If you own Bitcoin cash, you are probably wondering where to store them. You need a wallet to enable you manage your coins. Generally, a wallet contains two sets of letters and numbers – public address and private keys. The former is used to receive funds while the latter would be used to access the funds. It is important to protect and secure your private keys, as loosing it means loosing access to your funds. In addition, if someone knows your private keys, your funds would be stolen.
In this article, we will take you through the nitty-gritty of the BCH wallet and the different types of wallets. So, six back and relax while we set the ball rolling.
What Is A Bitcoin Cash Wallet?
Simply put; a Bitcoin cash wallet is used to manage BCH coins that are stored on the blockchain. Your wallet holds the private keys that will grant you access to your funds. A BCH wallet allows you to send and receive money.
Types Of Bitcoin Cash Wallet
There are several types of Bitcoin cash wallets on the blockchain. This article will cover three types – mobile, software, and hardware wallets. Each of these wallets have their unique characteristics which you need to understand in order to determine which one is suitable for you.
A BCH mobile wallet is a mobile application that you can download from the internet on your smartphone. You can download a mobile wallet from the Google PlayStore or Apple Store. This wallet will enable you to send and receive BCH anywhere in the world, provided you have access to the Internet.
Here is how a BCH mobile works: once you download the wallet from any of the store listed above, you will be provided with a private key that will grant you access to your coins. The private key is a series of letters and numbers. With the private key, you will be able to view your transaction history. Some examples of BCH mobile wallets are BRD wallet, Toast wallet, Jaxx Liberty, and Blue Wallet.
Before you download any of the wallets listed here, ensure you carry out your own due diligence to avoid losing your hard earned money. One good way to carry out due diligence is to read reviews about them.
A software wallet is basically an installed Program on a computer. Just like the mobile wallet, the software wallet will grant you access to your BCH. With a software wallet, you can manage your funds, view transaction history, send and receive funds. Some examples of software wallets are Exodus and Jaxx Liberty.
It is important to mention that when downloading a software wallet on your PC or laptop, you should do so from the official website of the wallet provider. Downloading it from a different source could expose you to scam or malware generated by hackers.
A hardware wallet is almost similar to a digital bank account. It a physical wallet where you can send, receive, and manage your BCH coins. Hardware wallets are the safest way to store your Bitcoin cash since they operate offline, while other types of wallets are prone to hacks and malfare. That’s not all; they have additional protection like the use of PIN. They come in different sizes and shapes. For example, the Ledger Nano S wallet looks like a USB stick.
In the event that you lose your hardware wallet, nobody can access your BCH coins except they have access to your PIN. Popular examples of hardware wallets are Ledger Nano X, Ledger Nano S, TREZOR, KeepKey, Digital Bitbox, and TREZOR T, among others.
How To Receive Or Send Bitcoin Cash
It is very simple to receive BCH from other users. All you need is to visit BTC Direct and then start an order. After starting an order, copy the receiving address directly from your wallet and paste the address on the order form.
Sending BCH is also pretty simple. Open your wallet, click on the “send” option, and enter the receiving address provided by the recipient. Enter the amount you wish to send and then confirm the transaction.
NOTE; Do not attempt to type the address when sending or receiving BCH. Always copy and paste the address to avoid making costly mistakes. All transactions on the blockchain are irreversible; once you send BCH to a wrong address, there is no way of getting it them.
BCH wallets will enable you to send, receive, and view your balance using your private keys. The most user-friendly wallet is the mobile wallet because you can carry it around wherever you go.
One more thing.
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