Bitcoin Cash is a peer-to-peer digital payment that facilitates cross-border payments at low costs. Transacting with this cryptocurrency does not require intermediaries or central banks as it is a completely decentralized system.
The popularity of the BCH crypto asset has seen it rise beyond expectation, hitting record-level prices recently. If you’re looking to own BCH, the obvious way to go is through an exchange.
The following guide provides a step-by-step process to enable you easily buy Bitcoin Cash (BCH) in the USA through an exchange.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY BCH IN THE USA
- A Step-by-Step Guide to Buying Bitcoin Cash in the USA
- Store BCH in a Wallet
- How to Sell Bitcoin Cash
- Things to Consider When Buying Bitcoin Cash in the USA
QUICK GUIDE: HOW TO BUY BCH IN THE USA
- 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 USA
Set up an account with an exchange that supports BCH in three steps.
Step 1: Open An Account With An Exchange
Many cryptocurrency exchanges offer their users the chance to buy crypto assets with fiat currency but do not offer such an option. That means you have to search for the right crypto exchange that will allow you to buy Bitcoin Cash with USD.
But opening an account with an exchange means you have to submit certain documents, which may include personal details such as your full name, proof of ID, and employment details.
For security purposes, register with an exchange that offers 2-factor authentication. That way, your crypto funds will have second-level security in case of intruders or unknown threat actors. When you have the necessary details, your account will be created in a matter of minutes.
Step 2: Deposit funds into the account
The next step is to link your account with the exchange after registration. Several exchanges offer different payment options to make it easier for users to load their exchange accounts. You can pay through credit card, debit card, or directly from your bank account.
But remember that there are charges linked to these payment methods. Choose the method that is most convenient to you when it comes to cost. Once you have provided your payment details, a notification will be sent to you informing you that your registration with the exchange is complete.
Step 3: Buy Bitcoin Cash
All exchanges have a portal where their users can look for their desired coin pairings to buy. Remember again, not all exchanges offer Bitcoin Cash as a pair with USD. Some only allow the token as a pair with other cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). So, look for an exchange that will allow you to buy Bitcoin Cash directly without transferring to another pair first.
When you find your desired BCH pairing, you can go over to the order section to complete your transaction.
Fill the order form with details of the transaction, including the number of Bitcoin Cash you want to order. Your transaction should be executed in a matter of minutes and the BCH you bought credited to your exchange account.
Store BCH in a Wallet
Now that you’ve bought your desired Bitcoin Cash, the next agenda would be to store the cryptocurrency. If you intend to trade daily, there is no need to get a crypto wallet to store your tokens.
Your exchange should provide such a service for you. However, if you’re looking to store the token for weeks or months, you need to get a crypto wallet, whether an online wallet or an offline wallet.
An online crypto wallet will give you a more secured storage option than what your crypto exchange can offer. However, you need to protect your private key, which is the password you can use to access the account anytime.
Without the specifically designated keys, your BCH tokens are practically useless. Also, remember that fraudsters are everywhere in the crypto industry, especially hackers. Do not expose your crypto address anywhere or use weak passwords to protect your system.
If you want better security, a hardware wallet, or what is usually called an offline wallet, is ideal for you. Here, you can store the crypto in an external hard drive that is not connected to the internet. Hackers and other threat actors will not be able to reach the wallet since it is offline.
How to Sell Bitcoin Cash
Selling Bitcoin Cash is no longer as difficult as it used to be. In fact, you need to follow a similar process when you’re buying, except that you don’t need to link your account. Log in to the exchange and go to the BCH pairing page on the platform. Choose the right BCH pair you want to exchange and click the “sell” link. You will be asked to review your request before it is confirmed. That’s all!
Things to Consider When Buying Bitcoin Cash in the USA
Before you make up your mind to buy Bitcoin Cash (BCH) in the USA, you need to consider the following things.
How much do you want to risk
The crypto industry and indeed Bitcoin Cash is a very speculative market, where prices can change pretty quickly.
You can gain massively in the market if prices go the way you want. At the same time, the market can be highly unfavourable, causing you to even lose most of your invested capital. So, it’s important to understand the level of volatility in BCH prices before buying the token.
Consider the tax obligations
As a crypto investor or trader, different states have their crypto tax rules which all participants are expected to keep. You must understand the applicable tax laws in your area before venturing into crypto and Bitcoin Cash investment.
The future of the token
All investors are hoping that the price of the token they are investing in will appreciate in the future. If it goes the opposite direction, they will lose in their investments.
So, it’s a good thing to carry out enough research about Bitcoin Cash before investing. Although prices cannot be correctly predicted at all times, information can make a big difference in the market.
Read Also: Why Bitcoin Cash Is Going To Explode
The numbers of traders and investors in Bitcoin Cash have grown over the past few months. New investors are still entering the market to reap future benefits.
If you are interested in buying Bitcoin Cash in the USA, the guide above provides the necessary steps to get you started.
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