How to create a Bitcoin Cash wallet is essential to keep BCH. After creating the hard fork, all those who had their private bitcoin received the same amount of bitcoin cash for their bitcoin. Therefore the need for a wallet became very important for Bitcoin Cash. The first step in entering the world of cryptocurrencies is to have a personal wallet in which you can store your currency.
The cryptocurrency wallets (such as Tether Wallet, Ripple Wallet, Ethereum Wallet and Bitcoin Wallet) can be divided into two general categories of hardware and software. The first category, which is more secure and expensive, is a physical wallet that holds the private key of your currencies. Anyone who has access to this wallet and its password will be considered the owner of the currencies.
Hot wallets or software wallets are often free and are great for those who want to get acquainted with cryptocurrencies. This article introduces the best Bitcoin Cash wallet.
Bitcoin Cash Wallet
How to create a Bitcoin Cash Wallet?
The following is to learn about creating a Bitcoin Cash wallet. Launching a Bitcoin cash wallet is one of the first steps into the world of peer-to-peer electronic trading. Many existing wallets support BCH. You can use some popular platforms to create a Bitcoin cash wallet.
One of the most famous and reputable companies offering hot wallets is the Luxembourg company with Blockchain.com domain and Coinbase. This website offers wallets for the three currencies Bitcoin, Ethereum, and Bitcoin Cash.
After creating a Bitcoin cash wallet, you can easily do the following:
- Easily buy Bitcoin and Bitcoin Cash with your credit card
- Use your wallet to manage your funds and save and store them
- Use to exchange between cryptocurrencies and exchange your bitcoins with Bitcoin Cash or Stablecoin.
What are the specifications of Bitcoin Cash?
Bitcoin Cash, abbreviated BCH, is a cryptocurrency, or form of digital asset, with a market value of about $7,569,470,058, ranked 9th in the market and holding 1.05% of the total market. Each unit of Bitcoin Cash is traded for $405.83 on 30 January 2021, and its daily trading volume is $7,804,435,338.
The Price of Bitcoin Cash has risen 3% in the last 24 hours. The highest price of Bitcoin Cash on December 20, 2017, was equal to $ 3,923.07, which is currently about 80% lower than in the past.
The number of Bitcoin Cash units in circulation will be 18.57 million and the total number of units will be 21 million. Currently, the most active exchange in which bitcoin cash is traded is the CoinBase exchange with a share of 6.47% of the daily trading volume.
Bitcoin cash 3months charts
What should we pay attention to when choosing the best Bitcoin Cash wallet?
The complete range of wallets existing in the market, makes selecting a proper one difficult. When you consider a Bitcoin Cash wallet and you want to choose the best option, be sure to consider the following:
- Full compatibility with Bitcoin Cash: When choosing a wallet, make sure that the wallet of your choice supports Bitcoin Cash (BCH). Do not assume that if the wallet supports Bitcoin, it will also support Bitcoin Cash; because these two digital currencies are different.
- Easy to use: Choose a wallet that has a simple and understandable user interface and is easy to work with so you can easily manage your digital assets.
- Continuous development: Check that your chosen wallet has a good development team. This team should always be developing and continuously improving the performance of their wallet?
- Customer Support: If you have a problem with your wallet, contacting the support team is essential. Examine how you can connect with the customer support team and how responsive they are.
- Private Key control: The private key allows you to manage your digital currency reserves. So look for a wallet that allows you to control your private keys.
- Security and backup: Make sure the Bitcoin Cash wallet of your choice has security tools such as 2-factor authentication (2FA), professional encryption, PIN, and backup.
Choosing the best Bitcoin Cash wallet
What are the best hardware wallets for BCH?
Dozens of wallets have been offered for Bitcoin Cash in different names and types. With a large number of free software, you can easily store, receive and send this cryptocurrency on your PC, mobile phone, or even on the Internet.
To avoid the risk of malware and theft, be sure to get wallets from reputable sources and use those that have many users and have passed the test. Also, if you have invested a lot, you can buy hardware wallets for more security.
As Bitcoin Cash exists at different crypto exchanges, you can buy it depending on your country. You do not need to do anything special to get your BCHs after the fork is finished. There are many ways to get a BCH. You can transfer your private bitcoin keys to a Bitcoin Cash wallet that is compatible together.
A hardware wallet lets you control your private keys. Hardware wallets are a physical place to store coins and must be purchased from reputable stores. Some of the safe hardware bitcoin cash wallets that are suitable for storing bitcoin cash are:
- Ledger Nano S
Ledger Nano S wallet
What are the common features of Bitcoin cash wallets of hardware type?
- They have the highest level of security among other hardware wallets.
- These wallets connect to a computer via a USB cable and allow secure storage of private keys.
- To increase security, these bitcoin cash wallets also have two-factor authentication or 2FA.
- These wallets have an OLED screen, so transactions can be double-checked quickly and easily.
- Transactions are confirmed by pressing the physical button embedded in the wallet.
- The installation of these wallets is very simple.
- These wallets allow users to hold more than 20 popular digital currencies including Bitcoin Cash (BCH), Bitcoin (BTC), Ethereum (ETH), LiteCoin (LTC), Dash (DASH), and Ripple (XRP).
- Ledger wallets support more than 1,300 coins and tokens, Trezor wallets support about 1,100 coins and tokens, and Keepkey wallets support 56 different coins and tokens.
- The only drawback of the Ledger Nano S is its high price. On January 29, 2021, the price of this hardware wallet is $ 94. So if you are looking to store small amounts of cryptocurrency, you should know that buying this wallet will not be economical.
- Trezor wallet is compatible with Windows, Mac, Linux, and Android operating systems. However, you have to pay up to $ 100 to buy this wallet, so Trezor is not affordable for keeping small amounts of bitcoin cash.
- Keepkey has less popularity and support than its larger rivals, the Ledger and the Trezor. It also supports fewer coins. The price of Keepkey has dropped since its inception to a more reasonable $ 79.
What are the best Bitcoin cash Wallets?
There are some popular Bitcoin Cash wallets to store Bitcoin Cash and other cryptocurrencies as following:
- Exodus wallet is used to send, receive, and exchange encrypted currency. This wallet is the best cryptographic wallet for desktop, mobile, and hardware. This Bitcoin Cash wallet is convenient for iOS and Android mobiles.
- Coinomi has mobile versions on Android and iOS operating systems. It can also use for desktops on Windows, Linux, and Mac operating systems.
- Jaxx wallet is one of the multi-purpose wallets that must consider when choosing the best digital currency wallet. The best feature of Jaxx is its user interface which is very simple and understandable for users. This software wallet displays all the information you need to send, receive and store Bitcoin Cash or other digital currencies in the simplest possible way. This wallet is also compatible with ShapeShift, which allows you to quickly exchange currency pairs.
- WestWallet is a Multi-Currency web-based Wallet. This Bitcoin Cash wallet has a comprehensive solution for easy storage, sending, receiving, and converting the most popular cryptocurrencies.
- BTC.com is one of the most popular web and mobile wallets for Bitcoin Cash, supported by the development team of Bitmain(the producer of Bitmain AntRack). BTC.com runs on the web and iOS and Android operating systems.
- Coin Wallet now supports Bitcoin, Bitcoin Cash, Bitcoin SV, and some other Altcoins. Coin Wallet is a free wallet that can make payments for free around the world. It is an online Bitcoin Cash wallet that is secure with low fees. It is convenient for desktop, web, and also iOS, and Android mobiles.
- Bitpie Wallet is convenient for sending, spending, and storing cryptocurrencies. It is easy to use and recommended for BTC, BCH, and some other Altcoins. This Bitcoin Cash wallet is executable on iOS and Android platforms.
How to ensure the security of Bitcoin Cash Wallet?
Solutions for secure storage of bitcoin cash are as following:
- If you plan to store large amounts of digital currency, be sure to use hardware wallets; because they are safer than other options.
- Reputable software wallets are secure enough, but as mentioned, if you have significant capital or are looking for higher security, hardware Bitcoin cash wallets such as Ledger and Trezor are good options for safe storage of your assets.
- Don’t forget to make a backup up of a Bitcoin cash wallet before using it. Wallets usually show the user a set of 12 English words to back up in a safe place. If the wallet will delete or any other problem, the user can recover their assets. If you do not back up your wallet, you will never be able to recover your assets by deleting your wallet, stealing, or damaging your device.
- Before choosing or buying a Bitcoin cash wallet, be sure to consider the various options.
- Use all the security features of your wallet.
- Update your system antivirus.
- Always back up your wallet.