Bitcoin Cash Wallet – Step by Step Guide
Guarda wallet supported Bitcoin Cash long before the infamous fork. Now, we still have our Bitcoin Cash wallet available for all the users on various platforms. So, let’s look deeper into the BCH wallet choosing process in this article.
Bitcoin Cash Wallet Explained
In this blog post, we will take a look at the interesting history of Bitcoin Cash and why it is important to choose the right wallet. Our aim is for you to understand the importance of choosing the right wallet, why non-custodial wallet is superior to custodial wallet type etc. By the end, you will get a chance to follow a simple step by step video tutorial on How to set up a Bitcoin Cash Wallet with Guarda.
What is Bitcoin Cash?
Bitcoin Cash (BCH) is a type of cryptocurrency, which stems from its father Bitcoin and therefore shares a common history together. BCH got its own blockchain to operate on, which is also known as hard fork phenomena in the crypto world starting from the end of the block of 478558 on August 1, 2017.
This was the first hard fork (bitcoin blockchain software update) resulting of a series of disagreements between miners about the update and that was the main reason why the Bitcoin Blockchain endured a division of bitcoin blockchain. There were two parties, the first one was created by Bitcoin miners, and the other one was made up of the Bitcoin community. Miners wanted Bitcoin to use bigger blocks in order to allow more transactions, but users and developers wanted to implement an upgrade, called Segregated Witness (SegWit), so more transactions could fit in each block. So, as they did not agree, Bitcoin was divided into two different currencies and that is how Bitcoin Cash was created, being supported by miners who wanted to have bigger blocks.
Bitcoin Cash vs. Bitcoin
Bitcoin Cash (BCH) is an improved version of the Bitcoin (BTC) code. The main improvement offered by BCH is an increase in the block size limit to 8 MB. This allows the miners of the BCH chain to process more payments per second, providing faster and cheaper transactions and much smoother user experience. Although Bitcoin is the first cryptocurrency in the world and the one with the highest value. However, this doesn’t necessarily mean that it’s the safest nor the most effective when making transactions. It is rather a project in constant development by the community, and that allows the existence of different alternatives, like Bitcoin Cash, which provides an improved level of security and effective transactions.
Bitcoin Cash Wallet Considerations
Taking into consideration various occurrences in the crypto world like hacking attempts or exchange owner who died taking $190M with him, you might want to take a closer look at what is necessary in order to store your funds safely. As usual, there are quite many other features to pay attention to for choosing the best Bitcoin Cash (BCH) wallet.
Number one concern should always remain the safety of your funds. What is the point to invest if there is a chance of losing the entire stack after a hacker attack? What is important to know here is the difference between a custodial vs non-custodial wallet type. We always advise the users to turn to the non-custodial cryptocurrency wallets, as they do not hold or use the client’s data. In this case, the only real hazard is yourself losing the key pair or sharing it with others as a result of losing access to the wallet permanently.
The second important factor is how active the chosen wallet is. Pay attention to the social media channels’ engagement level. A well-rounded wallet should have an active team on social media. The more channels they support, the more information is available for the end user consumers. It is vitally important to ensure that new clients can find necessary information before investing to establish trustworthy fundamentals beforehand. Nevertheless, in case of having additional questions, wallet’s support is another healthy indicator of how important you are to them. When it comes to Guarda wallet, you should always expect to get your answers shortly. You are the number one priority!
Before choosing a wallet, check the technicalities on its functionality. Some wallets do not have the exchange or purchase built-in. Generally speaking, the more features your wallet has, the better. Built-in exchanges and purchases save you time and make your wallet way more user-friendly.
Bitcoin Cash Wallet Availability
Cryptocurrency market has proven to be one of the most aggressive assets to be traded, therefore you definitely want to store your funds in the versatile wallet. What if you decide to transfer your funds whilst on holidays? To ensure a smooth process, you will probably want to use a mobile app, in other words, a here and now solution. For some users, it is a must to have multiple platform option than for others. Hodlers will focus on a long-term investment strategy while others will actively engage in daily transfers. Make sure your chosen wallet based on your own needs, preferably with a broad spectrum of supported platforms in case you need it in the future. Typically, you would run into these most common wallet types:
- Web wallet
- Desktop wallet
- Mobile wallet
- Hardware wallet
- Paper wallet
Wallet Compatibility with Guarda
Guarda supports Bitcoin Cash among other 40+ popular cryptocurrency coins. Thankfully to the team, Guarda is cross-platform wallet solution. Buying Bitcoin Cash would simply mean that you can access your funds by any chosen platform supported by Guarda.
- Web Bitcoin Cash Wallet
- Desktop Bitcoin Cash Wallet
- Mobile Bitcoin Cash Wallet – Android and iOS
- Chrome Extension Bitcoin Cash Wallet
All these wallets are easy to set up and have all the functions a crypto user needs – secure holding, fast exchanges, BCH purchases and easy-to-perform transactions.
How to create a Bitcoin Cash wallet with Guarda?
Creating a Bitcoin Cash wallet in Guarda is fairly easy. You can literally set up a new wallet in a couple of easy steps mentioned below. Watch this Web Wallet creation tutorial and set up your BCH wallet instantly!
- Go to the main page of Guarda’s Website and click Create Wallet
- Select Create a New Wallet on the welcome screen
- Proceed with making up a strong cryptocurrency wallets password. For this step, you can use our password tutorial
- Download your backup. Your wallet backup needs to be stored securely and out of the public eye. Guarda Wallets are non-custodial and we do not have access to our user’s personal information. Due to this, you are the only owner of all the data – make sure to keep it safe!
- Your Bitcoin Cash wallet is ready to rock! Enjoy the secure BCH storage, speedy exchanges, convenient crypto purchases and much more on Guarda.