Bitcoin Cash Wallet
When Bitcoin was introduced in 2009 by the still-unknown Satoshi Nakamoto, many people raved about it and is now considered as the most valuable digital currency in the world. However, with its continuously increasing popularity, its full capabilities in bringing fast transactions are being threatened. As a result, miners, investors, and innovators from 5 independent development teams created a new version of Bitcoin—the Bitcoin Cash (BCH). This raised questions like what is Bitcoin Cash, will users need to create new Bitcoin Cash wallet accounts and more.
Bitcoin Cash is the product of the hard fork that happened on August 1, 2017. The old Bitcoin was split into two and the existing codes were changed. This gave birth to a new cryptocurrency. Bitcoin Cash still supports peer-to-peer decentralized transactions but has bigger and better offers than the regular Bitcoin. The most notable one is its 8MB blocksize that can process 28-34 transactions per second.
Bitcoin cash is as valuable as Bitcoin and any other digital currencies, you need to carefully store it, hide it from hackers and identity thieves. To do this, you need a BCH wallet. Storing your Bitcoin Cash is the same as storing your regular Bitcoins, but the former gives you the option of choosing whether the credits would be Bitcoin or Bitcoin Cash. Your regular Bitcoin balance will first be credited to the BCH chain, then splitting the coins from the chain to your Bitcoin Cash wallet or Bitcoin wallet becomes your responsibility.
Bitcoin Cash wallets
You can actually store your digital coins in a Bitcoin Cash wallet or exchange accounts one you start to buy and sell Bitcoin Cash. But, many users claim that using exchanges is more vulnerable to threats. If you own a large amount of BCH and you often keep it for longer periods, keep them in Hardware or Software wallets:
1. Hardware Wallet – physical wallets that can either be a connected device or a disconnected one. These can be in the form of microchips, hard drives, or flash drives. These types of wallets are not prone to online attacks.
2. Software Wallet – when using a software, you can store your Bitcoin Cash in a Hot Wallet (online) or a Cold Wallet (offline). Hot or online wallets can be websites or web applications that can be accessed anywhere with an internet connection. On the other hand, Cold or offline wallets can be downloaded in desktops and mobiles, you just have to provide QR codes when making transactions. These types of wallets cannot be physically lost anywhere since the private keys are stored in a software.