Buy Bitcoin Cash in India — Step by Step Guide for Beginners
If you want to buy Bitcoin Cash in India, first of all, you need to know about BCH in detail. Because before investing in any cryptocurrency it is advisable to analyze its market trends and what is going to be worth in the past, present, and future. Know About Bitcoin Cash (BCH) before Buy Bitcoin Cash in India.
What is Bitcoin Cash?
Bitcoin cash is a cryptocurrency created in August 2017, from a fork of Bitcoin. Bitcoin Cash increases the size of blocks, allowing more transactions to be processed. The cryptocurrency underwent another fork in November 2018 and split into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision). Bitcoin Cash is referred to as Bitcoin Cash because it uses the original Bitcoin Cash client.
Key elements of Bitcoin cash include:
- Offshoot of Bitcoin
Bitcoin Cash is an offshoot of Bitcoin and is the result of a hard fork to the original cryptocurrency’s blockchain in August 2017.
Bitcoin Cash plans to have a bigger block size as compared to Bitcoin to fit more transactions into a single block and function as a medium of daily transactions.
- Consensus mechanism
Despite their philosophical differences, Bitcoin Cash and Bitcoin share several technical similarities. They use the same consensus mechanism and have capped their supply at 21 million.
- Cheaper transfer fees
Besides, Bitcoin Cash offers cheaper transfer fees per transaction than Bitcoin, which makes it more attractive to active investors and traders who transact crypto more often.
Investing in Bitcoin CFDs gives you the opportunity to trade BCH in both directions. Therefore, regardless of having a positive or negative view of the future of the Bitcoin Cash price, you can try to profit from both upward and downward fluctuations.
How to Buy Bitcoin Cash?
The easiest way to buy bitcoin cash in India is through a digital asset exchange, like BuyUcoin. You can trade other cryptocurrencies like bitcoin and ethereum for it or you can use your local fiat currency to purchase BCH.
Buy Bitcoin Cash in India — Step by Step Guide For Beginners
Step 1 — Open a Digital Wallet
A digital wallet is where you hold your cryptocurrencies and interacts with others via blockchain technology. There are many providers of digital wallets, however, it is important to make deep research before you decide which one is the best for you. Currently, the most popular digital wallet provider to buy bitcoin cash in India is BuyUcoin.
Step 2 — Register & Open an Account
Once you enter buyucoin/signup, register and open an account that can provide you with their service. Select the type of your account either individual or corporate. Select your country and agree to the terms and conditions to register your account for crypto trading.
Step 3 — Complete your KYC
KYC and AML are mandatory for Indian jurisdiction. Your data is safe and encrypted and is stored in Indian data centers only. You will be redirected to a different URL to complete your KYC. Please be ready with your recent selfie. You will need the images of your pan card. You will need the mobile number with you which is linked with your Aadhar.
Step 4-Google 2 step Verification
To use 2FA you will have to install an Authenticator app on your smartphone or tablet. Once enabled you will be asked to provide an additional six-digit one-time password along with your email and password every time you log in to your BF account. This works only when signing in with an email and password. When using Facebook or LinkedIn you can enable 2FA with your social media provider settings.
Step 5-Add Bank details
Add the credentials of your bank name, holder account name followed by account number, and IFSC code details. then you can exchange and buy bitcoin cash in India with INR.
Trade Bitcoin cash
Typically, an individual has two options when trading in the crypto market. Firstly, they can buy bitcoin cash in India or actual cryptocurrencies, In India buy Bitcoin Cash in INR only on BuyUcoin.
This is considered a long-term investment, as the individual is waiting for the price to rise significantly, so they can later sell their BCH coins in an exchange for a profit. Alternatively, they can trade a contract for difference (CFD) on a particular cryptocurrency and speculate on the price difference.
A CFD is a type of contract, typically between a broker and an investor, where one party agrees to pay the other the difference in the value of a security, between the opening and closing of the trade. This is considered a short-term investment as CFDs are used within shorter time frames.
Can I Use Regular Money to Buy Bitcoin Cash?
Yes. Based in India, BuyUcoin is an exchange platform that enables users to sell and buy Bitcoin cash in India as well as other cryptocurrencies with INR. Buy many different cryptocurrencies with INR on this Indian-based exchange. Quickly swap between more than 100+ cryptocurrency assets or use your credit card to instantly buy bitcoin cash in India.
Getting a Bitcoin cash Wallet
If you had bitcoin in your Blockchain.com Wallet at the time of the BCH fork, you can access the equivalent amount of bitcoin cash in your wallet. Bitcoin cash is a fully supported, independent currency in your Wallet and can be sent, received, securely stored, or exchanged for bitcoin and/or ether.
Because both BTC and BCH can sometimes share a similar address format (Legacy address format), it is possible to accidentally send a Bitcoin Cash (BCH) transaction to a Bitcoin (BTC) address, but the funds will only exist on the BCH blockchain. The recovery wallet will be imported to your BCH wallet list.
Bitcoin cash Exchanges
You can either exchange it for a fiat currency (e.g. USD, GBP) or for another cryptocurrency, such as Bitcoin (BTC) or Ethereum (ETH). BuyUcoin is a platform for the digital asset and currency exchange where you can quickly and securely trade Bitcoin, Ethereum, EOS, Tether, and many other cryptocurrencies.
Several trading options are present, including spot and OTC markets. The platform’s interface is very intuitive and easy to navigate. Bitcoin Cash is thus able to process transactions more quickly than the Bitcoin network, meaning that wait times are shorter and transaction processing fees tend to be lower. The Bitcoin Cash network can handle many more transactions per second than the Bitcoin network can.
Bitcoin Cash Mining
If you’re a firm believer in Bitcoin Cash, there is a way for you to support the network and earn some BCH at the same time with mining. Essentially, it’s a process of solving complex mathematical puzzles. Miners receive substantial rewards for successfully mining a block of transactions.
The process of mining Bitcoin Cash is very similar to mining Bitcoin, but there are a couple of key differences. First and foremost, the block size limit of Bitcoin Cash is eight MB, while that of Bitcoin is just one MB. Of course, the bigger blocks will require more computing power and, by extension, more investment in order to be mined. On the other hand, bigger blocks do contain more transaction fees for the miner to collect.
Bitcoin Cash price prediction by Digital Coin Price for 2020–2025. Digital Coin Price has a positive forecast for the future price of Bitcoin Cash. In 2020, the maximum price during the year will be $550 USD. In 2021, the coin will fluctuate between $500 and $60 and reach its highest price of $680 in September 2021.