Bitcoin is not the only popular digital asset in the world right now. There are several altcoins which are mined and traded each day who are just as popular. Bitcoin cash is one of those altcoins and it’s actually a fork from Bitcoin. Several bitcoin developers wanted to improve on their initial product; however, not all of them agreed with that. For that reason, they split up and created Bitcoin Cash as a superior coin. It’s influence on the market is still small but BCH could overcome BTC in the future. Nevertheless, before you start mining or trading with BCH, first you need to know how to get a bitcoin cash wallet.
However, before answering the question of how to get a bitcoin cash wallet, we need to explain what a BCH wallet actually is. A wallet consists of two very long sets of random numbers and letters. One of them is your wallet’s public address which other users will use to send BCH to you. The other is your private key which you can use to access the BCH funds and sign off on a transaction.
What is a Bitcoin Cash Wallet?
As we mentioned above, the wallet is basically just 2 large numbers which you need to remember. The public address is what you give to other people so they can send BCH to you. The private key is what you keep to yourself, like a password to an account. Any article that covers how to get a bitcoin cash wallet will tell you that no one but you should know the private key. If you forget or lose the key, you won’t be able to access the BCH funds. On the other hand, if someone else gets a hold of your private key, that person would be able to steal all the funds in your wallet.
If you’re registered with a cryptocurrency exchange that supports Bitcoin Cash, it will automatically provide a wallet for you. However, for the safety of your tokens, it is recommended you store them in a different wallet. This is because exchanges that provide wallet services essentially are in possession of your private keys and, by extension, your funds. Additionally, there are exchanges that offer all kinds of wallets. If you decide to go that way, make sure you pick an exchange that supports Bitcoin Cash before you create a wallet with them.
How to Get a Bitcoin Cash Wallet?
As we mentioned in our How to get a Bitcoin Wallet article, there are different types of wallets out there. You could get a mobile wallet, a software wallet, hardware wallet, and a paper wallet. The choice you make basically depends on what your crypto needs are. All of these different types of bitcoin cash wallets have their advantages and disadvantages. Below, we will explain how they all work.
A paper portfolio is basically a paper print of your private and public key, normally in the form of a QR code to simplify its use. A paper portfolio is a type of “cold storage”, it is the safest method of keeping one’s cryptocurrencies as it avoids any contact with the network, thus making it immune to potential cyber attacks. Once printed, the sheet of paper can be kept in a safe, kept under the pillow or buried in the garden: the decision rests solely with the user.
Unlike portfolios automatically provided by the exchanges, software wallets are installed on your computer or mobile device. Most of these keep the private key offline, in the same device in which they were installed. Creating a software portfolio is very simple: just download the appropriate application and follow the on-screen instructions. Additionally, most software portfolios support a large number of crypto-currencies. So, if you are planning on storing a coin that’s not very popular, a software wallet would be the best choice. Of course, that’s not the case with a bitcoin cash wallet.
In the cryptocurrency world, hardware wallets are as safe as storage gets. They look very much like conventional portable hard disks but designed specifically to be used to store cryptocurrencies. They generate transactions offline and on the go, which means you can plug them into any computer to make a transaction. A hardware bitcoin cash wallet would be very similar to a paper wallet. It has no connection to the internet, so it’s secure against cyber attacks. Just like the paper wallet, it offers the most secure way of storing digital assets. However, the hardware wallet is the only type where you actually have to pay. You need to buy the hardware device where your Bitcoin cash will be stored.
Free Bitcoin Cash Coins
Now that we have explained the basics about getting a BCH wallet, there is some additional info we would like to share. As, we mentioned above, Bitcoin cash was created as a fork to Bitcoin. Basically, it’s the same as bitcoin but the developers made several changes to it. With that, a new altcoin was born and it has been growing in popularity ever since. The Coinbet24 Bitcoin Sportsbook and Casino offers betting with BCH as well as BTC. You can learn more about bitcoin betting in the Bitcoin Dictionary section on our blog.
Nevertheless, If you were in possession of Bitcoin tokens before Aug. 1st, 2017 when the Bitcoin Cash hard fork happened, you are entitled to receive the same amount of tokens in BTH. The methods of claiming your free Bitcoin Cash tokens will vary depending on the kind of wallet you use. So, take a look at the wallet options above, make your choice and start betting with bitcoin cash right away.