Today, cryptocurrency is a popular investment asset. More people convert fiat currency into cryptocurrency, and traders switch from traditional to crypto markets. There are many cryptocurrencies, and this article is dedicated to Bitcoin Cash (BCH).
WhiteBIT is an exchange and trading platform where users can buy, sell, trade, and safely keep their crypto funds. WhiteBIT has BCH and 180+ cryptocurrencies. Moreover, users can choose to trade from more than 400 cryptocurrency pairs. Keep reading the article to learn more about Bitcoin Cash and how to buy digital assets on WhiteBIT. It’s a useful article if you’re interested in buying or exchanging cryptocurrency.
Contents
What Is Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) is a fork of Bitcoin, launched back in 2017. Bitcoin Cash was created to support a larger block size compared to Bitcoin. Thus, the fork allows processing more transactions into a single block.
Despite Bitcoin’s and Bitcoin Cash’s significant differences, these platforms have many similarities. For example, both platforms use the same consensus mechanism. Another similarity is their cap: 21 million coins.
Bitcoin was initially created to help peer-to-peer transactions without needing a third party. However, over the years, Bitcoin has become mainstream and more of an investment. Its popularity caused a surge in transactions, so the fees increased. As a result, it takes longer to process a transaction.
Bitcoin Cash aims to resolve the situation by increasing block size. Thus, the platform should handle the processing of more transactions per block. This Bitcoin Cash’s peculiarity makes BCH, its native token, an interesting investment.
How To Buy BCH On WhiteBIT?
WhiteBIT enables users to exchange and trade crypto using different tools. WhiteBIT offers the following tools:
- a crypto exchange (fiat to crypto exchange);
- P2P exchange;
- DEX platform.
If you want to buy and sell cryptocurrencies, your best pick is the P2P exchange. It’s a platform used by millions of traders worldwide. You can also join the DEX platform (a decentralized exchange) that operates on Ethereum and Tron blockchains.
If you don’t yet have cryptocurrency, consider using a crypto exchange. The crypto exchange enables users to use their credit cards and convert fiat currency to cryptocurrency.
Let’s dive into details of how to buy BCH via each method:
- Crypto exchange. Create and verify the account to buy cryptocurrency with your credit card. Choose fiat currency on the left and BCH on the right.
- P2P exchange. Create and verify the account to start seeking buyers. Once you sign up, click on the “Buy crypto” option. Choose the currency you want to sell, and submit the order.
- DEX platform (WhiteSwap). Create an account on the decentralized exchange. It enables users to exchange cryptocurrency, but you can’t use it to convert fiat to crypto money. Once you create an account, choose a currency you want to sell, and choose the crypto you want to get. The calculator will show you how much of that crypto you get for your funds.
WhiteBIT’s options to exchange currencies are easy to use. The exchange offers intuitive tools to convert one currency to another.
What To Do With Bitcoin Cash?
Many prefer buying promising cryptocurrencies in hopes of selling the coins later for a higher price. However, BCH can be a good investment not just because of its prospects in the future. BCH has a rather stable price, so you can invest in the currency to avoid inflation of fiat currencies.
Many users also prefer to earn money from staking BCH. Staking means locking your crypto funds for a fixed period to support the operation of a blockchain. It’s a consensus mechanism called proof-of-stake when stakeholders validate transactions on the blockchain. When they validate the transaction, they get a small crypto event. So, by staking, users can earn a passive income. This option doesn’t require buying mining equipment or even obtaining special skills.
Key Takeaways
Bitcoin Cash is a promising project since it can potentially replace or compete with credit card processing organizations such as Visa. Traditional credit card processing organizations charge high fees to process financial transactions worldwide.
Bitcoin Cash’s increase in block size enables the blockchain to handle more transactions for a lower fee. BCH is a promising investment since the project offers real-world benefits.
