What is Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) is a decentralised, peer-to-peer electronic cash system. Put simply, it is digital money built so that people can send and receive value directly.
Its focus on payments is the key distinction to grasp before you buy. BCH is designed for everyday digital payments, including person-to-person transfers.
How to buy Bitcoin Cash in the UAE
In the Crypto.com App, the basic steps are:
- Sign up and verify your identity.
- Top up your account.
- Go to the trading screen, select Bitcoin Cash and complete the purchase.
You can start with as little as 10 AED, which means you can buy a fraction of Bitcoin Cash rather than a whole coin.
What payment methods can you use for Bitcoin Cash?
To buy Bitcoin Cash in the App, you can fund your account with a bank transfer in AED, a Swift transfer in USD, a debit or credit card (Visa or Mastercard), Apple Pay, Google Pay or crypto deposited from another wallet.
If you deposit crypto from another wallet, use the correct deposit details for the asset and network. Sending an unsupported token or using the wrong address can result in loss of tokens, and crypto transactions are irreversible.
What does buying BCH involve?
Buying BCH means acquiring Bitcoin Cash and managing it in the App. Some people buy and hold over a longer period; day trading is different, as it involves actively buying and selling over short timeframes to respond to market swings.
Holding BCH may take less ongoing attention than day trading, but it still carries market risk. The value of Bitcoin Cash can change, and a longer time horizon does not remove price volatility.