash for a beginner are either through a direct bank transfer or with a credit/debit card. Most exchanges allow both of these, so you can choose whichever you prefer. There may be some fees, so take a look a those before making your decision. 

3. Purchase Bitcoin Cash

Once your payment method is set up you can begin buying Bitcoin Cash. Over the years crypto exchanges have grown in terms of both popularity and functionality. Most now offer a wide range of features similar to stock brokerages.

The exchange you’ve chosen will determine the options available, but most allow you to purchase directly with your payment method in just seconds. You can select the amount you want to buy in your fiat currency or the chosen cryptocurrency. Once you’ve made your purchase the crypto will appear in your wallet on the exchange.

4. Store it Safely

You can simply keep your cryptocurrency on the exchange where you’ve made your purchase, but any large bitcoin investor would advise you to store it in a separate wallet. There are two types you can use.

Hot Wallet

Also called an online wallet, these can be used on computers, tablets, and smartphones. They’re fast and easy to use, but somewhat susceptible to being hacked.

When setting up a hot wallet it will give you a 12-24 word seed phrase. It’s important to keep this somewhere completely safe as it’s the only way to recover your wallet if you get locked out. Don’t let anyone else get access to it as they could use it to steal all of the funds in your wallet.

Cold Wallet

A cold wallet (or hardware wallet) is a physical device where you can store your crypto. Any time you want to make a transfer it needs to be connected to your computer. This makes them a bit slower and inconvenient to use, but they are the most secure way to store your funds.

If you have a large amount of crypto it’s advisable to keep at least some of it in a cold wallet.

Should You Buy Bitcoin Cash?

Cryptocurrencies can be a very worthwhile investment. If you’re interested in it and looking to diversify your portfolio you may want to buy Bitcoin Cash. Just make sure you keep it secure and stay vigilant to avoid scammers.

If you’re interested in reading more tech articles check out some of our other blog posts.