The Ultimate Guide To Investing In Litecoin Cash

Litecoin Cash is a cryptocurrency that was created in 2017 as a result of a hard fork of the Bitcoin blockchain. The fork occurred due to disagreements within the Bitcoin community about scaling the cryptocurrency, specifically around the block size, which affects the volume of transactions processed per second and cost. At the time of the fork, everyone who owned Bitcoin was awarded Litecoin Cash.

Litecoin Cash is designed to be a peer-to-peer electronic cash system and offers faster and cheaper transactions than Bitcoin. It has a larger maximum block size (32MB) compared to Bitcoin's 1MB, enabling more transactions per second and lower costs.

If you're looking to invest in Litecoin Cash, there are several ways to do so. You can purchase it directly from another individual in person or over the web, or through a digital asset exchange such as Coinbase or Kraken. You can also try to locate a crypto ATM that offers Litecoin Cash, but the rates can be high. When choosing an exchange, it's important to consider factors such as fee structure, volume, reputation, and security.

Before investing in Litecoin Cash or any other cryptocurrency, be sure to do your own research and understand the risks involved.

How to buy Bitcoin Cash on Coinbase

To buy Bitcoin Cash on Coinbase, follow these steps:

Step 1: Create a Coinbase account

Download the Coinbase app and start the sign-up process. You will need a valid ID and may be asked for proof of address to transact, so have those ready. Verifying your ID may take longer than a few minutes, depending on where you live.

Step 2: Add a payment method

Tap on the payment method box and connect a payment method. You can use a bank account, debit card, or initiate a wire.

Step 3: Select Buy & Sell

On Coinbase.com, select Buy & Sell. On the Coinbase mobile app, tap the (+) Buy on the Home tab.

Step 4: Select Bitcoin Cash from the list of assets

On Coinbase.com, click the Buy panel to search and select Bitcoin Cash. On the Coinbase mobile app, search for Bitcoin Cash by typing "Bitcoin Cash" into the search bar. When you see Bitcoin Cash appear in the results, tap it to open up the purchase screen.

Step 5: Enter the amount you want to buy

Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert that into a Bitcoin Cash amount. You can tap the arrow buttons to the right of the amount of money you want to spend to switch the number to the equivalent amount of Bitcoin Cash.

Step 6: Finalize your purchase of Bitcoin Cash

Tap "Preview buy" when ready. You’ll be shown the details of your purchase. Make sure everything looks good and then confirm your purchase by clicking “Buy now”.

Once the order processes, you’ll be taken to the confirmation screen. That’s it, you’ve bought Bitcoin Cash.

How to buy Bitcoin Cash on Kraken

To buy Bitcoin Cash on Kraken, you will first need to create an account. You will need to provide your email address, country of residence and create a strong password to secure your account.

Once your account is created, you will need to verify your identity. With "Starter" verification, you can purchase Bitcoin Cash with other cryptocurrencies. You will need to provide your name, date of birth, country and phone number. If you want to use cash, like USD or EUR, you will need to provide some supporting documents to confirm your identity.

After verification, you can fund your account with crypto or cash. Depositing crypto to Kraken is as simple as sending it to a friend. You just need to generate a new deposit address in your Kraken account to receive funds from your crypto wallet. Funding your account with cash can be done through SWIFT, SEPA and domestic wire transfers, depending on your location and preference.

Once your account is funded, you are ready to buy your first Bitcoin Cash. Open the New Order page, fill out the order form and click "Buy".

It is important to note that Kraken is an exchange service and not a wallet service. Therefore, you should consider separating your holdings into multiple wallets.

How to buy Bitcoin Cash on Bitcoin.com

Bitcoin Cash (BCH) is one of the earliest competitors to Bitcoin (BTC) and was formed in 2017 from a hard fork led by Roger Ver, one of the early Bitcoin investors.

4 Ways to Buy Bitcoin Cash

According to Bitcoin.com, there are four main ways to buy Bitcoin Cash:

• Through cryptocurrency wallet apps like the Bitcoin.com Wallet app
• Through brokerages like eToro
• Through cryptocurrency centralized exchanges (CEXs)
• Through peer-to-peer crypto exchange platforms

Step-by-Step Guide to Buying Bitcoin Cash

• Download the Bitcoin.com Wallet app
• Tap the buy button and follow the instructions

Alternatively, you can buy Bitcoin Cash on Coinbase:

• Create a Coinbase account
• Download the Coinbase app and start the sign-up process. You will need a valid ID and may be asked for proof of address in order to transact, so be sure to have those ready. Verifying your ID may take longer than a few minutes, depending on where you live.
• Add a payment method. You can use a bank account, debit card or initiate a wire.
• On Coinbase.com, select Buy & Sell. On the Coinbase mobile app, tap the ( + ) Buy on the Home tab.
• Select Bitcoin Cash from the list of assets
• Enter the amount you want to buy. Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert that into a Bitcoin Cash amount.
• Finalize your purchase of Bitcoin Cash. You’ll be shown the details of your purchase. Make sure everything looks good and then confirm your purchase by clicking “Buy now”.

