How to Create and Use a Bitcoin Cash (BCH) Wallet

News about the emergence of Bitcoin forks has always caused a stir among people involved in cryptocurrency. On August 1, 2022, such a fork occurred, as a result of which a new Bitcoin Cash coin appeared. And if there is a new coin, it means that users will be interested in where to store it. To do this, you need to figure out how to create a wallet for Bitcoin Cash, and what kind of Bitcoin Cash wallet is suitable for the new cryptocurrency, because you can use more than one wallet to store it.

The fork called Bitcoin cash still needs to be received, but how to do this depends on the address of your wallet to which the transfer is made. That’s why it’s so important to initially choose the appropriate option where you can store your Bitcoin cache safe and sound. The peculiarity of this fork is that the calculation rules have been changed, so it will no longer be possible to use the usual SPV wallets. Even Bitcoin wallets will reject the block headers of the newly minted cryptocurrency. We will get dissonance, and the new cache owners will not be able to use the new acquisition.

But there is an alternative to regular wallets. This is Bitcoin Cash wallet. It was specially developed for the new coin, which means it is adapted for storing this cryptocurrency and operations with it. This is a necessity since everyone who had Bitcoins received an equivalent amount of the new cryptocurrency. But it needs to be stored somewhere. Why not in regular wallets? Due to the features of the new product:

• Bitcoin's cache block is noticeably larger - 8 MB;
• The coin has protection against replay or erasure. There are differences in transaction signatures, and fork blocks must be larger than one MB;
• Blockchain provides the ability to quickly adjust the complexity of proof-of-work. For example, in Bitcoin the difficulty adjustment interval is 2016 blocks.

This is why it is so important to discuss how to create a Bitcoin cash wallet, otherwise you will lose your assets or will not be able to fully use them.

Registering a wallet for Bitcoin Cash

Creating a Bitcoin cash wallet is not all - you also need to register the wallet. The most obvious and easiest way to do this is to go to the official website of the coin. This is the easiest way, so first we will consider this method. Although if you find another, convenient option for yourself, how to open a wallet for this coin, you can use it. The registration principle is the same almost everywhere, with the exception of a few minor nuances.

So, let's look at the step-by-step instructions for creating a wallet for Bitcoin Cash:

• Go to the main page of the site using the specified link bitcoincash.org, and click on the “Wallets” button;
• The system will take the user down the menu. You need to select a suitable wallet from the list provided. There are many of them, so look for an option that will allow the user to acquire a Bitcoin cache address;
• When you choose the type of wallet you want, use a private key or seed. A seed is a phrase consisting of twelve words;
• When you gain access to your personal wallet wallet, you need to open the client and study the optional set of programs presented.

To ensure the security of the equipment, you can transfer all the cryptocurrency that was received as a result of the fork to a new address. Then logging into the “client” is safer, since nothing can be stolen from a zero balance. For example, let's withdraw money to Copay. This procedure occurs as follows:

• Create a Copay wallet;
• Register another wallet here, but using a different password and seed;
• Transfer the entire amount of cryptocurrency you have to the newly created address;
• Switch to your old wallet with a zero balance. But you need to use its seed to open a wallet that supports BCC. We recommend using Electrum Cash or Freewallet;
• Log in to your wallet account and look at the Bitcoin Cash amount. It should be equal to the amount of Bitcoins. That is, get profit right out of thin air.

Now you can use any suitable wallet to use the new cryptocurrency.

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Create a wallet

Security Factors of Crypto Wallets

In order to avoid becoming a victim of hackers, burglars and thieves, it is important to worry about such a parameter as the security factors of crypto wallets. To protect yourself from negative aspects, you need:

1. Securely store private keys (preferably on a device without access to the network).
2. Do not download unverified, unofficial programs and files.
3. Be careful when visiting websites and checking addresses (so as not to end up on fake sites and enter login data there).
4. Do not follow unverified links, even if they came from acquaintances and friends.

Or use the services of platforms such as Matbea. To access your account and savings, comprehensive three-factor authentication is implemented. It will be difficult for any ill-wisher to pass it. Even if someone finds out the password and 1-2 verification tools, you will not be able to log into your account.

