Buying, storing, and trading Bitcoin Cash (BCH) cryptocurrency in Canada is quick and easy with Coinsquare, one of the leading cryptocurrency platforms in Canada.
Bitcoin Cash is a crypto built through a “hard fork” of Bitcoin’s blockchain. Some developers who used Bitcoin wanted to make Bitcoin faster, so they suggested changing the rules. They were also dissatisfied with Bitcoin’s Segregated Witness (SegWit) update. However, most people who ran Bitcoin disagreed with the developers. This disagreement led to a split, creating two blockchains with a common origin: Bitcoin and Bitcoin Cash.
Bitcoin (BTC) dominated cryptocurrency over a decade ago. In 2008, Satoshi Nakamoto introduced Bitcoin as a new way to send money online without banks involved. It all worked well at first, with quick and cheap transactions. But, from 2016 to 2017, Bitcoin became expensive and unreliable. During this period, transaction fees increased and even reached an average of USD 55.27 on December 23, 2017!
Since Bitcoin prioritized security over transaction speeds, it couldn’t handle the increasing transactions. Thousands are in the queue and waiting for confirmation because Bitcoin only has a 1 MB block size limit. Bitcoin dominance plummeted from 95% to 40% because of its scalability and usability issues.
Even though Bitcoin faced these challenges, many members of the Bitcoin community, including investors, developers, businesses, and users, still believed in its vision — a quick, cheap, and peer-to-peer electronic cash system that anyone could use.
Since the active community of miners and developers still liked the original idea of Bitcoin, they created a new cryptocurrency called Bitcoin Cash (BCH) in August 2017 to address these issues. This version was faster and cheaper to use. Bitcoin Cash can process more transactions per block because of its 32 MB block limit, a huge difference from Bitcoin’s block size. On average, Bitcoin Cash can process 116 transactions per second, whereas Bitcoin can only process about seven. During its public release, every person who owned Bitcoin at that specific time also received an equivalent amount of Bitcoin Cash. Likewise, BCH were also given to Bitcoin holders.
We already know what Bitcoin Cash crypto is, but does it work?
Bitcoin Cash works just like Bitcoin. BCH uses a proof-of-work census mechanism and crypto mining to validate transactions and release new coins. When there is a BCH wallet transfer, miners are required to solve complicated mathematical problems to verify each transaction. The first miner to solve the problem will receive BCH as a reward. The math problems keep getting harder for a fair competition. Currently, the reward for successfully mining one block is 6.25 BCH. However, miners need specialized computers and equipment to earn rewards in Bitcoin Cash’s ecosystem.
It also supports smart contracts and ecosystem apps. Similar to Bitcoin, Bitcoin Cash crypto coin has a cap of 21 million. The goal of Bitcoin Cash is to be like “real” cash. Although BCH is accepted in almost 3,500 merchants and several cryptocurrency payment service providers, Bitcoin Cash still lags far behind Bitcoin in user adoption. While it boasts faster transaction speeds and lower fees compared to Bitcoin and other cryptocurrencies, these advantages come with trade-offs.
A lower adoption rate than its parent cryptocurrency limits its potential as an investment or medium of exchange. The trade-off for quicker transactions is a potentially weaker security system because of reduced mining power. The ongoing battle for dominance with Bitcoin has also affected Bitcoin Cash’s branding and market position. Furthermore, like Bitcoin, Bitcoin Cash relies on a proof-of-work system that consumes significant energy and raises environmental concerns.
Bitcoin Cash (BCH) is designed to be a practical, everyday digital currency. Its main use cases include:
On August 12, 2024, the BCH price is USD 344.63. The Bitcoin Cash price reached an all-time high of USD 3,785.82 on December 20, 2017.
Thinking about buying Bitcoin Cash (BCH) in Canada? Coinsquare, a crypto trading platform, offers a secure and reliable platform from which to buy and sell SOL. Get started today!
Yes, you absolutely can purchase Bitcoin Cash in Canada. You can buy it through a cryptocurrency trading platform like Coinsquare, where all your crypto purchases are quick and uncomplicated. Open an account today to discover how easy it can be to own Bitcoin Cash coins in as little as a few minutes.
There are many other Canadian and international cryptocurrency platforms where you can purchase Bitcoin Cash and participate in other crypto-based activities like staking. Many international platforms support transactions in Canadian dollars, but be sure to verify this before registering with them. Look for a platform that’s accessible for someone with your level of experience. The platform you choose to buy Bitcoin Cash should also feature robust security and exceptional customer support.
Another way to buy Bitcoin Cash is through a P2P platform. P2P platforms enable direct buying, selling, and trading of digital assets like Bitcoin Cash without banks or centralized platforms. They offer greater privacy and control over your funds compared to centralized platforms and typically have fewer expenses for things like overhead, which means lower fees for users. However, P2P transactions can be slower and more complex. Using a P2P platform to buy Bitcoin Cash requires time to learn the process and involves more manual effort, potentially prolonging each transaction.
Yes, as long as you do your due diligence on the platform you’re using for trading. Verify that the platform has a good reputation and has been in business for a reasonable amount of time. They won’t have as long a track record as a lot of companies because trading in crypto is still fairly new and because there are lots of mergers and acquisitions in the crypto space, but they should have a traceable history and positive reviews.
Any platform you choose should use normal security measures like two-factor authentication (2FA) and strong encryption such as SSL (Secure Socket Layer) to protect your data.
