In the field of Cryptocurrency investment, no one is unfamiliar with Bitcoin – the currently “hot” digital currency. However, not everyone is aware of Bitcoin cash – a digital currency developed from Bitcoin. So, is Bitcoin cash a digital currency? How to properly use a Bitcoin cash wallet?,… To answer these questions, today, vietnam – ustrade.org will introduce some information related to Bitcoin cash!
What is Bitcoin cash – BCH?
Bitcoin cash (abbreviated as BCH) was launched in mid-2017. Although it was only recently introduced, Bitcoin cash has developed rapidly, surpassing Ethereum to hold the second position in the digital currency market. It is only behind its “brother” Bitcoin (BTC). Currently, Bitcoin cash ranks fourth according to coinmarketcap statistics.
After intense debates within the Bitcoin community regarding common transaction issues such as: Slow transaction speeds due to small block size relative to transaction volume, limited security features,… and from this, some people jointly developed a new Bitcoin called Bitcoin cash to address these shortcomings of Bitcoin.
About Bitcoin Cash?
Developed from Bitcoin, Bitcoin cash (BCH) uses the same Blockchain platform as Bitcoin. However, since it was created after discovering many system errors in Bitcoin, Bitcoin cash has been improved and added new features to enhance user experience.
Many users have rated Bitcoin cash as having several significant advantages over Bitcoin, with three key benefits:
- The larger block size allows faster transaction processing
- Providers have introduced two new features: replay protection and wipeout protection for Bitcoin cash
- Bitcoin cash has increased the difficulty adjustment feature of Proof Of Work for transactions
Where should you create a Bitcoin cash wallet?
With the current development of Bitcoin cash, finding a BCH storage wallet is not difficult. For hardware wallets, users can consider Ledger Trezor – a popular and widely used hardware wallet today. For online wallets, users can choose between two relatively well-rated platforms: Blockchain and Coinbase. Additionally, other BCH-supporting wallets such as software wallets, paper wallets,… can also be considered.
Guide to creating a BCH wallet for buying/selling (Bitcoin Cash)
To perform transactions quickly and conveniently, users need to create a Bitcoin cash wallet. This article will illustrate how to create a BCH wallet on Blockchain.com. The process on other platforms is similar, so users can refer to it.
Creating a BCH wallet on Blockchain.com
Step 1: Access the platform where you want to create a wallet. Here, I will go to Blockchain platform: www.blockchain.com and select Sign Up to start registration
Step 2: Fill in the registration form as required by the system, such as: Email address, password,… and click Continue to proceed
Step 3: The system will send you an email to verify your account. This email contains an ID code in the Your Wallet ID section. This code is not a wallet address, but it is quite important as it is used to log into your account.
Step 4: Log back into your account with the new ID and your newly created password.
Step 5: To increase security, the system will send you an email to authorize login. Your task is simply to click “AUTHORIZE LOG IN”
Step 6: After successfully authorizing login, return to the system interface. Your account registration process is now complete.
Setting up two-factor authentication (2FA) for your wallet
Like other digital wallets, users must activate 2FA to enhance account security. In Blockchain.com, you need to follow these steps:
Step 1: On the main interface, select SECURITY CENTER
Step 2: Under Two – Step Verification, click Enable and select Authenticator App
Step 3: Scan the QR code with the Google Authenticator app as you would for creating other personal accounts.
Step 4: Enter the code sent by the system to complete the security setup
Using BCH Wallet (Bitcoin Cash)
To use the wallet correctly, users need to know how to deposit/withdraw BCH from the wallet. Therefore, vietnam – ustrade.org will guide you through some simple methods to use BCH wallet
Depositing Bitcoin cash into Blockchain wallet
Step 1: On the homepage, select Request to get your wallet address
Step 2: Choose Bitcoin cash – the currency you want to deposit in the Currency section. The system will then display your virtual currency address below.
Step 3: Finally, use this address to make the BCH deposit transaction.
The system takes about 15 to 30 minutes for a deposit transaction to process. So, users should not worry if the funds haven’t appeared in the wallet after a long period.
Withdrawing Bitcoin cash on Blockchain wallet
The withdrawal steps are similar to depositing. Users need to do as follows:
Step 1: On the main interface, select Send
Step 2: Fill in the form with details like: The currency you want to withdraw, recipient’s wallet address, amount to withdraw,… and click CONTINUE
Step 3: Double-check all information to avoid errors and click SEND BITCOIN.
The withdrawal process is quite quick, taking about 10-15 minutes per transaction.
Conclusion
That’s all for some information related to Bitcoin cash. Hopefully, with these sharing, users will find and extract some useful information about Bitcoin cash!
Learn more:
What is Bitcoin (BTC)?
What is Bitcoin Gold (BTG)?
