Bitcoin Cash (BCH) is a cryptocurrency that was created in 2017 as a result of a hard fork from the original Bitcoin (BTC) blockchain. BCH provides faster transaction speeds and lower fees compared to BTC, making it an attractive alternative for those who want to use cryptocurrency for everyday transactions. However, before you can start using Bitcoin Cash, you need to know where to send it.
Bitcoin Cash Wallets
The first thing you need to do is to set up a Bitcoin Cash wallet. A wallet is a digital storage space where you can store your BCH. There are several types of wallets available, including hardware wallets, desktop wallets, mobile wallets, and web wallets.
Hardware wallets are the safest option because they store your private keys offline, making them less vulnerable to hacking attacks. Popular hardware wallets include Ledger Nano S and Trezor.
Desktop wallets are software programs that you can download and install on your computer. They offer a higher level of security than web wallets because your private keys are stored on your computer. Popular desktop wallets include Electron Cash and Bitcoin.com.
Mobile wallets are apps that you can download on your smartphone. They are convenient for everyday transactions because you can carry your BCH with you wherever you go. Popular mobile wallets include Bitcoin.com and Jaxx.
Web wallets are online wallets that you can access from any device with an internet connection. They are the least secure option because your private keys are stored on a third-party server. However, they are convenient for small transactions. Popular web wallets include Coinbase and BitPay.
Sending Bitcoin Cash
Once you have set up your Bitcoin Cash wallet, you can start sending and receiving BCH. To send BCH, you need to follow these steps:
1. Open your BCH wallet and click on the send button.
2. Enter the recipient’s BCH address. The recipient’s address is a long string of characters that starts with “q” or “p.”
3. Enter the amount of BCH you want to send.
4. Check the transaction fee. The fee is paid to miners to process your transaction. The higher the fee, the faster your transaction will be processed.
5. Click on the send button.
6. Wait for the transaction to be confirmed. This can take anywhere from a few seconds to a few hours depending on the network congestion.
Where to Send Bitcoin Cash?
You can send Bitcoin Cash to anyone who has a BCH wallet address. You can send BCH to merchants who accept BCH payments, to friends and family, or to anyone who wants to receive BCH.
Popular merchants that accept BCH payments include Overstock.com, Expedia, and CheapAir. You can also use BCH to buy gift cards, pay for online services, and donate to charities.
Conclusion
Bitcoin Cash is a fast and cheap way to send and receive money. To start using BCH, you need to set up a BCH wallet and find a recipient’s BCH address. You can send BCH to anyone who has a BCH wallet address, including merchants, friends, and family. Always double-check the recipient’s address before sending any BCH to avoid sending it to the wrong person.