Bitcoin Cash is known as a peer-to-peer decentralized digital currency that was launched in August 2017 and it was formed from a fork of Bitcoin. Its formation was as a result of the different that was there in viewpoints in the BTC community on how to scale the network. When a lot of people started to use Bitcoin the network was overwhelmed and it was struggling to keep up with all the volume of transactions. This resulted in Bitcoin users having to wait for hours, even days before they could see their transactions going through. When you are choosing a wallet you have to make sure that you choose the best one that will help you to keep your funds secure. The difference that is there between Bitcoin and Bitcoin Cash is the size of blocks on the blockchain. More transactions are processed when using Bitcoin Cash in one block by making an increase in the block size from Bitcoin’s 1 MB to close to 8 MB. The other difference that is there between these two is the level of difficulty that is there with mining. When it comes to Bitcoin Cash, mining will vary and it will all depend on how many of the miners will actually be active on the network.
What should you look for in a Bitcoin Cash wallet?
- Bitcoin Cash compatibility. You have to make sure that any wallet you consider will be providing support for Bitcoin Cash. Do not work with assumptions that just because a wallet allows you to store bitcoin it will also allow you to store BCH, these are two are different currencies.
- Easy to use. Cryptocurrencies are complicated and so are many crypto wallets make sure the wallet you choose has an interface that makes managing your funds convenient and simple.
- Check whether the wallet you want to use is backed by a dedicated development team that is continuing to upgrade the wallet and add new features.
- Customer support. If you ever experience a problem with your wallet, being able to quickly access customer support is critical.
- Private key control. Your private keys represent the right to manage your cryptocurrency holdings, so you have to look for a wallet that will allow you to keep control of your private keys and does not require you to share them with a third party.
- Security and backup. You have to know if it offers security features such as two-factor authentication, advanced encryption and secure PINs and/or passphrases. Check also if there is a backup feature so that you can restore your wallet if something goes wrong.
- Good reputation. You also have to consider reviews from other users and how long a wallet provider has been in business to determine whether it offers a credible and reputable option for crypto storage.
Best Bitcoin Cash wallets
A Ledger Nano S is a storage that provides its users with offline storage solutions. This then makes it a very secure option that is there. It is regarded as one of the most secure wallets that is there that has the ability of storing all your private keys in an element that is secure and locked by a pin code. You will be provided with a two factor authentication code support and transactions will be verified using OLED support, all you have to do is press buttons that will be on the service. Supported coins include Bitcoin, Bitcoin Cash, Litecoin, Ethereum and a lot of other cryptocurrencies.
Trezor is a hardware wallet that was designed to provide safe offline storage that will be protecting against thefts and malware. This USB device is handy and very safe to use for everyone. The features that it comes with include advanced cryptography, buttons as well as a built-in screen that allows you to be able to verify your transactions manually and for you to secure your PIN protection. You can use this wallet to store cryptocurrencies that include Bitcoin, Bitcoin cash, Litecoin and more.
3. Jaxx Liberty
Jaxx Liberty is slowly but surely becoming popular. It provides its users with a seamless experience for Bitcoin Cash storage. It is made available to you on platforms that include Windows, Linux and OS X desktops and it forms an integral part of the bitcoin cash wallets list. You can find this wallet on mobile versions of Android and IOS and also chrome browser extension. It has a setup process that is very simple to understand and is appropriate for new users. Supported coins include Dash, Bitcoin, Bitcoin Cash, Ethereum among others.
4. Electron Cash (Bitcoin Cash Wallet Electrum)
Electron Cash is that forked up version of the known Electrum wallet that is a Simplified Payment Verification wallet for Bitcoin Cash. You will find this wallet in both mobile and desktop versions and will also be available for Windows, OS X and Linux systems as well. It is regarded as a lightweight wallet that is easy to use and it allows you to get control of all your private keys and also for you to back up your wallet using a mnemonic seed phrase. This wallet also supports multisig functionality and it also supports an extra layer of security and it makes one of the best Bitcoin Cash wallet Android.
Guarda Wallet is a custody-free, multi-currency wallet that covers over 45 blockchains and thousands of tokens as well. The storages for this wallet come in Web, Desktop, Mobile (and Chrome Extension versions. The coins supported here include Bitcoin, Ethereum, Bitcoin SV, Monero XMR, Zcash, Dash, Ethereum Classic and more. The extended functionality the wallet has allows built-in exchanges, purchases, selling cryptocurrency for fiat and operating with Ledger hardware wallet. Staking, delegation and more currency-specific features of supported blockchains are also there for Guarda users to try out. This is secure choice since it does not store any of your personal data.
6. Free Wallet
Free wallet is an online multi-currency wallet that supports numerous currencies like Bitcoin, Ethereum and 30 more crypto tokens. It enables the free transaction between the free wallet users. You can buy cryptocurrencies with the help of a credit card. It is not a web wallet only but it also is available for mobile devices to download. Users will be provided with features like multi-signature transaction confirmation, 2-factor authentication and many more.
BTC.com is regarded as one of the most popular mobile and web wallet that is backed by Bitmain Technologies which is noted to be a very established player in the Bitcoin mining field. It is made in a way that makes it easy for users to send, receive and to store Bitcoin Cash as well. This wallet allows you to make use of a master seed so that you back up your holdings and it also supports multi-signatures and two factor authentication. You can get BTC.com Android and IOS versions.
How to choose the best BCH wallet
When choosing the best BCH wallet you have to look at the following factors:
- Number of coins it supports
- Ease of Use
- Security and privacy
How to get a Bitcoin Cash wallet
If you want to get a Bitcoin Cash wallet you have to search for those wallets that allow you to store your Bitcoin in it so that you can be able to transact. You will then have to also connect your exchange to a payment option.
How to keep your coins safe
To make sure that you safely store your Bitcoin Cash you have to keep the following in mind:
- Do your research. You have to do a thorough research on any wallet before deciding to use it to store your funds. Make sure that you look into its security features, reputation, customer support and user-friendliness to decide if it is right for your needs.
- Make use of all security features. For any wallet that you choose you have to remember to make the most of the security features it offers. Set up two-factor authentication, create a secure PIN and make sure you always retain control of your private keys so that everything of yours is safe.
- Update your antivirus protection. Make sure any device that you use to manage your cryptocurrency holdings is protected by the latest antivirus and anti-malware software as well.
- You have to remember to regularly back up your wallet as this will ensure that none of your funds are lost if anything happens.
- Storing large amounts. If you need to store a sizable amount of BCH or any other cryptocurrency you have to make use of a reputable hardware wallet. Offline storage is generally the most secure option, so you may want to move the bulk of your holdings into a cold storage wallet.
A lot of people have cried foul because they chose to back the wrong wallets and they ended up losing their funds. When you want to store your Bitcoin Cash in any wallet you have to make sure that you find out more about it before you start storing your crypto in it.