Mobile application from Matbea for transactions with cryptocurrencies

For maximum protection within the service, it is recommended to use the Matbea mobile application for transactions with cryptocurrencies. It is installed on iOS and Android OS. The first operating network is extremely closed and has no chance of being hacked. The second one is also safe if the phone has not been modified and has not downloaded unverified files.

Which wallets support BCC

You can’t put cryptocurrency in a regular wallet; you need special wallets for Bitcoin cash. These crypto wallets are designed for storing funds, and when choosing such a virtual “accessory” it is important that it is secure. When it comes to cryptocurrency, especially the Bitcoin fork, wallets must be secure, so if you download a wallet, make sure it is secure.

So that you don't have to search for a long time, we tried to select several other wallets for bch. So, let's look at which wallets are suitable for storing BCC:

• Rahakott. A fairly young but promising multi-currency wallet that also supports Bitcoin Cash.
• Bitcoin ABC. A good wallet that supports cache storage. To run it, you need to download it to your computer;
• Ledger. This is a cryptocurrency hardware wallet. This wallet can store not only the fork in question, but also other cryptocurrencies: Bitcoin, Ethereum, Litecoin, and so on. Outwardly, it is something like a flash drive with a screen, but in functionality it differs from a drive. A very reliable option for storing expensive coins;
• Trezor. Another popular hardware wallet that allows you to store a new coin. It looks like a small device equipped with two keys. You can connect it to your computer using the USB interface. A simple and convenient wallet to store money in bcc;

• 
  Electron Cash. Users vying with each other claim that they cannot find a more convenient wallet. This option is easy and simple. It is ideal for storing Bitcoin Cash coins and for small transfers. It's easy to install and use. There is no need to synchronize with the network, since the data is already stored on the network.

As is already clear, all these wallets support Bitcoin cash, but the hardware models may be more expensive, but the user can store their Bitcoin cash very reliably. Although if you use other types of wallets, you can also get a personal key to them and use BCC coins. But it's important to consider other types of wallets that may be suitable for users looking for the perfect option.

BitCash does not live by a single cold wallet

In fact, cold wallets are not limited to hardware and software solutions. To store relatively small amounts, you can use a paper wallet. This is literally a piece of paper on which copies of public and private keys are printed.

Paper invoices are generated by special services, issued to the user in the form of a set of numbers or a QR code. This is the most reliable wallet from a security point of view, because hackers are simply not able to access it. However, if the printout is lost, the funds will also be irretrievably lost.

For the richest investors, the Bitcoin Cash storage service began to be provided by “cold” gold and currency storage facilities. For example, one of the leading companies in this area, Goldmoney, offers its clients BCC as an investment asset along with precious metals.

Full node wallets

If you are looking for bch wallets, first of all you need to pay attention to full node wallets. Among such models, Bitcoin Core or Bitcoin Knots look especially advantageous.

The peculiarity of such wallets is that they store your private keys on your computer in a separate folder. And if necessary, the system provides the ability to make a backup. When you do this, you can import this backup into a full Bitcoin Cash node. But until this procedure is completed, it is better not to import anything else or install any software that is related to Bitcoin Cash. The fact is that the software was developed at a fast pace, so it was unlikely to be thoroughly tested.

In general, for now, users recommend not importing private keys into software that has not been verified. It is better to wait until there are more user reviews to learn more about the problems that arise with the use of the wallets in question. Only then can you generate an address for bch with more or less relative safety.

Moreover, information is increasingly appearing that some Bitcoin Cash full node wallets (for example, Bitcoin ABC) cannot work properly with Bitcoin software. So, if you want to use such resources, it is better to refrain from installing such conflicting devices. In particular, as practice shows, it is better not to install full Bcash wallets on computers with Bitcoin Core. It is much more efficient to connect the program on other computers where you can get the address, without worrying about the security of your BCH coins.

Of course, there is an alternative, which was proposed by NBcoin developer Nicholas Dorier. He developed a tool that allows you to separate BTC and BCH, then there will be no problems with wallets. But it is not suitable for beginners, as it requires intervention in the operating system command line. Even professionals don't always cope with this.

