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How to buy Bitcoin Cash

The first time takes a little while, mostly waiting for your ID to be checked. Here's the whole thing, start to finish, and the mistakes to avoid.

Before you start: get your wallet

Set up Selene first, so you have somewhere of your own to send your Bitcoin Cash the moment you buy it. It's free and takes about five minutes. How to set up Selene.

1. Pick where to buy

You buy Bitcoin Cash (BCH) for dollars from an exchange, an app that sells crypto. These three sell it:

  • Kraken sells BCH in the US, Canada and many other countries. In Canada you can pay in by Interac e-Transfer.
  • Coinbase sells BCH in the US and many other countries. You pay with a bank account or a debit card.
  • Newton is Canadian and sells BCH in Canada.

What they sell and where can change, so check it works where you live. And before you buy, make sure the app lets you send BCH out to your own wallet. If it doesn't, pick another one.

2. Sign up and show your ID

Every exchange that sells crypto for dollars has to check who you are. That's the law in the US and Canada, so expect to take a picture of your ID and sometimes a selfie. It's often done in minutes, but it can take longer.

3. Put dollars in

Link your bank account or card. A bank transfer is usually the cheapest way in. A card is faster, but usually costs more.

4. Buy Bitcoin Cash

Pick Bitcoin Cash (BCH). Not Bitcoin (BTC), that's a different coin. Enter how many dollars you want to spend, check the price and the fee, and confirm. Start small, with what you'd spend this month.

5. Send it to your own wallet

  1. In Selene, open the screen to receive money and copy your address. A Bitcoin Cash address usually starts with bitcoincash:
  2. In the exchange, choose to send or withdraw BCH, and paste your Selene address.
  3. If it asks which network, choose Bitcoin Cash.
  4. The first time, send a small amount and check it arrives in Selene. Then send the rest.

The exchange charges a small fee to send it out. It usually shows up in Selene within seconds.

Why not just leave it on the exchange?

Because then it's not really yours yet. While your BCH sits on an exchange, the exchange holds it for you, and an exchange can freeze its customers' accounts, the same way a bank can. In your own wallet, only you hold the keys and nobody can freeze it. That's the whole point.

Mistakes that cost people money

  • Sending BTC to a Bitcoin Cash address, or BCH to a BTC address. They're different coins. It's usually lost.
  • Picking the wrong network when you send. Choose Bitcoin Cash.
  • Losing your recovery phrase. Without it, nobody can get your money back.
  • Buying more than you can afford to lose. The price goes up and down, sometimes a lot. Convert what you plan to spend, not your rent.

Now spend it

Tip an artist, pay a friend back, pay anyone who'll take it. Every payment in Bitcoin Cash is one that didn't go through a bank or a card company. That's how you vote with your money.

Nothing here is financial advice. Selling or spending crypto can count for tax in the US and Canada, so keep a record of what you buy and spend.

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