How to get a Bitcoin Cash Wallet? If you are a novice in the world of online bitcoin sports betting , you will know about BCH wallet in the following guide.
The cryptocurrency Bitcoin Cash has only existed since August 1, 2017. At this point, it was split off from the blockchain of Bitcoin by a so-called hard fork.
The need to create Bitcoin Cash (BCH) arose because Bitcoin had problems with the speed at which users carried out their transactions. As a result, they either had to pay a high fee for the transaction to carry out fast, or they had to put up with long waiting times.
But how does Bitcoin Cash work and how to get a Bitcoin Cash Wallet? It is very similar to Bitcoin wallet but let us find out here.
How does Bitcoin Cash (BCH) work?
Just like the original currency Bitcoin, Bitcoin Cash works with the so-called blockchain technology. The information is stored on each of the computers taking part in the network. This decentralized management makes it impossible to manipulate the blockchain because this would require more than 50% of the computing power of the entire network.
How does Bitcoin Cash (BCH) work as a means of payment?
But how does Bitcoin Cash work as a means of payment? Who sets its value? As with all cryptocurrencies, the users alone set these parameters because there is no regulation, but the coin is freely traded.
Therefore, the cost of Bitcoin Cash depends on supply and demand. The price depends on the fact if there are a buyer and a trader who want to exchange Bitcoin Cash for a certain amount in another currency.
Also, its price depends on the corresponding trading opportunities offered on large online exchanges and Bitcoin Cash marketplaces. Due to the unregulated administration, there is no official Bitcoin Cash trading price. But the information usually refers to the amount that the users are willing to pay at the major crypto exchanges.
If a user sends Bitcoin Cash to another user, the network calculates a new block and adds it to the blockchain. This block gets the information about which owner the coins belong to.
However, no names are saved in the anonymous process, because it is an anonymous system. Rather, the users can access the bitcoins with the cryptographic keys that are on their wallet, a type of electronic wallet, and send them on.
How to get a Bitcoin Cash Wallet and how to set it up?
Once you decide as whether to store the wallet on a desktop, smartphone, separate hardware or online, the most important task in setting up a Bitcoin Cash wallet has already been done. The process of creating a wallet is quite easy, but works differently depending on the provider.
Setting up a paper wallet is not complicated with the right provider.
Step 1: Generate the key
After encryption using a random number generator using the mouse pointer or a randomly entered number-letter combination on the bitaddress.org homepage, the system generates a Bitcoin address for distribution and a private key.
Step 2: Storage
Depending on your wishes, the paper wallet can have one or more addresses. The safest storage option is to print out the Bitcoin note and then keep it in a safe place.
Technically, you can save the paper wallet as a PDF. However, this digital storage offers the possibility of deliberately or unintentionally reaching unauthorized PC users.
3rd step: Charging
Without the appropriate top-up, however, the Bitcoin notes are worthless. The top-up can be done easily by transferring Bitcoins Cash from an online wallet to the paper wallet. There is also the “Transfer BCH Paper Wallet” function on all online and browser wallets.
Hardware wallet: Ledger
A prerequisite for using the Ledger Wallet is the installation of the Ledger Live software, which is available for Windows, Mac, and Linux. Then, you can operate the wallet via Google Chrome. You must also install a separate bridge so that the stick can connect to the computer. The setup of the various components can be quite demanding for beginners and can take some time.
Step 1: Installation
Ledger has set up its website for installation instructions: start.ledgerwallet.com.
Step 2: Linking the computer and wallet
After the user has selected their Ledger product, the setup menu opens, which explains the first steps with the product. You can operate the hardware wallet Nano S only with two small buttons, which can make the control a bit complicated in some cases. Hence, new customers will probably have to deal with the control of the hardware wallet for a certain time.
Step 3: Configuration
Once you connect the wallet to the computer, the configuration can begin. First, you must enter and confirm a freely chosen PIN with at least four digits.
Step 4: Set up the app
To use the Ledger Nano S in full, you also need to set up an app.
Online wallet: eToro
Since this social trading giant requires only a few basic details, signup is quick and easy.
Step 1: Registration
You must enter your last name, your first name, your email, a user name, and a password. Signing up using a Google or Facebook account is also possible.
Step 2: Verification
Up to an amount of $2,000, trading is possible right away. If the total investment is higher, information on the personal financial situation must be provided and verified. Verification takes place using ID (proof of identity) and proof of address (POA) with a corresponding document (e.g. account statement).
Step 3: Bitcoin Cash trading
The easiest way to manage Bitcoin Cash investment is via the in-house app, which is available via Google and Apple. Online administration in the browser is also possible. In all cases, control is simple and intuitive, so that trading can begin within a short time. Bitcoins can be purchased via PayPal and credit cards.
We believe we’ve provided you with sufficient information on how Bitcoin Cash works. You can explore further to choose the type of Bitcoin Cash Wallet that suits your needs and start trading and plying with Bitcoin Cash.