Safety first

Where to get a Bitcoin Cash address is not the most difficult question if you follow the step-by-step instructions and choose a good wallet for yourself as storage. But there is another problematic question - how to get a bitcoin Cash address safely and without risking the bitcoins you already have in your account.

The principle of safety and reliability is always key and mandatory, and in order to receive BCC without problems, you need to take care of two points:

1. protect your private keys;
2. do not make any transactions for two to three days.

Paper wallets

The second one on the list is paper wallet. There are not many such Bitcoin cash wallet models. Among the most famous and relatively reliable are Electrum and its BCH version Electron Cash.

This wallet was developed by Thomas Voegtlin. He pointed out that the wallet does not have built-in support for the new cryptocurrency, but users will be able to transfer private keys from addresses where coins are stored and use them anywhere. But they were also told that they should not be in too much of a hurry to withdraw or spend the coins they received. Again, due to the fact that the services have not yet been sufficiently verified by peers, therefore they cannot be considered absolutely safe.

Paper wallet CashAddress is a paper document that stores the new BCH cryptocurrency. It contains copies of keys that are used for both public and private access. To make it more convenient, it is better to use exchange wallets. But it’s easier to lose control over them, which is a huge disadvantage of the system, since the coins are at the constant disposal of the exchange.

But the use of the wallet in question guarantees the preservation of a backup copy, and therefore is beneficial. If you have a copy of the cryptocurrency wallet file, it will allow you to recover assets in the event that the computer or portable device on which the coins are stored is broken, lost, or the owner's access to the assets is otherwise blocked.

Pros and cons of cold wallets

Like any technical solution, cold wallets have their positive and negative sides. Spoiler: there are still more positive aspects. So, let's take it in order.

Advantages of cold wallets:

• safety. Only you have access to private keys, no one else. Multi-factor user authentication is often required. Hardware solutions have the highest degree of protection, followed by “thick” software storage, and “thin” clients complete the list;
• support for different operating systems, including mobile versions;
• ease of use;
• multicurrency.

The main disadvantages are usually listed as:

• transaction speed. Since all blocks are downloaded, the operation takes much longer than online services. And the first download of chains can take several hours. For most users, this is the main disadvantage of this method of storing BCC;
• loss of private keys. Since all responsibility for protecting cold wallets rests with their owners, you should not forget to make backup copies of the key file;
• equipment breakdown. If your hard drive or flash drive is damaged, there is a 99.9% chance that your cryptocurrency savings will be lost. The same backup saves you from this.

To be fair, it must be said that some hardware storage devices have the ability to restore coins even if the device itself is lost.

Hardware wallets

Hardware wallets are physical stores of coins. You can see them, touch them, hold them in your hands. But there are not many wallet options that support Bitcoin cash. We tried to collect several popular wallets:

• 
  Ledger Nano S. The device in question is excellent for storing BCH coins. Content security can be ensured using private keys installed in the device. To make a payment in this wallet for Bitcoin cash, all you need to do is confirm the transaction by pressing your finger on the keys of the device. This service allows you to make backup copies, which greatly simplifies the life of owners of such equipment if the keys are lost.;

• Trezor. This wallet is designed as a flash drive. It has almost the same parameters as the Ledger Nano S. The safety of your money can be ensured even if you connect the device to a laptop, computer or other equipment with Internet access. But to enter this service, you need to enter your PIN code in the window that opens. Only when the system recognizes the entered password will the device be unlocked. The peculiarity of this wallet is that it supports work with a huge list of other cryptocurrencies.;
• KeepKey. Wallet KeepKey for Bitcoin cash is a hard wallet, a so-called cold storage device. It is recognized as the most reliable and safe. But this is achieved by a not very convenient method. In particular, the device is too bulky, which creates certain inconveniences. In addition, the device can run exclusively on its native firmware. Here you also need to enter a PIN code. This is a protection mode that is also used on other wallets. The special feature of the wallet is that it supports five other coins.

These wallets are deservedly considered the safest, but they are also more expensive than all those presented above. However, purchasing these wallets is the best way to store all assets that are somehow related to Bitcoin, since their value is expected to increase.

Cloud mining

If you don’t want to purchase equipment, take care of it, look for a separate room for it, pay electricity bills, etc., then you can consider the option of cloud mining.