Remember that online safety is also partly up to you. Never share your passwords with anyone or record them somewhere where they can be easily uncovered. Don’t do Bitcoin Cash transactions while on public WiFi networks, change your passwords often, and always use strong passwords. Be vigilant about doing your part to secure your own account.
You can buy Bitcoin Cash and many other popular cryptocurrencies like SHIB, BTC, XRP, DOGE, LTC and more directly from Coinsquare’s secure, trusted trading platform.
The process is quick and easy. Sign up for an account and start your purchase by following these steps:
The increasing popularity of cryptocurrencies means that you can use them in more and more ways. Many retailers now accept Bitcoin Cash for online and even in-store purchases. In fact, money is transferred all over the world via various blockchains, including the Bitcoin Cash blockchain; opening the door to possibilities that might not otherwise exist.
You can use Bitcoin Cash to trade for other cryptocurrencies. Coinsquare customers can make trades directly from the platform. If you’re a beginner, access all the information you can about Bitcoin Cash and other cryptocurrencies before you get heavily into trading.
Go through the information available on Coinsquare’s website, which features many helpful explainers and blogs, as well as a real-time news feed about what’s going on with Bitcoin Cash and other currencies in the crypto space. There are many other sources for information about what’s new and exciting for Bitcoin Cash, such as:
As a cryptocurrency trading platform, we understand that you're curious about the potential for Bitcoin Cash's value to increase. It's important to note that the value of any cryptocurrency, including Bitcoin Cash, can be influenced by a wide range of factors such as market demand, technological developments, regulatory news, and broader economic conditions.
While historical performance and current trends can provide some context, past performance is not representative of future results. We recommend staying informed through reliable sources, considering a diversified approach to your investments, and only invest according to your risk tolerance.
Always make sure to do your own research and consider seeking advice from financial professionals before making any trading decisions.
Bitcoin Cash holdings are normally stored in special software applications called wallets. They can be divided into hot wallets and cold wallets. Due to their complementary functions, most investors use a combination of hot and cold wallets for their Bitcoin Cash holdings.
Hot wallets are digital applications used to store cryptocurrencies like Bitcoin Cash. Hot wallets are connected to the internet, making them easily accessible for transactions. These wallets are commonly used for everyday trading and transfers due to their convenience and ease of moving funds in and out of them.
Storing Bitcoin Cash in a hot wallet makes it quick and easy to access for trading and spending. Hot wallets usually have a user-friendly interface that makes them intuitive to use and suitable for people with limited experience in the crypto space. Hot wallets allow quick and easy access to your Bitcoin Cash for trading and spending.
The downside to hot wallets is that being online, they are more vulnerable to hacking, phishing and other types of interference. Some hot wallets are also custodial, meaning that a third party holds your private keys; this can pose a security risk in the event of a data breach.
Cold wallets are physical devices or offline storage solutions you can use to store Bitcoin Cash and other cryptocurrencies.
Unlike hot wallets, cold wallets are not connected to the internet, meaning that they are less vulnerable to hacking, phishing, and malware. This enhanced security prompts many investors to hold most of their Bitcoin Cash in cold wallets. Cold wallets also allow you to maintain control of your private keys.
Cold wallets are not as convenient as hot wallets for daily transactions; your Bitcoin Cash holdings need to be moved to a hot wallet for you to use to purchase goods or make trades. It is also possible to lose or misplace your cold wallets since they are physical assets. It’s crucial to have a backup of your wallets in a secure offline location in case you do lose them.
To open an account on a cryptocurrency platform in Canada, investors usually have to provide their full name, date of birth, current address, phone number, and e-mail address. They also have to scan and upload a government-issued ID such as a driver’s license and sometimes provide proof of address using a utility bill, bank statement, or a similar document that shows their full address. A selfie or photo is often required to match them to their government-issued identification.
Providing these details protects the investor and also ensures the security and legitimacy of Bitcoin Cash transactions on the cryptocurrency trading platform. Providing this personal information enables the platform to comply with regulatory standards.
The process of collecting personal information is known as Know Your Customer (KYC). KYC helps prevent illegal activities like money laundering, fraud, and terrorist financing. This is a regulatory requirement that Canadian registered marketplaces for crypto assets, like Coinsquare, must adhere to.
Although it may seem onerous and invasive to provide such personal information, you should be wary of any cryptocurrency trading platform that does not ask for this information when you open an account. Failure to conduct proper KYC procedures is an indication that the platform isn’t complying with industry standards or Canadian law.
Opening a Coinsquare account to buy Bitcoin Cash is very simple. Click on the Get Started button on our main Canadian webpage or downloading the Coinsquare app and enter the information as requested. Once your account is set up, you will need to fund it, which you can do directly from your bank via Interac e-transfer. Be sure to review the limits and other notes regarding funding your account with Canadian Dollars.
When you make your first deposit, there is a brief waiting period before your funds become available for investment, but after that, you’ll have access near instantly but can sometimes take up to 30 minutes of completing a transfer.
If you are using digital currency to make your initial deposit, the procedure is slightly different but still quick and convenient. If you have any issues making deposits, access the support documentation from our main page. If you can’t find the answers to your questions there, our Customer Success team is available 24/7.
Coinsquare is a leading cryptocurrency trading platform founded by Canadians for Canadians. We’re excited to welcome you to the ever-growing cryptocurrency world!
