What is a Bitcoin Cash Wallet?
The history of Bitcoin Cash goes back to 2017, when it was created as a result of a split of the legendary Bitcoin currency. As the popularity of Bitcoin grew, the number of transactions increased, which led to the fact that many users could wait for hours, and sometimes several days, for their transactions to be completed. Such an inconvenience required a solution, and the emergence of Bitcoin Cash appeared to be that solution.
The main distinctive feature of Bitcoin Cash is the size of its block, which reaches 32MB, allowing it to carry out more transactions at the same time. By comparison, Bitcoin blocks are limited to only 1 MB. As a result, the speed of transactions and lower fees made the fork BCH currency attractive with crypto users and many Bitcoin miners have switched to Bitcoin Cash.
Why Do You Need a Bitcoin Cash Wallet?
Thus, with the growing popularity of Bitcoin Cash, there is a need for places to store bitcoin cash. Fortunately, the market is now overflowing with offers of various wallets for every taste and it will not be difficult to find the right one. However, this issue should be approached with caution, because it may turn out that the most elaborate and advertised wallet will end up with a hole through which your coins will be rolled out. This, of course, is nonsense and there can be no hole in a digital wallet. That is the beauty of it! However, scammers and hackers are quite a real threat to your savings.
Therefore, further in this article you will find a list and description of the best and most relevant Bitcoin Сash wallets that will suit your needs and keep your funds safe. But first, if you’re not sure yet if you should invest in this coin, let’s look at the reasons why others decide to deal with Bitcoin Cash.
Why do People Invest in BCH?
It should be noted that investment in any cryptocurrency is Russian roulette, since they are highly volatile, which means that it is hardly possible to predict how their prices will behave. When investing, you need to be prepared for the fact that just one statement by Elon Musk on Twitter, for example, can collapse the rate of a seemingly stable and well-established crypt. But there is nothing stable in the world of cryptocurrencies. And yet, many continue to take this risk consciously, hoping to hit the jackpot, because some have succeeded. Well, some have succeeded, some have lost their money. This is why you shouldn’t invest money that you cannot afford to lose.
There are several reasons why many people find BCH a desirable investment. First, it occupies an important place in the history of cryptocurrencies because it is one of the earliest and most successful forks of the original Bitcoin. Furthermore, it has some advantages over its “father”, such as transaction speed and lower fees. Bitcoin Cash is relatively stable compared to other cryptocurrencies, which also attracts new investors. CoinMarketCap’s current rating is # 12 with a market cap of $ 11,012,117,327 USD. Its price has dropped to 1.72 in the last 24 hours (on the day of this writing) and now it’s $ 586.97 USD.
It should be noted that Bitcoin Cash started trading at around $ 240 on August 1, 2017, and hit an intraday high of $ 4,355.62 on December 20, 2017. Well, such a fluctuation in the exchange rate could be used to bring considerable benefit. And most likely such sharp jumps are not the only ones, so there is a possibility that an investment in Bitcoin Cash can be profitable if you buy it today.
Looking at its past performance and analyzing various technical indicators, it can be concluded that Bitcoin Cash may rise in value in the near future. Some experts argue that Bitcoin Cash could double in 2021. According to figures provided by Digital Coin Price, Bitcoin Cash could hit $ 700 by the end of 2021.
Either way, if you decide to invest in BCH, do your research, observe the market, charts and proceed with caution.
What to Look for in a Bitcoin Cash Wallet?
To avoid disappointing your choice of where to store your BCH coins, consider the following factors to help you find the best wallet for Bitcoin Cash:
- BCH compatibility. Before you decide to acquire a specific wallet, make sure that it really supports the bitcoin cash cryptocurrency. Indeed, even if a wallet is compatible with bitcoin, this does not mean at all that it will be suitable for storing bitcoin cash; although they have “family ties”, these are completely different cryptocurrencies.
- User friendly. The wallet you have chosen, namely its interface and set of tools, should be clear and easy to use. The cryptocurrency issue is already quite complex, so managing your assets shouldn’t be painful for you. That’s why you should look for simplicity and convenience.
- Advancement. Check if the wallet has a development team that will improve and add new wallet’s features. The wallet must be constantly updated to keep up with new developments and technological trends.
- Safety and backup. It is one of the most important factors you should pay attention to if you want to keep your income safe. The wallet must have all needed features to guarantee your asset preservation such as 2FA, PINs and advanced encryption. There also has to be a backup feature so you can restore your wallet.
