Where to buy and store Bitcoin Cash
Since the Bitcoin Cash cryptocurrency is in the TOP-5 coins in popularity among investors, there are no problems with its purchase. Trade turnover is evenly distributed between more than 30 exchanges. The largest turnover falls on OKEx (about 20%), where the coin can be bought for USDT and MTC. On average, 6-8% of the turnover falls on the exchanges HitBTC, Huobi, Bitfinex, EXX, Lbank, where BCH is sold for Bitcoin, Ether, and South Korean won. Interestingly, on the major Binance and Upbit exchanges, the old BCC ticket is still used.
In terms of the share of the turnover of each exchange on the BCH, there is not such a large part. For example, at Binance this turnover is less than 3%, the coin is significantly ahead of EOS, Cardano, Ripple. Even on OKEx, BCH skips EOS in front of itself (not counting Bitcoin turnover). And only on HitBTC does Bitcoin Cash have an honorable second place, where the coin even went around Ether.
Given the frequent cases of hacking exchanges, it is better to store Bitcoin Cash cryptocurrency in wallets. Examples of the most successful wallets:
- JAXX (jaxx.io);
- Coinomi ( coinomi . Com );
- Exodus (exodus.io);
- Edge (edgesecure.co);
- Melis ( www . Melis . Io ).
The easiest way is to open a cryptocurrency website and select a wallet from the list of recommended ones. There are more than 20 of them. They differ among themselves in multicurrency (support for one or more cryptocurrencies), type (cold, online, hardware) and functionality.
Bitcoin Cash is even the most successful, but far from the first attempt to copy the idea of the original MTC. Among other interesting forks (though not yet included in the number of Forex brokers’ tools) are the following:
- Bitcoin Gold. Cryptocurrency, which appeared in the fall of 2017 as a result of a branch from the old algorithm for verifying operability. This algorithm is the “chip” of a startup. So far, the coin is confidently in the TOP 30 in terms of capitalization and is popular with miners due to the inability to use ASIC. True, the coin rate is not particularly attractive to investors;
- Bitcoin Diamond. Another Bitcoin hard fork, the creators of which aimed to eliminate the shortcomings of the military-technical cooperation. In the coin, the block size was increased to 8 MB, the amount of issue was increased, the amount of commission was reduced. Despite the fact that cryptocurrency is in the top ten in terms of capitalization, its rate has already fallen to a critical minimum and is not going to grow yet.
You can add to this list a fork of Bitcoin World Bitcoin and a fork of BCH called Bitcoin Candy. They were launched at the beginning of 2018, and coins are already available for purchase. But they are not yet included in the list of Coin Market Cap. By the way, as well as part of the forks from the list in the above figure. In the spring-summer, it is planned to launch more than a dozen forks of the military-technical cooperation and the BCH. Optimists consider this a reason for the growth of the entire cryptocurrency market. Pessimists, on the contrary, believe that the release of new forks with a price pump and subsequent scam will negatively affect the reputation of cryptocurrencies. Just recall Bitcoin Unlimited, which disappeared in 2017 immediately after launch.
Bitcoin Cash compared to Bitcoin is very attractive to miners. One of the problems of military-technical cooperation is the complexity of computational operations, which require equipment of the ASIC class, which is not always worthwhile for private miners. For Bitcoin Cash, you can also use ASIC and mining on video cards. To start mining, you need:
- choose a processor or video cards (depending on the type of mining);
- choose a mining pool, register. Among the most popular pools ViaBTC ( viabtc . Com ), Antpool ( antpool . Com );
- download a mining program compatible with SHA-256;
- synchronize software, program and pool between each other (the synchronization algorithm is different for each software, but it can be quickly found on the Internet);
- run the program.
For those who do not want to contact either cryptocurrency exchanges or wallets, the LiteForex broker has prepared a special offer. Not so long ago, the broker’s tools arsenal was replenished with a number of cryptocurrency pairs, among which there is Bitcoin Cash. You can learn more about trading conditions.
Bitcoin Cash Prospects for Investors
The forecast of the BCH cryptocurrency for 2018 is very mixed, although optimistic. The intrigue is that Bitcoin Cash quotes sometimes behave in a strange way with respect to both the US dollar and its main competitor, the MTC. Pay attention to this graph:
It clearly shows that after the general January collapse of the entire cryptocurrency market, BCH also cheaper in relation to the MTC, although in a lesser way (it’s logical because the MTC fell against the dollar). This suggests that at the time of the general recession, investors poured from the viola to Bitcoin, and this does not speak in favor of the BCH.
More interesting is what happened next. In February, BCH rose sharply in the MTC, overtaking price growth in the dollar. And one could say that this is evidence of greater investor confidence in BCH, but how then to explain the subsequent sharp decline by early March at a time when the price dipped much lower in the dollar? In April, a similar situation repeated. Ripple also had a similar schedule, although Ether did not observe such volatility.
- Conclusion: this may mean that MTC and ETN are the basic currencies for investors, which serve as a kind of gold (“safe haven”, a protective instrument). At the time of a sharp drawdown of the entire market, it is precisely the MTC and ETN that will be the best investment for those who want to minimize losses. At the time of growth of the entire market, a longer investment in BCH and other altos would be a more profitable investment. Confirmation of this strategy can be the situation in late April – early May, when, with a 1.5-fold increase in total market capitalization, the share of the military-technical cooperation fell from 45% to 36%.
Like other cryptocurrencies, the Bitcoin Cash exchange rate is affected by the general trends of the cryptocurrency market and local news. For example, on the eve of the fork, the cryptocurrency rate rose to the February levels by the end of April. According to the developers, a hard fork is expected in mid-May, within the framework of which it is planned to increase the maximum block size to 32 MB. Theoretically, this should be the next step towards solving the problem of the original bitcoin. The hard fork will reduce transaction fees. A second fork is scheduled for November 2018.
Conclusion Unlike other forks and clones of Bitcoin, BCH can rightfully be considered the most successful. It is difficult to say what is the secret of his success because in the cryptocurrency world there are a lot of unpredictable things. But it can be assumed. Firstly, for the military-technical cooperation, this is the first fork of this scale. And all the attempts, repeating the same thing, have not found a response from investors. Secondly, the BCH developers did not pursue the goal of making drastic changes to the chain. They limited themselves to eliminating the most serious shortcomings of the original Bitcoin. And judging by the interest of investors, they did it. BCH is an excellent coin for risk diversification, which should be added to Ripple and Monero in the investment portfolio, not counting the main MTC and ETH.