List of 5 Best Bitcoin Cash (BCH) Wallets
Bitcoin Cash is a hard fork of Bitcoin. This cryptocurrency was launched in 2017 as a peer-to-peer decentralized digital currency. The launch of the crypto was connected with the scalability issues Bitcoin started facing. Bitcoin Cash was supposed to solve these issues.
Many traders are interested in trying their luck with Bitcoin Cash. To do so, you need a wallet to store your coins.
What Is a Bitcoin Cash Wallet?
A Bitcoin Cash wallet is a place where you can store your BTC. There are a lot of options to choose from. If you prefer trading, a web wallet is fine for you. To keep your coins for a long time, you can use a cold wallet (a hardware or a paper wallet). If you want to have access to your coins conveniently but a web wallet seems to be insecure, a desktop or a mobile wallet can be your choice.
Why Do You Need a Bitcoin Cash Wallet?
Any cryptocurrency, including Bitcoin Cash, is stored in a respective blockchain. When new coins are formed, they are registered in the blockchain. Private keys give you access to your coins stored in the blockchain. If you don’t have a private key, you cannot use the coin. The private keys are stored in a wallet.
Why Do People Invest in BCH?
Bitcoin Cash is a hard fork of Bitcoin. It aimed to solve the scalability issue that Bitcoin started facing at some point. The BCHblock is much larger and allows for including more transactions. This accelerates transaction processing in the BCH network.
Another difference is mining. BCH mining is much easier than Bitcoin mining. That’s why many miners switched to BCH. While the reward isn’t that high, the possibility of solving a cryptographic puzzle is incomparably higher. Additionally, mining doesn’t require so many resources.
What to Look for in a Bitcoin Cash Wallet?
When choosing a Bitcoin Cash wallet, it is necessary to pay attention to several requirements if you want to enjoy the convenience of use and top safety level. Make sure you check whether it does the following:
Supports BCH. There are different wallets developed for different coins. Don’t assume that if a wallet allows storing several coins, BCH is included there. Always check whether the coin is supported.
Is easy to use. Cryptocurrencies are complicated. If you aren’t an expert, you might face difficulties in using some wallets. Check the wallet interface to ensure you can manage it easily.
Is backed up by a strong development team. Cryptocurrency is a relatively new phenomenon. It is developing quickly. Make sure your wallet is regularly upgraded to be able to use it for a long time.
Offers customer support services. If you ever face any issues, somebody shall be available to assist you.
Allows you to control your private keys. Some wallets don’t let you control private keys. It means that a third party has access to them and can manage your funds. Always choose a wallet that allows you to manage your private keys.
Offers security and backup features. Such features as 2-factor authentication, encryption, PIN, or password access are a must. The majority of good wallets also offer backup for their users to make sure the users can restore access to their funds if something happens with the wallet.
Has a good reputation. Check reviews online, make sure other users are happy with the wallet.
You can also add your own criteria. For some people, a constant connection to the internet is important. For others, it is sufficient to keep their coins offline. Consider whatever is important for you.
Types of Bitcoin Cash (BCH) Wallets
There are different types of cryptocurrency wallets. They all have their pros and cons and shall be chosen based on the needs of every specific user.
Pros and Cons of Bitcoin Cash (BCH) Hardware Wallets
Hardware wallets are USB or similar type devices used to store coins offline. This feature makes malicious attacks almost impossible. Some hardware wallets might be relatively expensive, but a good wallet shall be considered if you want to store your coins safely.
Pros and Cons of Bitcoin Cash (BCH) Desktop Wallets
Desktop wallets are programs that you download and install on your desktop. They are safe and suitable to store coins conveniently if you want to have access to them from time to time. If your computer is connected to the internet, a desktop wallet is a hot wallet. So, it is still vulnerable to attacks. It is better to store small or medium amounts of coins there. You can turn a desktop wallet into a cold wallet by disconnecting your computer from the internet. Then, it becomes safer and suitable for storing larger amounts.
