Still don't have Bitcoin Cash in your wallet? To find out how much you need to spend to buy BCH, read the article “Bitcoin cash to US dollar chart.”
We will tell you about all the ways to get BTC. In some cases, you don’t have to spend a cent to buy crypto.
The main goal of acquiring any crypto is to make a profit. This is also true for Bitcoin Cash, one of the top ten digital assets by market value.
The most common way to gain profits is to buy coins at a lower price and sell them at a higher price, earning income from the difference in prices.
It is important to catch the right time for the transaction and predict BCH price changes.
At the time of writing the article, Bitcoin Cash is trading at $360.7. Last week, it rose by almost 22%.
Thus, if you bought crypto for $1,000 seven days ago, you could sell them for $1,220.
In a month, the profit could be 17%.
There is nothing complicated about purchasing coins. You just need to choose a platform, refill your account, and get a wallet for BCH.
More than 50 crypto-exchanges support altcoin trading, including the IFXBIT platform. In addition, there are dozens of online exchanges, through which you can buy tokens for both fiat money and crypto.
You don't have to buy BCH to get profits. There are other ways to get the altcoin.
For example, you can mine coins.
BCH mining is similar to BTC mining. It is based on the same SHA-256 algorithm and the activity of miners is to mine new blocks.
Here is an example.
To make a successful transaction on the network, you should wait for its confirmation. This requires complex mathematical calculations, which only powerful hardware can do. When the miner succeeds, a new block is added, and the miner receives digital money as a reward. Such work is now valued at 6.25 BCH. This reward decreases every four years. Until April 2020, miners could get 12.5 coins per block. Thanks to mining, the Bitcoin Cash network is maintained and the emission of coins is carried out. When there are too many of them, mining becomes more difficult. When there are too few, it's easier to mine a block. Right after the launch of Bitcoin Cash, miners earned quite a lot. Notably, a regular PC setup was enough for mining. However, times have changed. Now the calculation of blocks requires powerful equipment. Let’s take a car race as an example. If two cars need to travel the same distance, the faster car will reach the finish line earlier. The same is true in mining. At the time of writing, the complexity of the BCH block is 218.6 G. This is almost 219 billion hashes.
Technically, you can mine cryptocurrencies in three ways: using a processor, a video card, or an ASIC device. The last option is the most popular and efficient.
CPUs are not used anymore because they are unprofitable. GPUs or video cards can bring profits only if you use several units.
ASICs are integrated systems designed especially for mining. They are powerful, fast, and also consume less energy than video cards.
Here is the list of ASIC miners:
By using the second option, you can earn about 0.05 BCH per day. The third option will bring you about 0.02 BCH. At the moment of writing, this would be the equivalent of $17 and $7 respectively.
However, these rewards can only be achieved if you mine 24 hours per day and manage to successfully complete a block.
The profitability of mining can vary significantly depending on the price of BCH, as well as electricity costs.
Even though ASIC hardware is more energy-efficient, energy costs cannot be nullified.
Calculator services such as Minerstart and CryptoCalc will help you compare mining revenue and its costs.
It should be noted that ASIC miners are quite expensive and can cost at least $3,000.
If you have decided to become a Bitcoin Cash miner, weighted its pros and cons, and acquired an ASIC miner, you should also get a wallet. Furthermore, you should decide if you would be a part of a mining pool or mine BCH by yourself.
Mining pools have a greater chance of success, but rewards from completing blocks are divided between all participating miners. If that is not a problem for you, consider joining one.
Among the most reliable and trustworthy pools are Antpool, ViaBTC, ZuluPool, and others. Their websites list approximate rewards for mining BCH.
To become a Bitcoin Cash miner, you will need to do the following steps:
After that, the processing power of your hardware will be used to mine new blocks. All you have to do is keep track of your digital wallet account.
If you want to become a miner but do not plan to buy expensive equipment, then consider using cloud mining.
With cloud mining, you rent the processing power of other people's hardware, meaning that you can earn coins without having to worry about energy costs. However, you will have to pay to use the hardware.
In practical terms, cloud mining can earn you between $28 and $59 per month. However, paying the yearly fees often takes away two or three months worth of profit.
To use this option, you will need to sign a virtual contract at the official website of the mining service. The main factors you should consider are the period of a contract and its costs. Once you sign the contract, the hardware will begin mining blocks and bring returns to your wallet.
You can also earn BCH by using services that reward users with coins for performing certain actions.
Users of these websites perform certain tasks to promote goods and services.
Here are some of these websites and services:
The so-called faucets operate along the same lines. Owners of such sites receive money from advertisers, and part of the income is given to users for the promotion of these websites.
These promotional tasks are not particularly complicated, but they must be done regularly.
They include solving CAPTCHA tasks, liking posts, registering at various websites, clicking links, etc.
Some popular faucet services are:
Do not expect significant returns from faucet services. For example, many services usually pay 150 satoshis for solving CAPTCHA tasks over a period of 5 minutes
Solving such tasks for 24 hours would get you a reward of 43,200 satoshis, or 0.0004 BCH.
This is an equivalent of less than $0.15 and does not include possible bonuses, extra referral payments, and additional rewards for completing difficult tasks.
As we can see, you do not need to have a large amount of money and have special skills to hold Bitcoin Cash. All you need is motivation and persistence.
No matter how you choose to get or buy BCH, remember that coins should not remain idle.
Your holdings should bring you returns. It does not matter whether it will occur a day or a year from now, the most important thing is that your investment and time spent should be well worth it.
Are you afraid of getting lost in the flow of events in the world of cryptocurrencies? The IFXBIT cryptocurrency exchange may help you.
There, you can buy and exchange not only BCH but also other digital assets. News and reviews prepared by leading analysts will help you to keep abreast of recent events.
Also read “Bitcoin Cash: how to buy BCH profitably and safely” “Bitcoin Cash Pool: TOP pools for mining BCH” “Bitcoin Cash faucet: Most profitable faucets with fast withdrawal”