- Customer support. Since using the wallet can be difficult and unforeseen, it is very important to have an effective customer support service on hand. Find out how you can contact customer support in case of problems and how quickly they respond to customer inquiries. Read the user reviews to see if they are satisfied with the work of this service.
- Good reputation. Finally, check out the feedback from other users to see if they are satisfied with a wallet. A good name is better than any advertisement. Consider how long a wallet provider has been around to define whether it offers a reliable and reputable option for storing cryptocurrency.
Types of Bitcoin Cash (BCH) wallets
There are different types of wallets, which can be classified according to their characteristics, the platform they run on, the way they operate (with or without Internet connection), the type of management, the key storage methods, and the way they interact with the blockchain.
Here we are going to analyze the advantages and disadvantages of the following five types of BCH wallets:
- Hardware Wallet;
- Desktop Wallet;
- Mobile Wallet;
- Web Wallet;
- Paper Wallet.
Bitcoin Cash (BCH) Hardware Wallets: Pros and Cons
Hardware wallets are very similar to conventional portable hard drives. To make a transaction you need to connect them to any computer. Moreover, the transactions may be generated both offline and on the go. This type of wallet is preferable for storing considerable amounts of Bitcoin Cash. Here’s why:
|➤ They are immune to cyber-attacks and hacking, as they aren’t connected to the Internet.|
➤ Goes with a backup option, which allows you to restore the wallet.
➤ Perfect for storing large amounts of BCH.
|➤ Quite expensive. You will have to pay about $100 or even more for a good one.|
➤ The wallets are limited edition so it can sometimes be difficult to find the one you like.
➤ Not so easy to use especially for beginners.
Bitcoin Cash (BCH) Desktop Wallets: Pros and Cons
Desktop wallets are installed on your computer or laptop. To create one for yourself you need to download a client to your device and instal it following the instructions. They can be cold, if your device isn’t connected to the network or hot – if it is. There are Bitcoin Cash desktop wallets for Windows, macOS and Linux. This type of wallet is useful for those who have several cryptocurrencies as they can create multiple wallets that will allow them to exchange between various cryptocurrencies.
|➤ Possibility to store several cryptocurrencies.|
➤ Safe from malware and virus threats if you transact offline.
➤ Comfortable to trade Bitcoin Cash from your computer.
➤ You don’t have to share your private keys with a third-party.
|➤ Not convenient to trade BCH on the go.|
➤ Becomes less secure if connected to the Internet.
➤ You can lose your BCH coins if your computer breaks.
Bitcoin Cash (BCH) Mobile Wallets: Pros and Cons
BCH mobile wallets can be downloaded to smartphones and tablets that run on both iOS and Android systems. This wallet, which is provided as an app, is really handy because you can use it to pay for goods or services just like you use Google or Apple Pay. However, it is better to use this type of wallet for storing small amounts of BCH, since being connected to the Internet, they are at risk of infection by malware and viruses.
|➤ Convenient to use the app for on-the-go transactions, such as payment for goods and services.|
➤ Security in the form of QR codes make them more secure than ordinary online wallets.
|➤ You can damage or lose your mobile phone, which will mean losing your BCH.|
➤ There is a threat from malware and mobile viruses.
Bitcoin Cash (BCH) Web Wallets: Pros and Cons
Web or online wallets operate just like your credit card if its information is stored in your browser. It means that making payments for services and purchasing goods using a BCH web wallet is as convenient and fast as with a regular credit card. But there is the “far side of the Moon” that cannot be seen from the Earth. It is the security of this type of wallet. The fact is that when registering a wallet, you indicate personal information. Information about private keys is also stored on the server. This makes it vulnerable to various cyber threats and attacks. Thus, they are suitable only for small amounts of Bitcoin cash.
|➤ Convenience. You can manage your funds and private keys as long as you have Internet access.||➤ Less secure in comparison with other types.|
➤ Risk of being hacked and, as a result, losing your BCH coins.
Bitcoin Cash (BCH) Paper Wallets: Pros and Cons
Paper wallets are also among the safest ones. Since they are cold, that is, used offline, they are not susceptible to hacker attacks and other cyber threats. But it is necessary to fulfill a number of conditions in order to ensure the safety of your funds. Private and public keys are printed (usually in QR code), so you need to make sure that such keys are generated outside the network, that is, all devices must be disconnected from the Internet. After creating the keys, you should erase the history, and check the devices for malware. Keep your printed keys in a secure space: in a safe, in a bank or in a chest buried in the backyard. The main thing is not to forget where it is and protect it from external damage. A paper wallet is suitable for a large sum of BCH.
|➤ You control your keys; hackers can’t access your wallet information.||➤ You control your keys; If you lose or damage a sheet with printed keys, you might not be able to access your BCH wallet as well.|
List of 10 Best Bitcoin Cash Wallets
Take a look at the list of top Bitcoin Cash wallets, where you will find representatives from each wallet type.