Pros and Cons of Bitcoin Cash (BCH) Mobile Wallets
Mobile wallets are applications for mobile devices. They are available for all operating systems. Such wallets are user-friendly and suitable for beginners. However, these are hot wallets and shall not be used to store big amounts of coins.
Pros and Cons of Bitcoin Cash (BCH) Web Wallets
Web wallets are perfect for most beginners. Such wallets are very easy to use. Their main drawback is that they require the private keys to be stored by a third party on an online server. This is the main drawback of web wallets which makes them not suitable for storing significant amounts of coins. These wallets are also the most vulnerable to hacker attacks.
Pros and Cons of Bitcoin Cash (BCH) Paper Wallets
Paper wallets are simple and safe. You only need to print your private and public keys on a sheet of paper and keep the paper in a safe place. The security level of a paper wallet is very high, it is not vulnerable to attacks. However, it can be destroyed by a flood or fire. The main drawback of a paper wallet is its inconvenience when it comes to spending your coins.
List of 5 Best Bitcoin Cash Wallets
Ledger Nano (a hardware wallet)
Ledger Nano is among the best BCH wallets. It looks like a USB device with an OLED screen where transaction data is shown. Along with Bitcoin Cash, this wallet supports a wide range of other popular cryptocurrencies. This is one of the most reliable wallets in the market. The wallet is malware proof, and the Pin code protection will allow you to keep your coins safe. The wallet is around 90 USD, so, if you are going to keep smaller amounts of crypto there, it might be on the expensive side.
TREZOR (a hardware wallet)
TREZOR is one of the safest wallets in the market. Along with BCH, it supports an impressive range of cryptocurrencies. It connects to your computer with a USB and is protected with a PIN code.
The wallet supports 2FA and offers an option to set up a recovery phrase. It means that if something does not go as expected, you still can recover your private keys. Trezor also has a display where you see transaction details before you confirm a transaction.
Jaxx (a mobile and desktop wallet)
Jaxx is among the most convenient wallets out there. It aims to make cryptocurrency use accessible to the masses. Its user interface is easy to navigate, all the information about each transaction is displayed in detail. The ShapeShift integration enables fast crypto-to-crypto exchanges.
The wallet supports dozens of cryptocurrencies along with BCH. This specific feature makes it convenient for those who aim at creating a varied portfolio in crypto.
Jaxx runs on all OS. Whatever device you use, you can be sure that Jaxx is compatible with it.
The wallet uses a masterseed but 2FA is lacking.
Atomic Wallet (a mobile and desktop wallet)
Atomic Wallet is one more option for those who want to store BCH conveniently and safely. This wallet supports more than 300 other coins and tokens and is known for its ease of use and high security level. You can manage your transactions via a user-friendly interface protected by a mnemonic seed. The wallet runs on the majority of OS.
Electron Cash (a mobile and desktop wallet)
Electron Cash is a wallet for BCH. It is a version from the Electrum wallet and is available for Windows and Linux OS. You can also download its app for Android.
Electron Cash is lightweight, it doesn’t require you to download the entire blockchain, it is easy to set up and use. That’s why it is a preferred wallet of many traders.
We hope it’s now much easier for you to choose a suitable Bitcoin Cash wallet. If you want to purchase BCH, you can buy it with BTC, ETH, and over 4,000 altcoins on LetsExchange.io.
FAQ
What is a cryptocurrency wallet?
A cryptocurrency wallet is a place (online or offline) where you store your private keys.
What is a private key?
A private key is a string of symbols that is used to prove your ownership of coins stored on blockchain. Private keys enable you to access your coins and perform transactions with them.
Is it better to store crypto in a cold or a hot wallet?
It depends on your intentions. If you are going to keep your coins for long, a cold wallet is a much safer option than a hot wallet. If you trade, a hot wallet is a better option because it enables you to perform fast transactions.