Though controversial, Bitcoin Cash burst on to the scene and remains near the top of crypto mountain to this day. Some herald Bitcoin Cash as the answer to Bitcoin’s most nagging problems, and BCH investors think this currency has a very, very bright future.
If you want to jump aboard the Bitcoin Cash train, you’ll need a Bitcoin Cash wallet with which to store your coins. There are endless oodles of cryptocurrency wallets out there, most of which support Bitcoin Cash. How do you choose the right one?
The following list by no means exhausts the options out there for storing Bitcoin Cash. These are merely the most useful, the most secure, and the easiest to use. Choose one of these excellent options, and you’ll be very likely to keep your Bitcoin Cash BCH safe in the short and long term. So let’s get started!
The Ledger Nano S is the world’s best crypto hardware wallet (at least we think so). The demand for the Ledger Nano is great, so the Ledger company is frequently sold out. The excessive demand for the product has given rise to a rash of scammy imitation Nanos, some of which pop up on Amazon and eBay. If you buy a Ledger Nano S, do so only from Ledger, even if you have to wait a few weeks! After all, security is the Ledger’s crowning characteristic. Don’t sacrifice it just to get your unit a little faster.
The Ledger Nano S is a hardware wallet, the only of its kind which we’ll feature here today. It stores your public addresses and private keys. When it’s unplugged from your computer, there is no way to access it from the internet, making your coins truly secure. Even if someone were to steal your Nano, they’d have to type in your unique password. After three wrong tries, the Nano resets, leaving them with nothing.
But wait, what happens if that happens, or you lose your Nano. Fortunately, the Ledger Nano S will give you a secret code that you have to write down before you can use it. You can simply buy another Ledger Nano S, pop in this code, and all of your apps and coins will be regenerated within the new unit. The Ledger Nano S is the greatest marriage of convenience and security that we’ve ever seen in this industry. Your Bitcoin Cash will be safe here!
✓ Very, very secure
✓ Can be replaced if you lose it
✓ Replaces passwords on many wallets and websites
✓ Supports a wide variety of currencies
✓ Expensive
✓ Can only store 8-12 kinds of cryptocurrency
Breadwallet is a super convenient mobile wallet for Bitcoin Cash and a bunch of other cryptocurrencies. It’s meant to make crypto more useful in the real world, facilitating payments, as well as purchases of crypto with credit card, from ATMs, in convenience stores, etc.
Any mobile hot wallet will not be as secure as a paper wallet or the Ledger Nano S, but if you carry only small balances for spending, Breadwallet can be a useful tool in your toolkit. It’s perfect for people who are interested in more than just Bitcoin Cash, as well.
✓ Mobile!
✓ Free
✓ Make buying and spending crypto easy
✓ Not the most secure option
✓ Not recommended for someone just starting out
Exodus is a high quality multi-currency wallet which supports Bitcoin Cash and hundreds of others. It’s only available for desktop, but if you want to see all of your portfolio in one place, and be able to trade it without leaving the app, Exodus is the wallet for you.
✓ Intuitive/Attractive
✓ Supports hundreds of coins
✓ Supports in-wallet trades
✓ No mobile
Jaxx is another multi-currency wallet, very similar to Exodus. The design is a bit more confusing and not as attractive, but you can still trade within the wallet. Where Jaxx tops Exodus is with its mobile version. You can download it on your phone and computer and have two ways to access and spend your funds.
✓ Mobile and desktop available
✓ In-wallet trading supported
✓ Not the most attractive wallet in the world
Bitcoin Cash wallets like the one above are kind of like gift cards. They represent value. The codes printed on that paper wallet can be used to make Bitcoin Cash appear in any wallet. They make great gifts. They’re also the perfect way to store Bitcoin Cash for the long term (as long as you don’t lose them!).
You can make your own paper wallet by printing your Public Address and Private Keys, or you can simply write them down. They can’t be hacked because they exist in the real world.
✓ The most secure option for long term storage (just don’t lose it)
✓ Free to make your own
✓ Make nice gifts
✓ A bit inconvenient to get your coins back into the digital world (takes a minute or two)
✓ If you lose it, that’s it
Buying Bitcoin Cash and holding it in a wallet isn’t the only way to invest. eToro allows users to invest in Bitcoin Cash without a wallet. You’ll simply pay the market price for Bitcoin Cash, lock that money in a contract, and settle up the price difference when the contract expires. eToro is pretty much the easiest way to invest in Bitcoin Cash, without the possibility of losing your coins due to user error.
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Why Did Bitcoin Cash Fork From Bitcoin? Late in 2017, Bitcoin was slow and expensive. This was due to many problems, but this was the main reason Bitcoin Cash happened. It made several important changes to the Bitcoin software that the Bitcoin community couldn’t agree to implement in Bitcoin itself. This made it fast and cheap. Bitcoin has mostly solved those problems now, but Bitcoin Cash advocates still think the coin is better prepared for the future.
Is Bitcoin Cash Better Than Bitcoin? Not necessarily. It’s larger blocks allow it to handle higher demand, but Bitcoin Cash isn’t nearly as widely used as Bitcoin. It’s a young coin, so this is excusable. You have to decide if you believe in Bitcoin Cash’s future, and that of Bitcoin as well.
Is Bitcoin Cash a Scam? Lots of people think that Bitcoin Cash is a scam. Because Bitcoin holders got free Bitcoin Cash when it forked, the biggest Bitcoin owners made a ton of money very quickly. Bitcoin Cash also gives advantage to big miners that they wouldn’t otherwise have. Despite this, we don’t think Bitcoin Cash is a scam. It performs well and holds value as reliably as any.
Can I Use More Than One Bitcoin Cash Wallet? Use as many Bitcoin Cash wallets as you like. They all fulfill different purposes. Having more than one also allows you to split up your investment, so that if something were to happen to one wallet (like a hack), you wouldn’t lose everything you have.
Will Bitcoin Cash Grow in Value? No one knows how crypto prices will change in the future, but if the market rallies, Bitcoin Cash is almost certain to shoot up in value. If Bitcoin Cash continues to make inroads with real world vendors and investors, this too will drive up its price
Can I Mine Bitcoin Cash? You sure can. Sometimes Bitcoin Cash is more profitable to mine than Bitcoin is. You can even use the same software to mine both coins, so if you’ve ever been interested in mining Bitcoin, this can allow you to double up.
Can I Spend Bitcoin Cash? A growing number of vendors and merchants accept Bitcoin Cash as payment. Just look around. If you love Bitcoin Cash and you find someone who doesn’t accept it, just ask them to think about it. If they already accept Bitcoin, adding Bitcoin Cash should be a no-brainer.