Ledger Nano X
The latest hardware wallet by Ledger is considered to be the safest one, which is good news for holders of large amounts of Bitcoin Cash. Thanks to the latest technologies, end-to-end encryption and a highly secure chip, the wallet is almost impossible to hack. In addition, unlike its predecessor, the Nano S, which was more suitable for experienced users, the new version will not cause any difficulties even for a beginner. The screen displays all the information about transactions, and with just two buttons you can fully manage your assets. Moreover, you will be able to connect your wallet to the device not only using USB, but also using Bluetooth which the new version is equipped with. In addition to Bitcoin Cash, the wallet supports more than 1100 of other cryptocurrencies. The only downside is its price. But it is definitely worth it.
Trezor One or Model T
This is probably one of the most popular hardware wallets out there. With cutting-edge cryptography and 2FA, Trezor has earned a reputation for being a secure and trustworthy wallet. Its functions are similar to those of the Ledger Nano S. The difference between the Model One and the Model T is that the Model T has a color touchscreen and no buttons.
Another hardware wallet that claims to be virtually invulnerable and resistant to hacker attacks. Aside from Bitcoin Cash, it supports Bitcoin, Dogecoin, Ethereum, Litecoin, Dash, and Namecoin. In addition, it is cheaper than the hardware wallets presented above. Yet, some find it too cumbersome to carry around.
This is one of the most popular options for people who like to have their BCH wallet right on their computer or mobile phone. Exodus has a friendly UI that allows you to view the balance, receive and send Bitcoin Сash with a few clicks. Even beginners will get the hang of it. It collaborates with ShapeShifts and is ideal for both experienced crypto traders and newbies. When it comes to desktop wallets, security is the first thing that concerns users. Exodus developers ensure that their product is completely secure and reliable. Your private keys are not kept on the company’s server. They are encrypted and stored on your hard drive, which means they are completely under your control. Yet, the fact that it still doesn’t have a 2-factor authorization, bothers a lot of users.
This multi-cryptocurrency wallet can also diversify your computer desktop or phone screen with its orange icon. Thanks to a clear and user-friendly interface, even beginners who have not previously dealt with crypto will be able to figure out how to send and receive their BCH. The wallet is rapidly evolving and is compatible not only with a dozen cryptocurrencies, but also with various platforms such as macOS, Windows, Linux, Android, iOS and Chrome Extension. The private keys are stored on the user’s device, but the security issue is still acute as the wallet lacks two-factor authentication.
This light desktop and mobile wallet, as well as Coinomi, is also not adaptable to iOS. While Android users are able to appreciate all the benefits of this wallet, such as quick installation, usability and additional protection with multisig functionality. No wonder why many consider it the best Android Bitcoin Cash wallet.
This web and mobile wallet is designed specifically for BTC and BCH cryptos, and cannot be used for others. The quality is guaranteed by the fact that BTC.com wallet is supported by Bitmain Technologies, which means that the user can count on decent service and reliability. The interface and installation are clear and convenient even for a beginner. In terms of security, in spite of the fact that a web wallet can never compete with the level of protection that a hardware wallet can offer, BTC.com has some impressive features such as multi-signature transactions and 2FA.
This is one of the oldest mobile wallets, which has a lot of fans due to its intuitive interface and rather serious protection of personal data and assets. Coinomi does not collect information about its users, so that even their IP addresses are encrypted. This is why some consider it to be the best Bitcoin Cash mobile wallet. Some, but not iPhone owners. To its own disadvantage, the wallet is not compatible with iOS, but soon it is promised to be fixed so that the owners of Apple devices can also use it. In the meantime, they can use Jaxx or BTC.com Bitcoin Cash wallet for iOS.
To get a paper wallet for your BCH, you need to visit the CashAddress website and print off your private keys with the help of clear instructions. This wallet is not as convenient and less functional than other types of wallets, but it cannot be hacked and is ideal for saving large amounts of BCH.
Kraken is an alternative to conventional types of wallets. It’s an exchange platform with an integrated wallet where you can keep your BCH coins. Surely, it is never advised to store your coins on exchanges. But for traders who want to be on the wave and speculate on the opportunities that appear in the market, it is very important to react quickly in order not to miss their chance and get the desired benefits. Thus, this is an option for those who can afford to risk their assets.
Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.