In this article, we will walk you through how to buy Bitcoin Cash (BCH) and detail every step of buying BCH. As the cryptocurrency market grows, BCH, a derivative of Bitcoin, offers a more efficient trading experience and lower transaction costs. If you are new to cryptocurrencies or have questions about how to buy BCH, this article will provide you with a complete buying guide to help you get started and trade quickly.
What is Bitcoin (BCH)?
Bitcoin Cash (BCH) is a cryptocurrency derived from Bitcoin (BTC), mainly to solve the scalability problem of the Bitcoin network.BCH was born out of a split in the Bitcoin community in 2017, when the block size of BCH was enlarged from Bitcoin's 1MB to 8MB, which gave it a comparative advantage in terms of transaction processing speed and transaction fees. This gives BCH a relative advantage in terms of transaction processing speed and transaction fees. As a result, many investors see BCH as a more efficient and cheaper alternative to Bitcoin.
How to choose the right exchange to buy BCH?
Choosing a suitable cryptocurrency exchange is the first step to buying BCH. In Taiwan, many well-known exchanges such as OKX, Binance, and Coinbase support BCH trading. These exchanges usually offer simple interfaces, low transaction fees, and good security and customer service.
Before purchasing BCH, be sure to check the exchange's supported currencies, whether it is suitable for your region, whether it has sufficient liquidity, and whether the transaction fee structure is transparent. It is recommended to choose an exchange with proper regulation and a good reputation to protect your funds.
How to register and open a cryptocurrency trading account?
The process of opening an exchange account is usually very simple. In the case of Euronext, all you need to do is provide a valid email address, set up a password, and go through a KYC (Key Yield Control) process to increase the security and trading limits of your account. The verification process usually requires you to upload identification documents and a selfie to prove your identity. Once this is done, you can start making cryptocurrency deposits and transactions.
Remember to set a strong password and enable double authentication (2FA) to strengthen the security of your account.
How to convert Taiwan Dollars to BCH?
Most users in Taiwan will choose to buy BCH using New Taiwan Dollars (TWD), which you will need to deposit into your exchange account. Exchanges usually offer a variety of ways to fund your account, such as bank transfer, credit card, or third-party payment platforms (e.g. Line Pay, Apple Pay, etc.). Upon successful deposit, the funds will be transferred to your exchange balance, and you will then have the option to purchase BCH directly in Taiwan Dollars.
When selecting a pair, please make sure you choose the "BCH/TWD" pair. Depending on the market price, you can set a market order or a limit order to trade.
How do I choose how much BCH to buy and at what price?
When buying BCH, you can choose between a Market Order or a Limit Order. A Market Order is an instant transaction based on the market price, while a Limit Order sets a desired price at which the order will be executed.
If you have a clear expectation of the price of BCH, you can choose a limit order; if you are in a hurry to complete the transaction, you can choose a market order. It is recommended that you make your choice based on market conditions and your risk tolerance.
How do I transfer BCH to Cold Money for safekeeping?
Despite the fact that exchanges offer wallet functionality, it is not safe to store cryptocurrencies on exchanges for long periods of time, as exchanges may be exposed to hacking or other risks. Therefore, many users choose to transfer their BCH to cold wallets for safekeeping. Cold wallets are an offline cryptocurrency storage method that can effectively protect against cyberattacks.
Common cold wallets include hardware wallets (e.g. Ledger, Trezor) and paper wallets. You can choose the right cold wallet to secure your BCH according to your needs.
How to manage your BCH assets and trade them?
After purchasing BCH on the exchange, you can trade or transfer it out to other platforms at any time to adjust your asset allocation according to the market situation. The cryptocurrency market is relatively volatile, so it is essential to regularly review market trends and adjust your investment strategy. You can utilize the technical analysis tools provided by the Exchange to observe the market trend and formulate a reasonable trading plan.
Many exchanges also offer BCH trading pairs with other cryptocurrencies (e.g. BCH/BTC, BCH/USDT, etc.), giving users the flexibility of asset allocation.
Frequently Asked Questions Q&A
Q1: How can I check the real-time price of BCH?
A1: You can check the real-time price of BCH on the homepage of most exchanges or specialized cryptocurrency market platforms (e.g. CoinMarketCap, CoinGecko). These platforms provide information on BCH's market trend, trading volume, historical price, etc. to help you understand the current market situation.
Q2: How can I lower my BCH transaction fees?
A2: To minimize commission, you can choose to use the exchange's native tokens to pay for your commission, or choose limit orders instead of market orders. Limit orders help you control the price of your trades more accurately and may reduce trading costs. Some exchanges also offer fee discounts based on your trading volume.
Q3: Can I buy BCH directly in Taiwan in NT dollars?
A3: Yes, many major exchanges support Taiwan users to buy BCH directly in TWD, just choose an exchange that supports TWD pairs and complete a TWD top-up to buy BCH easily.
This article aims to provide a clear step-by-step guide to help you buy BCH smoothly and secure your assets. We hope that your investment journey in cryptocurrencies will be more confident and smooth!
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