Key Considerations

• Why do I need to verify my identity to purchase Bitcoin Cash?
• What are the fees for buying Bitcoin Cash?
• How do I keep my crypto assets safe?

How to buy Bitcoin Cash on a crypto exchange

To buy Bitcoin Cash on a crypto exchange, you can follow these steps:

Step 1: Choose a Crypto-Trading Service or Venue

First, you'll need to select a cryptocurrency exchange that offers Bitcoin Cash. Popular options include Coinbase, Binance, and Kraken. These exchanges provide a platform for buying, selling, and holding cryptocurrencies.

Step 2: Create an Account and Verify Your Identity

Sign up for an account on your chosen exchange. You will likely need to provide personal identification information, such as a valid ID, proof of address, and sometimes even a Social Security card or similar documentation. This process may take longer, depending on your location.

Step 3: Connect Your Exchange to a Payment Option

Link a payment method to your account. You can use a bank account, debit card, credit card, or initiate a wire transfer. Some exchanges may have restrictions on certain payment methods, and fees may vary for deposits.

Step 4: Place an Order for Bitcoin Cash

Once your account and payment method are set up, you can start the process of purchasing Bitcoin Cash. Search for Bitcoin Cash on the exchange by its ticker symbol, BCH. Specify the amount you want to spend, and the exchange will convert it to the equivalent amount of Bitcoin Cash.

Step 5: Finalize Your Purchase

Review the details of your purchase, including the amount and price of Bitcoin Cash. Then, confirm the transaction by clicking the "Buy now" button or similar. After the order is processed, you will receive a confirmation, and the Bitcoin Cash will be added to your crypto exchange account.

Additional Considerations:

It is important to note that buying and selling cryptocurrency may have tax implications, so be sure to understand the legal, regulatory, and tax status of your transactions. Additionally, consider the safety and security of your crypto assets. You may want to transfer your Bitcoin Cash from the exchange to a secure personal crypto wallet, especially for long-term or large holdings.

How to buy Bitcoin Cash in person

If you're looking to buy Bitcoin Cash in person, there are several options available to you. Here are some detailed instructions to guide you through the process:

• Buy from an Individual: You can use platforms like LocalCoinSwap or Paxful to find individuals willing to sell Bitcoin Cash. These platforms allow you to browse sellers in your area and select a reputable seller with positive feedback. It is recommended to enable escrow during the trade to ensure the security of the transaction. When meeting in person, choose a secure location, and bring the agreed-upon amount of cash along with your phone or laptop to access your Bitcoin wallet.
• Bitcoin ATMs: Bitcoin ATMs, often abbreviated as BTMs, are convenient options for buying Bitcoin Cash with cash. You can use websites or smartphone apps like CoinATMRadar or CoinFlip (for the US) to locate a nearby Bitcoin ATM. When visiting the ATM, follow the on-screen instructions to deposit cash and receive Bitcoin Cash into your wallet. Note that Bitcoin ATMs may charge higher fees and offer less favourable exchange rates compared to other methods.
• Peer-to-Peer (P2P) Trading: P2P trading allows you to buy Bitcoin Cash directly from another individual, bypassing traditional exchanges. You can use P2P platforms to find sellers and negotiate terms, including the amount, price, and payment method. P2P platforms typically provide escrow services to ensure the security of the transaction. This method offers privacy and flexibility but carries a higher risk of fraud and price volatility.
• In-Person Meetings: You can also choose to meet people offline and exchange Bitcoin Cash tokens directly. Dedicated forums and blogs can help you connect with other traders based on proximity and credibility. During such trades, users typically scan the recipient's QR codes to send Bitcoin Cash and collect the corresponding fiat currency through bank transfers or cash payments. However, it is crucial to be cautious and thoroughly vet the credibility of the other party, as no third party is involved in these direct transactions.
• Bank Deposits: If you prefer a more conventional approach, you can deposit cash into your bank account and then use electronic payment methods to purchase Bitcoin Cash. Visit your bank branch and deposit the cash into your account. Once the funds are available, transfer them to a cryptocurrency exchange or trading platform that accepts bank transfers. This method provides security and ease of use but may involve identity verification and processing delays. Additionally, some banks may have policies against cryptocurrency transactions, which could lead to account restrictions.

Remember to stay informed about the evolving world of cryptocurrency and always exercise caution when engaging in cash-to-Bitcoin transactions.

Frequently asked questions