Bitcoin cash wallet - How to set up and create a BCH account (2024)

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What’s a bitcoin cash wallet?

The entire transaction history of any particular cryptocurrency is stored on the blockchain.
With a wallet you can prove that you are the owner of your coins. Your wallet holds the private keys that grant you access to your coins. You could compare your wallet to a keychain. The coins themselves aren’t stored in your wallet, they are stored on the blockchain. You use your wallet to manage the coins, and send or receive them.

Which bitcoin cash wallet should I choose?

There are many wallets that support bitcoin cash. Each type of wallet has its own characteristics and is different in terms of usability and security. For example, there are mobile wallets, software wallets, and hardware wallets.
Have you just started trading or do you already have experience with cryptocurrency? Do you want to buy a small amount or invest a large sum? In the overview below you can see which wallet is most suitable for your situation:

Software wallet: Exodus wallet

Do you want to have your cryptocurrencies always at hand? Then go for a mobile wallet. This is an app for your smartphone that stores your coins. If you want to invest small amounts with money you can afford to lose, then a mobile wallet is a great choice.

The big advantage? Ease of use. Whether you're on the train or sneakily at work, you have access to your cryptocurrencies everywhere.

More information? Click here to read more about Exodus wallet.

What is a bitcoin cash receiving address?

• Bitcoin cash was created from a bitcoin hard fork, so its receiving addresses originally had the same format, which looks like this for example: 32uLhn19ZasD5bsVhLdDthhM37JhJHiEE2.
• Since this can be quite confusing, a new format was introduced, in which a bitcoin cash receiving address begins with a ‘q’ or a ‘p’. For example, a receiving address can look like this: pqx5ej6z9cvxc2c7nw5p4s5kf8nzmzc5cqapu8xprq. Sometimes a receiving address begins with ‘bitcoincash:’, making it even more easily recognizable.

Where do you find your bitcoin cash receiving address?

1. Log into your bitcoin cash wallet.
2. Make sure ‘Bitcoin Cash’ or ‘BCH’ is selected if your wallet supports multiple coins.
3. Click on ‘Receive’. There you’ll find your receiving address.

The safest method of storage is using a hardware wallet. On this page you will find more information about hardware wallets:

Hardware wallet

How do I receive or send bitcoin cash?

Receiving
To receive bitcoin cash, start an order at BTC Direct. Copy the receiving address from your wallet and paste it on the order form.

Sending
Sending bitcoin cash is just as easy! Click on ‘Send’ in your wallet. Enter the receiving address you’ve copied from the recipient. Fill in how much you would like to send, and confirm.

Please note!
For receiving as well as sending bitcoin cash, always copy and paste the receiving address. Do not write or type the address. This lowers the risk of making a mistake. All cryptocurrency transactions are irreversible: once the coins have been sent, there’s no way of getting them back.

How do I secure my bitcoin cash wallet?

Using a hardware wallet is the safest option for managing your bitcoin cash. A hardware wallet is not in constant connection to the internet, significantly reducing the chance of your wallet being compromised. However, there are plenty of other ways to keep your online wallet or software wallet as safe as possible.

Two Factor Authentication
In the safety settings of your wallet you can choose the option Two Factor Authentication (2-FA). This means you log into your wallet with several devices. In addition to your password, a code is required as well. This code could be sent to you by SMS, or through an app such as Google Authenticator. This is useful because potential hackers won’t be able to access your wallet with just your password.

Write down your recovery seed
Regardless of which wallet you’re using, you always have to write down the recovery seed of your wallet. This is a sequence of 24 words, with which you’ll always have access to your coins. Some wallets provide the seed immediately, in others you’ll have to check the settings for the 24 words.

Use pen and paper to write down the recovery seed and store it safely offline. This is the backup for your wallet. Should you ever lose your password, then you’ll be able to access your wallet with the help of your recovery seed. You can even use it to access your coins from a different wallet.

Summary

You need a wallet to send or receive bitcoin cash. In your wallet you can find your receiving address. This is the address that you fill in on the BTC Direct order form when you want to buy bitcoin cash.
The right wallet for you depends on your own circ*mstances. The most user-friendly wallet is a mobile wallet, but this isn’t the safest option there is.
Always write down your recovery seed that consists of 12 or 24 words using pen and paper and store it safely and offline. This way you will always have access to your wallet.

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