Bitcoin is not the only popular digital asset in the world right now. There are several altcoins which are mined and traded each day who are just as popular. Bitcoin cash is one of those altcoins and it’s actually a fork from Bitcoin. Several bitcoin developers wanted to improve on their initial product; however, not all of them agreed with that. For that reason, they split up and created Bitcoin Cash as a superior coin. It’s influence on the market is still small but BCH could overcome BTC in the future. Nevertheless, before you start mining or trading with BCH, first you need to know how to get a bitcoin cash wallet.
However, before answering the question of how to get a bitcoin cash wallet, we need to explain what a BCH wallet actually is. A wallet consists of two very long sets of random numbers and letters. One of them is your wallet’s public address which other users will use to send BCH to you. The other is your private key which you can use to access the BCH funds and sign off on a transaction. To learn more about the topic of cryptocurrency and crypto wallets, visit this Bitcoin Dictionary section.
What is a Bitcoin Cash Wallet?
As we mentioned above, the wallet is basically just 2 large numbers which you need to remember. The public address is what you give to other people so they can send BCH to you. The private key is what you keep to yourself, like a password to an account. Any article that covers how to get a bitcoin cash wallet will tell you that no one but you should know the private key. If you forget or lose the key, you won’t be able to access the BCH funds. On the other hand, if someone else gets a hold of your private key, that person would be able to steal all the funds in your wallet.
If you’re registered with a cryptocurrency exchange that supports Bitcoin Cash, it will automatically provide a wallet for you. However, for the safety of your tokens, it is recommended you store them in a different wallet. This is because exchanges that provide wallet services essentially are in possession of your private keys and, by extension, your funds. Additionally, there are exchanges that offer all kinds of wallets. If you decide to go that way, make sure you pick an exchange that supports Bitcoin Cash. Getting a Bitcoin Cash wallet is similar to a Bitcoin Wallet. However, there are some differences and we will explain them below.
Different Types of Wallets?
As we mentioned in our How to get a Bitcoin Wallet article, there are different types of wallets out there. You could get a mobile wallet, a software wallet, hardware wallet, and a paper wallet. The choice you make basically depends on what your crypto needs are. All of these different types of bitcoin cash wallets have their advantages and disadvantages. Below, we will explain how they all work.
Paper Wallet
Essentially, a paper wallet is just a public and a private key printed together, usually in QR form for ease of use. A paper wallet is a type of ‘cold storage,’ which is the safest way of storing you crypto funds, as there is literarily no contact with the Internet. This makes paper wallets completely unhackable. Once printed out – you can do whatever you want with it: put it in a safe deposit box, keep it under your pillow or even bury it in your backyard. This way, your funds will be safely waiting until you’ll decide to spend them.
The easiest way of creating a paper wallet is saving a wallet.dat file from a wallet that keeps your private keys on your computer, printing it out and erasing the original from your computer afterward.
Hardware Wallet
In the cryptocurrency world, hardware wallets are as safe as storage gets. They look very much like conventional portable hard disks but designed specifically to be used to store cryptocurrencies. They generate transactions offline and on the go. This means you can plug them into any computer to make a transaction.
Just like paper wallets, hardware wallets are immune to cyber-attacks and hacking, as they aren’t connected to the Internet. Modern hardware wallets come equipped with backup options. They can be even further secured with a two-factor authentication or a PIN password. These days, all the major hardware wallets are also equipped with a screen. This is used so you can sign for transactions on the device itself.
Software Wallet
Unlike portfolios automatically provided by the exchanges, software wallets are installed on your computer or mobile device. Most of these keep the private key offline, in the same device in which they were installed. Creating a software portfolio is very simple: just download the appropriate application and follow the on-screen instructions. Additionally, most software portfolios support a large number of crypto-currencies. So, if you are planning on storing a coin that’s not very popular, a software wallet would be the best choice. Of course, that’s not the case with a bitcoin cash wallet.
The Best Bitcoin Cash Wallets
Ledger Nano S
Hardware storage provides offline storage solution, which makes it one of the most secure storage option available. Ledger Nano S is one of the most secure wallets. It has the ability to store your private keys in a secure element locked by a PIN code.
It provides two-factor authentication code support and the transactions are verified using OLED support by pressing buttons on the service. Ledger Nano S offers support to a variety of coins like Bitcoin, Bitcoin Cash, Ethereum, Litecoin and a range of other cryptos.
Trezor
Trezor is another hardware wallet, which is designed to provide safe offline storage, that protects against thefts and malware. This USB device is handy and very safe to use.
It includes features such as advanced cryptography, buttons, and a built-in screen so you can manually verify all transactions and secure PIN protection. The Trezor can be used to store a variety of cryptocurrencies like Bitcoin, Bitcoin Cash (BCH), Litecoin (LTC) and other cryptos.
Jaxx Liberty
Jaxx Liberty is becoming increasingly popular day by day as it provides a seamless user experience for storing Bitcoin Cash. It’s available on different platforms like Windows, Linux, and OS X desktops. That’s why it forms an integral part of the bitcoin cash wallets list.
Jaxx Liberty is even available on mobile versions such as android and ios as well as a chrome browser extension. This wallet is appropriate for the new users as the setup process is very simple to understand. It supports cryptocurrencies like Bitcoin, Bitcoin cash, Dash, Ethereum, Litecoin and many more. The private key always remains on the device for extra security.
Getting Free Bitcoin Cash Coins
If you were in possession of Bitcoin tokens before Aug. 1st, 2017 when the Bitcoin Cash hard fork happened, you are entitled to receive the same amount of tokens in BTH. The methods of claiming your free Bitcoin Cash tokens will vary depending on the kind of wallet you use.
If you’re using a full node wallet, which is a wallet that requires you to download the entire Blockchain, essentially all you need to do is back it up into a wallet.dat file. Once it’s done, simply import it into a full node Bitcoin Cash wallet. For instance, Bitcoin ABC, where you BCH tokens will be available to you.