Bitcoin Cash (BCH) is the 20th largest cryptocurrency by market cap, valued at US$9,749,144,109.
Bitcoin Cash is a highly volatile asset capable of major price swings in a single day. Today BCH is trading for $493.9 USD, which is higher than yesterday's trading price of $472.07 USD. Over the past year, Bitcoin Cash's price has seen an increase of 117%.
So before you buy Bitcoin Cash, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy Bitcoin Cash.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy Bitcoin Cash in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy Bitcoin Cash is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy Bitcoin Cash
You can now exchange your funds for Bitcoin Cash. On beginner-friendly exchanges, this is as simple as entering the AUD or BCH amount you want to purchase and clicking "buy".
Secure your Bitcoin Cash
Consider transferring your BCH to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy Bitcoin Cash in
Australia
Find an exchange to buy, sell and trade BCH by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this Bitcoin Cash guide up-to-date
BCH price data is regularly updated through data feeds so you always have the latest information.
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a fork of Bitcoin (BTC), which means it is similar but different to the original. Bitcoin Cash arose due a disagreement between various Bitcoin stakeholders, who wanted to take the protocol in different directions. As a result the blockchain forked, resulting in two separate blockchains and cryptocurrencies. Bitcoin received the majority of community support and held onto the name, while Bitcoin Cash established itself as a competitor. Bitcoin Cash is designed to facilitate faster and cheaper transactions than Bitcoin.
How do I find the best places to buy Bitcoin Cash?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy Bitcoin Cash?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Bitcoin Cash.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing BCH with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy Bitcoin Cash?
Once you've created an account, you will need to deposit funds to buy BCH with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy BCH:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase BCH by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for BCH on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy Bitcoin Cash?
The easiest way to buy BCH is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying BCH, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of Bitcoin Cash has been performing recently.
Best Bitcoin Cash wallets to store your BCH
You can keep your BCH on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your BCH below.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is Bitcoin Cash a good investment?
Buying cryptocurrencies is risky. Digital currencies are complicated and speculative assets, and there are multiple factors that can have an effect on the value of any coin or token. Make sure you research and understand the driving forces behind crypto price movements before making a purchase. If you're thinking of buying Bitcoin Cash, consider the following factors:
Branding: Bitcoin Cash is not the same as Bitcoin, despite attempts by some to confused new users. As such, do not think of BCH as a cheaper version of Bitcoin, they are distinctly different cryptocurrencies.
Difference to Bitcoin: The primary difference between Bitcoin Cash (BCH) and Bitcoin is that BCH uses larger (32MB) blocks, which means it can fit more transactions in each block. This makes for cheaper and faster transaction times.
Distribution: When the hard fork occurred, Bitcoin Cash coins were distributed to all bitcoin holders at a 1:1 ratio. If you held Bitcoin in August 2017 when the fork occurred, you may have unclaimed Bitcoin Cash (BCH) coins in your wallet already.
Adoption: Bitcoin Cash originated in mid-2017 and has failed to establish itself as the primary Bitcoin blockchain in that time. As such, be wary of the future of Bitcoin Cash, given it's failure to replace Bitcoin.
Dwindling usage: Data from blockchain research firm Chainalysis of payments received by 17 of the largest cryptocurrency merchant processing services worldwide revealed that Bitcoin Cash payments diminished by almost two thirds (-65%) between March and May 2018. However, it's worth pointing out that bitcoin experienced an even larger usage drop (~85%) during the same period.
Capabilities: During stress tests conducted in September 2018, Bitcoin Cash showed it was capable of handling up to 25,000 transactions per block. This equates to around 40 transactions per second (tps), which is well above Bitcoin's maximum capacity of around 7.
So many bitcoins: Bitcoin Cash is one of several bitcoin forks to include bitcoin in its name, with others including Bitcoin Diamond and Bitcoin Gold. Forked coins are viewed with scepticism by many crypto enthusiasts, while there's also the risk that the sheer number of bitcoin variants available confuses and reduces the number of potential buyers.
Today's Bitcoin Cash price versus ATH
Compare today's price of Bitcoin Cash ($493.9 USD) against its all-time-high price of $3785.82 USD on 20 December 2017. The closer the bar is to 100%, the closer BCH is to reaching its ATH again.
Bitcoin Cash's price: $493.9 USD ATH date: December 20, 2017
13.05%
Bitcoin Cash ATH: $3785.82 USD
How to trade, convert or sell Bitcoin Cash
You can convert or sell your BCH with the same exchange you bought it through:
Sign in to the exchange you have BCH on.
If you store your Bitcoin Cash in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of BCH you'd like to convert or sell.
Confirm the sell price and fees and close your sale of Bitcoin Cash.
Complete your transaction and move your BCH to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including Bitcoin Cash, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BCH is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Bitcoin Cash or any other cryptocurrency discussed.
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