Bitcoin Cash (BCH) forked from Bitcoin a few years ago. One of its main goals was to make transactions faster on the blockchain.
Even though BCH has been existing for few years, so many people still do not know how to buy Bitcoin Cash in the UK with GBP. If you want to easily buy this token and you are not sure how to begin, this guide is for you.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY BCH IN THE UK
- A Step-by-Step Guide to Buying Bitcoin Cash in the UK
- How to Sell Bitcoin Cash
- Which Wallets Hold Bitcoin Cash?
- How Bitcoin Cash Works
- Things to Consider Before Buying Bitcoin Cash
QUICK GUIDE: HOW TO BUY BCH IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select BCH.
- Enter how many BCH coins you want to buy.
- Check the details and confirm your purchase.
A Step-by-Step Guide to Buying Bitcoin Cash in the UK
Step 1: Open an account with an exchange
The first step you have to take when buying Bitcoin cash is to open an account with a cryptocurrency exchange. Bitcoin Cash is one of the most popular cryptocurrencies, so you’ll find lots of exchanges that offer BCH transactions.
However, not all of them offer the ability to buy BCH with fiat currencies. Some only accept Bitcoin, Ethereum, or other cryptocurrencies. So, you have to search properly to find the right exchange that can allow you to deposit fiat currency when buying Bitcoin Cash.
Also, you will need to look for an exchange that offers lower transaction fees. This will be important if you want to trade regularly on the exchange.
In most cases, you will be required to provide some personal information such as your email address, proof of ID, and employment details before the registration is complete.
So you have to get these ready before registering with the right exchange.
Step 2: Deposit funds into your account
After registering with the exchange, the next phase is to link your bank account to your exchange account. Your exchange should be able to offer different payment options for you to fund your account.
You can pay using a debit card, credit card, or bank transfer. But remember that each of these payment methods has its fees attached, so you should select the one that’s most convenient to you.
Some other exchanges even provide the exchange of funding your account using Bitcoin or Ethereum, if you have any of these cryptocurrencies. But as someone new to crypto investment, the best option for you is to deposit funds via your bank account.
Step 3: Buy Bitcoin Cash
Here is where you have to go over to the order section of the platform to buy the amount of Bitcoin Cash you want. On the order page, you will be asked to fill in the number of BCH you want to buy.
After filling the order, review the details before sending it. In no time, your order will be filled and your fiat currency account will be credited while the expected amount of Bitcoin Cash you ordered will be deposited to your exchange account.
You can decide to withdraw the Bitcoin Cash to your crypto wallet or trade with the token on the exchange.
Step 4: Store your Bitcoin cash Tokens
You will need a crypto wallet to store your Bitcoin cash when you eventually buy from an exchange. Although some exchanges provide a form of custody for your BCH, it’s more secure to have a separate crypto wallet to hold your crypto, especially when you’re planning to hold the token for a long time.
You can choose either cold or hot storage wallet. A cold wallet offers you the chance of storing your BCH offline and out of the reach of hackers. If you are not planning to trade with your Bitcoin Cash regularly, cold wallet storage will be ideal for you.
How to Sell Bitcoin Cash
Selling Bitcoin Cash is not as difficult as it used to be. That’s because the token is now very liquid as so many traders are now trading the coin on exchanges. The numbers of exchanges that accept BCH transactions have also increased in recent years.
There is no need to go through any rigorous process when selling your Bitcoin Cash. Go to the page where all token pairs are listed on the exchange you registered with. Select the BCH/GBP pair since you’re selling your BCH in exchange for euros.
Review and complete the transaction, and then wait for a short time for your order to be executed. On larger exchanges, it usually takes seconds to execute the order.
Also, some exchanges offer different sell limits. You can choose to sell your Bitcoin Cash when the price increases or drops to a specific amount. This means your request will not be executed until the price of BCH hits the specified amount.
Read Also: Could Bitcoin Cash Be A Millionaire Maker?
Which Wallets Hold Bitcoin Cash?
People enter the cryptocurrency industry for different types of investment reasons. Some are in the industry to trade frequently on the exchange while others only want to buy and hold the token until it appreciates.
If you are looking to hold Bitcoin Cash for a long time, it’s better to get a cold wallet where you can safely keep your token for as long as you want. You can also choose to get an online wallet if you are going to need to access Bitcoin Cash regularly.
How Bitcoin Cash Works
Bitcoin Cash is designed to be a transactional crypto asset that acts as an electronic cash payment system. It forked from Bitcoin to address its perceived scalability issue. BCH was not designed to be held as a store of value, but to be spent and used for transactions.
But the main difference between BTC and BCH is the latter’s block size, which makes it cheaper and much faster to complete.
Things to Consider Before Buying Bitcoin Cash
Before you buy the right amount of Bitcoin Cash you want, it’s necessary to consider certain things.
Bitcoin Cash can be very volatile
Like other crypto assets, Bitcoin Cash can change in price and swing in the opposite direction too quickly for some investors. It’s important to understand the nature of volatility in the market before investing.
Understand UK tax laws for crypto assets
Different regions have different tax laws imposed on crypto transactions. You should understand the tax requirements of crypto traders and investors before registering with an exchange.
Consider the future of the token
Generally, investors go long on an asset when they see brighter prospects for the asset in the future. Carry out extensive research on the BCH project to know what is in stock in the future for the token. This will enable you to make the right investment.
Bitcoin Cash is no doubt one of the most popular crypto assets in the cryptocurrency industry. The token is among the top 20 cryptocurrencies when it comes to market capitalization. As the buzz in the industry is still fresh, now will be the right time to purchase some BCH and benefit from the overall bull market.
If you’re new to BCH investment, the guide above will help you buy Bitcoin Cash in the UK and store it properly.
eToro – Best Broker to Buy Bitcoin Cash BCH
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.