Bitcoin Cash (BCH) is a cheaper and faster version of Bitcoin. However, like any other crypto, it requires a specialized wallet to store and manage your tokens.
This article will focus on creating a Bitcoin Cash wallet. We will explain how to pick a wallet type and make the first transaction!
What Is A Bitcoin Cash Wallet?
Bitcoin Cash is a cryptocurrency built on Bitcoin's base. It was created to overcome speed constraints imposed on the initial Bitcoin network, allowing users to make cheaper and much faster transactions. This makes it more practical for everyday purchases.
Bitcoin Cash wallet is a digital storage for your BCH tokens. Instead of physically storing tokens, it holds your private keys that give access to your holdings. Keep those keys safe and never share them with anybody.
Discover the differences between Bitcoin and Bitcoin Cash in this guide.
What Is A Bitcoin Cash Wallet Address?
A Bitcoin Cash wallet address is your unique ID for receiving BCH tokens. Anyone with that address can send you funds, but spending them still requires your private key.
BCH wallet address is pretty similar to a bank account number but it doesn't remain constant as the bank one does. A new wallet address is generated for every transaction to maintain privacy. Always double-check the address before sharing to confirm that it is valid, or the transaction won't go through.
Your BCH wallet address typically looks like a long sequence of characters. Here’s an example of Bitcoin Cash wallet address:
bitcoincash:qphz2pc2crvxvq338p0xpkq890pvwux24fuu890txq
How To Create A Bitcoin Cash Wallet
There are various types of BCH wallets available, and we will discuss them later. The creation process may somewhat vary among wallet types, but the overall steps are similar. There is a general guide on how to create a Bitcoin Cash wallet:
- Choose a Wallet Type
- Pick a Wallet Provider
- Download The App or Open The Website
- Create a New Wallet
- Secure Your Wallet
- Top Up Your Wallet And Manage Your BCH Tokens
As you set up your wallet, please use a strong password and enable 2FA if the service allows it. Remember to write down store a recovery phrase offline, it's essential for reaching your funds if you lose the device or forget your password.
Crypto Wallets That Support Bitcoin Cash
The options of crypto wallets that support BCH fall under these categories:
- Software Wallets: These can be accessed via your smartphone or PC. They are simple to create and convenient for processing daily transactions, though a dependable and secure Internet connection is required.
- Hardware Wallets: Such wallets store your private keys offline in a secure device. It reduces the risk of hacking, but it’s not as convenient for frequent usage.
To get more specific, the most popular Bitcoin Cash wallets include:
- Cryptomus
- Metamask
- Trust Wallet
- Exodus
- Ledger Nano S
Cryptomus can be considered the best Bitcoin Cash wallet due to its ease of use and strong security measures. Additionally, it allows you to buy and sell Bitcoin Cash, and has a built-in wallet for storing BCH alongside a handy converter and other financial features.
How To Make Transactions With Your Wallet?
Once you set up your wallet, you can use it for transactions. To send tokens from your BCH wallet, follow these steps:
- Open Your Wallet
- Go to the “Send” Section
- Enter the Recipient's Wallet Address
- Input The Token Amount
- Review and Confirm
You might need to enter your PIN to authorize the transaction, and the fees might be applied as well.
To receive BCH tokens, you’ll only need your wallet address. To get a Bitcoin Cash wallet address, open your wallet and find the “Recieve” section. The address will be displayed here, and you may copy and share it with others to accept BCH.
We hope this guide has helped you to understand how to create a BCH wallet. By following the steps indicated above and picking a wallet that meets your needs, you may confidently engage in the Bitcoin Cash ecosystem. Go on, head into the comments, and share your wallet pick or ask any question!
