Before you can start mining or trading Bitcoin Cash, you need a wallet. These hold your public address, which other users will use to send tokens to you. If anybody gets hold of your private key, all the funds in your wallet will be taken.
Exchange Bitcoin Cash wallets
If you’re signed up with a cryptocurrency exchange that supports Bitcoin Cash, it will immediately provide a wallet for you. For the security of your tokens, it is advised you save them in a different wallet.
Full node Bitcoin Cash wallets
To be on the safe side, it is advised you install your entire node Bitcoin Cash wallet on a different computer system. This is since some complete node wallets will utilize the same data directory, so introducing a new one might lead to the previous one’s data being bypassed. If this occurs, you might lose both your Bitcoins and Bitcoin Cash tokens forever.
SPV Bitcoin Cash wallets
If you prefer the more common SPV (Simplified Payment Verification) wallets (it’s a wallet that doesn’t need you to download the entire Blockchain) the treatment is a little bit simpler. The majority of those wallets utilize a recovery seed. That is a phrase that holds your Bitcoin private keys, and, by extension, your Bitcoin Cash private keys. So, you should be able to access your BCH by merely inserting this seed into a devoted wallet.
Paper Bitcoin Cash wallets
A paper wallet is merely a public and a private key printed together, typically in QR type for ease of usage. A paper wallet is a type of online storage which is the best method of storing your tokens, as there is literally no contact with the Internet — the most convenient way of developing a paper wallet to save a wallet.dat file. You can get this from a wallet that keeps your private keys on your computer. Then print it out and eliminate the initial from your computer system afterward.
Online Bitcoin Cash wallets
Paper Bitcoin Cash wallets
There are a bunch of other similar services, such as BitcoinPaperWallet, which will develop a Bitcoin Cash paper wallet with a vibrant style and provide you to purchase tamper-evident stickers, and Mycelium that offers a USB gadget that you merely plug into a printer, avoiding computer systems entirely.
Software Bitcoin Cash wallets
Software wallets are set up on your computer system or mobile gadget and, unlike wallets provided by exchanges, many of them keep your private keys offline, on a device where they are installed. Numerous software application wallet customers support multiple cryptocurrencies and enable you to create many wallets.
Hardware Bitcoin Cash wallets
In the world of cryptocurrency, hardware wallets are as safe as storage can get. They look quite like conventional portable hard disks however designed mainly to be utilized to save cryptocurrencies. They create transactions offline and on the go, which indicates you can plug them into any computer system to make a trade.