How does it feel when you have money in your phone? Of course, nothing could be more convenient. However, what will you use to pay in another country’s currency? Well, I prefer Bitcoin.
Now Bitcoin isn’t an app to pay in dollars or pounds, it’s actually a global currency in itself!
So, say suppose you live in London and are importing from Canada. Your invoice comes to $15,000. All you do is, open your Bitcoin wallet and just send him ₿1.12. You’ll be done in minutes!
So, how does this really work? Before we move on to the steps, let’s get you familiar with the concept of Bitcoin cash.
It is an electronic cash system that allows the hassle-free exchange of money between any two parties in the world. It is popularly known as a “peer-to-peer” money transfer system, as it does not involve banks or central authorities to intervene in the transaction.
BCH transactions are really fast, secure, and seamless. The transaction fee is less than a penny, whether you send money to your friend next door or to a supplier overseas.
What makes it really secure is that there are a limited number of coins in existence that gets transferred from one person to another. The protocol will not exceed 21 million coins that will be exchanged between users.
Now when I say the Bitcoin app, it doesn’t mean there’s one official app for it. It is a currency, not a brand. You’ll get plenty of e-wallets and apps that use bitcoin cash. Some of them are:
- Bitcoin Wallet: The official wallet by bitcoin.com
- BRD Wallet: For Bitcoin Cash and BTC Direct
- