How You Can Buy Bitcoin Cash in the UK

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Bitcoin Cash (BCH) is a fork from the Bitcoin blockchain that was created as a result of a so-called hard fork on 1 August 2017. The cryptocurrency achieved widespread use immediately after the hard fork.

This was because every Bitcoin owner was instantly entitled to as much Bitcoin Cash as they owned Bitcoin. The background to the split was a dispute in the Bitcoin community concerning the size of the blocks. Bitcoin had become old, investors wanted returns.

Bitcoin Cash

Buy Bitcoin Cash: What should you look out for to buy Bitcoin Cash cheaply & safely?

Here's what you should look out for if you want to buy Bitcoin Cash, so that nothing goes wrong:

  • Where is the best place to buy Bitcoin Cash? We recommend eToro, our test-winning broker.
  •  Do I want to hold Bitcoin Cash for the long term or daytrade? That depends on your own strategy.
  •  How does a Bitcoin Cash wallet work? Very simple via eToro's crypto wallet
  •  Is it worth investing in Bitcoin Cash? Bitcoin Cash is very interesting and has good prospects.

Where to buy cheap Bitcoin Cash? Our broker and exchange comparison - buy Bitcoin Cash with the lowest fees:

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Bitcoin Cash is available for purchase on various crypto exchanges. It is possible to buy Bitcoin Cash with a credit card or SEPA transfer. In the following sections, we will introduce you to various options for getting your first BCH.

The best options are listed below. Whether BCH can be bought directly or indirectly depends on the respective platform. Click on one of the providers if you want to get more information about the platform.

Should you buy Bitcoin Cash or not? Our reasons for buying!

Bitcoin Cash or not

Before you invest in an altcoin, you should inform yourself well. Experienced investors pay attention to a variety of indicators: How resilient is the whitepaper of a coin? How convincing is the business model? Is it an inflationary or deflationary currency?

Do the developers have enough experience to run a business? What partners does a currency have and how relevant are these partners from the point of view of the stated business model? Is the currency often in the news and if so, in what context?

These are all questions that can help you determine whether an investment is worthwhile or not.

With regard to Bitcoin Cash, the current news and hard forks are particularly important. The spin-off of Bitcoin SV and Bitcoin ABC may have done lasting damage to Bitcoin Cash. Because the hard fork happened only a relatively short time ago at the time of writing, it is still too early to make a final assessment.

History of Bitcoin Cash

Since Bitcoin blocks are only 1 megabyte in size, Bitcoin has a scaling problem. No wonder: bitcoin is a whopping 10 years old.

It already runs out of steam at 15 transactions per second; many more are requested all the time. And so the result is congestion. Transactions are executed more slowly and at higher costs.

At the urging of many investors like Roger Keith Ver, Bitcoin Cash was born: BCH changed the block size first to 8 megabytes, and then even to 32.

History of Bitcoin Cash
That is why transactions with Bitcoin Cash are not only much faster than with bitcoin, they also earn the miners much more: because miners are rewarded for each transaction.

In the past, parts of the Bitcoin community had already attempted to split the Bitcoin blockchain via a hard fork, but without success. Bitcoin Cash succeeded where they had failed.

But there is also disunity in the Bitcoin Cash community. In their wake, there are more hardforks. In the latest, in November 2018, the altcoins Bitcoin SV (BCHSV) and Bitcoin ABC (BCHABC) emerged. Bitcoin Cash subsequently lost volume.

Use as a means of payment

Bitcoin Cash, like Bitcoin, is a pure means of payment and as such must prove itself in the long term against a number of strong competitors, especially Bitcoin. But not least against Bitcoin SV and Bitcoin ABC.

The fact that Bitcoin Cash has a higher scalability than Bitcoin benefits the valuation of the cryptocurrency. However, Bitcoin has only recently established a transaction method with the Lightening Network that largely eliminates the scalability problem.

In the short term, an investment in Bitcoin Cash may be worthwhile if the market as a whole stabilises and gains momentum again. BCH would likely benefit from this.

First, however, it remains to be seen what impact the hard fork and the resulting competing currencies Bitcoin SV and Bitcoin ABC will have on investor confidence and thus the prices of Bitcoin Cash. Immediately after the hard fork, Bitcoin Cash prices plummeted.

Bitcoin Cash is a very risky investment at this point and we would therefore advise against it. However, CFD trading with eToro can be worthwhile if you successfully bet on the right price trend.

Buy or Sell Bitcoin Cash? Our pros & cons analysis:

Pros:

  •    Higher scalability than Bitcoin
  •     Deflationary currency

Cons:

  •    Many very strong competitors
  •     Problems in the community
  •     Not yet stabilised after the last hard fork


Comparison of fees when buying Bitcoin Cash:

To compare fees when buying Bitcoin Cash, let's take this example:

    1. We buy €1,000 worth of Bitcoin Cash.
    2. We want to hold Bitcoin Cash for one month and then sell it again.
    3. We assume that the exchange rate does not change in the 30 days

This is how the fees are at the biggest crypto exchanges and brokers:

Provider    

etoro

coinbase

Plus500

Deposit    

free of charge

3,99%    

free of charge

Purchase fees

1,9%

1,49%

3,08%

Holding fees

free of charge

free of charge

0,05%

Sales charges

1,9%

1,49%

3,08%

Payment

5 USD

0,15 USD

1,9%

Total fees

42,20€

68,24€

92,32€

Bitcoin Cash Price: Important Moments in the Bitcoin Cash Price History

We show the most important moments in the past of the Bitcoin Cash Coin:

Bitcoin Cash Price
  •    2017: Bitcoin Cash has its hard fork and is traded for €379 for the first time on an exchange, whereupon the price has risen to €612 after a small correction.
  •     December 2017: On 21.12.2017 Bitcoin Cash reaches its all-time high of 3.297€ during the crypto bull run.
  •     May 2018: Bitcoin Cash tries to recover from a price collapse when the bubble burst and briefly rises by 200%, but immediately falls again.
  •     December 2018: Bitcoin Cash hits its all-time low of €70 during the crypto "winter".
  •     June 2019: Bitcoin Cash rises to €422 per coin in the summer of 2019, but immediately falls again.
  •     February 2020: During the Corona epidemic, Bitcoin Cash reached a new low (155€ per coin), after the coin had risen to 437€ in February.
  •     August 2020: In the current bull run, Bitcoin Cash is at €248 per coin.

Trade Bitcoin Cash with or without a wallet?

As a general rule, a wallet is always the safest place to keep your investments. If your coins and tokens are stored on an exchange instead, you may lose access to them - for example, if the exchange unexpectedly goes bankrupt.

Using a wallet is not necessarily more complicated than using the usual exchange platforms. A wallet is therefore recommended in any case. However, the use of a wallet is not mandatory for trading with Bitcoin Cash.

If you are not afraid, you can simply hold your BCH on the account of one of your crypto exchanges, provided that the exchange supports this. This is possible with Coinbase, for example.

Most wallets are not only available for Windows, but also for Android and iOS. The particularly secure hardware wallets from TREZOR and Ledger can be a good addition to increase your security.

Bitcoin without

Buying BCH: The bottom line

Bitcoin Cash is the result of a dispute in the Bitcoin community. By splitting off from the Bitcoin network, Bitcoin Cash was created in a hard fork in 2017. Since then, the Bitcoin Cash community has not been able to rest.

Only recently, there was another hard fork, as a result of which Bitcoin Cash lost considerable value and the cryptocurrencies Bitcoin SV and Bitcoin ABC were created. Bitcoin Cash has to hold its own against a large number of strong competitors. An investment in Bitcoin Cash is undoubtedly worth considering for investors who are willing to take risks.


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FAQ

How can you invest in Bitcoin Cash?

Basically, one can distinguish between two forms of investment in altcoins: Speculating on prices via CFD brokers or buying a coin directly via a crypto exchange such as Coinbase. CFD trading is available for Bitcoin Cash at the brokers mentioned in the article. You can also buy Bitcoin Cash with a credit card or SEPA transfer on Coinbase, buy Bitcoin Cash with a credit card at CEX, or buy Bitcoin Cash with a credit card at LiteBit.eu.

Unfortunately, buying Bitcoin Cash with PayPal is rarely possible.

Can you buy Bitcoin Cash with a credit card?

You can buy Bitcoin Cash and other altcoins with a credit card on CEX and Coinbase. If you only want to trade indirectly, you can also use your credit card to get started with our test winner.

Is it possible to trade Bitcoin Cash with Paypal?

As a rule, crypto exchanges do not offer the payment option Paypal. One exception is the CFD broker eToro. Bitcoin Cash trading with eToro is possible. We are not aware of any crypto exchange that accepts Paypal as a means of payment for Bitcoin Cash.

What is the best way to invest in Bitcoin Cash?

Kryptoszene.de recommends the current test winner for Bitcoin Cash purchases, as Bitcoin Cash trading is particularly easy and secure.  

What is the difference between a broker and an exchange?

Options brokers only use cryptocurrencies as assets, while exchanges enable direct trading of the values.
So anyone who actually wants to buy altcoins will have to go via a crypto exchange.

 

Will Bitcoin Cash continue to increase in value?

We don't know: Can Bitcoin Cash hold its own against its strong competitors? What long-term effects will the big dispute in the Bitcoin Cash community have on the currency? The latter question in particular needs to be clarified before we can say what the future holds for Bitcoin Cash on the exchanges. We recommend that you keep yourself regularly informed about this if you want to buy Bitcoin Cash.

Current chart analyses on Bitcoin Cash are published here on Kryptoszene.de at regular intervals.
 

Do I need a Bitcoin Cash wallet?

Not necessarily. If you buy Bitcoin Cash on Coinbase, for example, you can also hold it there. However, we recommend using a wallet for your security, preferably a hardware wallet from Ledger or Trezor, for example. No wallet is necessary for indirect trading

Can I use my Ether Wallet?

Bitcoin Cash is not built on ERC-20 and therefore cannot be held in your Ether wallet.

Hi, my name is Benzion. I have twelve years of experience in the Forex industry, and I have launched two successful crypto trading services. I have in-depth experience on several blockchain networks like Bitcoin, Etheruem, EOS, Cardano, Hyperledger, ICON, Komado, etc. I also have in-depth knowledge of blockchain techniques, including various consensus mechanisms, DLT, smart contracts, security, and privacy measures. Benzion Friedman