You need a wallet for Bitcoin Cash before you can start trading or mining the token. A wallet consists of 2 very long sets of random numbers and letters. Among them is your wallet’s public address which other users will utilize to send out BCH to you. Another one is your private key, which enabled you to manage your BCH and transfer money. Always keep your private key in a safe place. If you lose access to it or forget it, you will not have the ability to access your money. Likewise, if anyone gets hold of your private key, all the funds in your wallet will be taken.
Online Bitcoin Cash wallets
If you’re signed up with a cryptocurrency exchange that supports Bitcoin Cash, it will instantly provide a wallet for you. However, for the security of your tokens, it is suggested you save them in a different wallet. This is since exchanges that provide wallet services be in belongings of your private keys and, by extension, your funds. Furthermore, there have been many circumstances of exchanges getting hacked and losing their customers’ funds without being able to reimburse them, and even just closing down and running away with the users’ loan.
Full node Bitcoin Cash wallets
It is always safer to install a full node Bitcoin Cash wallet on a different computer system. This is since some complete node wallets will use the very same data directory, so setting up a new one may lead to the previous one’s information being bypassed. If this occurs, you might lose both your Bitcoins and Bitcoin Cash tokens forever. If you choose a lighter SPV (Simplified Payment Verification) wallet, which is a wallet that doesn’t need you to download the entire Blockchain, the treatment is a bit easier.
Desktop Bitcoin Cash wallets
Software wallets are set up on your computer system or mobile gadget and, unlike wallets offered by exchanges, many of them store your private keys offline, on a device where they are installed. Numerous software application wallet customers support multiple cryptocurrencies and permit you to develop various wallets.
Hardware Bitcoin Cash wallets
Hardware wallets look very much like standard portable hard drives however explicitly developed to be used to keep cryptocurrencies. They produce transactions offline and on the go, which implies you can plug them into any computer to make a trade. Hardware wallets are safe from hacking, because they’re not connected to the Internet. Modern hardware wallets come geared up with backup options. You can also add an extra layer of security with two-factor authentication or a PIN password. Nowadays, all the major hardware wallets are likewise equipped with a screen so that you can sign for transactions on the device itself.
How to get free Bitcoin Cash tokens
You are entitled to claim one Bitcoin Cash token for every Bitcoin token you had when the fork happened. The techniques of requesting your free Bitcoin Cash tokens will vary depending upon the kind of wallet you utilize. If you’re using a full node wallet, which is a wallet that requires you to download the whole Blockchain, basically all you need to do is back it up into a wallet.dat file. Once it’s done, import it into a full node Bitcoin Cash wallet, such as Bitcoin ABC, where you BCH tokens will be offered to you.