For example, contracts for BCH are offered by the IQ Mining service.

You can independently choose the amount of power purchased. Terms – from 1 year to unlimited duration.

IQ Mining immediately shows the approximate income in case of purchasing a contract. At the moment, the situation is such that in a month you can earn from 29 to 57 dollars by mining BCH. That's not a lot. It will take several months to even pay off the contract, so this option should be considered before purchasing.

Bitcoin Cash (BCH) cloud mining contract

Blockchain.info

Bitcoin Cash can be obtained through Blockchain info. To do this you will need to go through the following procedure:

1. 
   Step one

   . Go to Blockchain info and register on the resource. Registration is simple: enter your email, create a password, agree to the rules and click on the “Create a new wallet” link.
2. Step two . Switch the blockchain to Bitcoin Cash mode in your account. This can be done using the link located under the logo. Be sure to do this, otherwise you will transfer your Bitcoins to your Blockchain wallet instead of Bitcoin Cash. So before you get a new cryptocurrency, be careful, otherwise you will create unnecessary problems.
3. Step three . Here you can clearly evaluate whether the switch worked. In particular, the interface will change its default color to orange. Next you need to go to the “Settings” section. You also need to find the “Tools” section. Below is the “Import External Wallet” button. That's what we need.
4. Step four . A window will appear on the network with two possible scenarios. First, load the wallet using a backup phrase consisting of twelve words received during registration. The second is using a WIF key. Select the appropriate option.

But users sometimes do not know either the backup phrase or the WIF key. This can be calculated in the Blockchain info where Bitcoin cache is stored in the support section. You just need to find the section “Settings” - “Security” - “Phrase for wallet recovery”. Just copy them and that's it.

If the phrase is missing or you haven’t found it for some reason, look for the WIF key. To do this, go to the “Settings” – “Addresses” – “Wallet” – “More Options” – “Private Key” – WIF format section. Having done this, you can use your new wallet.

conclusions

As you can see, Bitcoin Cash has many storage methods, each of which has its own advantages and features. Mobile and browser wallets are easy to create and use, while desktop wallets are more protected from hacker attacks. Hardware wallets are the most reliable method of storing cryptocurrency, but require financial costs to purchase. Whatever option you choose, you should always remember that if you lose your keys and passwords, it will be problematic to regain access to your savings, so you should approach creating a wallet responsibly.

Bitcoin Cash on WebMoney

After the Bitcoin hard fork occurred, the WebMoney payment system immediately responded to this with the command of a new built-in currency - WMH. The title in question is equivalent to Bitcoin Cash, where 1 WMH on the wallet is equal to 0.001 BCH. This way, you don’t have to worry about creating a separate wallet, but store coins in the WebMoney system.

This is much more convenient when you need to withdraw cryptocurrency. Money and time are saved, since you don’t have to send coins a hundred times from one place to another, especially if you buy Bitcoin Cash on an exchange.

Creating a wallet on WebMoney is very simple. The only condition that must be met is having an account and having a formal certificate. Next you need to do the following:

• Log in to your WebMoney account;
• Click on the "+" icon to add a wallet;
• Among the available offers, stop at WMH;
• Indicate that you accept the terms of the agreement;
• Click on “Create”.

The resulting wallet will have its own address. Something like H259732103741. It is not the same as the standard Bitcoin Cash wallet, therefore, in order to send currency to this address, you will additionally need to generate another address. To do this, go to “Wmtransfer” – “Enter BCH” tab – “Receive” link. For correct transactions, it is better to send amounts of at least 1000 satoshi and round them up.

How to top up bch wallet

To replenish a Bitcoin cash wallet, you just need to know its public address and use the services:

• cryptocurrency exchanges;
• exchanger website;
• cryptomat;
• another person who has BCH (not so secure).

No other data except the address (consists of a long, without spaces, list of Latin letters and numbers) needs to be indicated to anyone. The public key (sending address) is shorter than the private one. Don't get confused.

The cheapest rate to exchange a cryptocurrency for another cryptocurrency will usually be on an exchange. A favorable exchange rate for fiat to Bitcoin Cash can be found at exchangers. Almost everywhere now accepts payments from Visa and Mastercard.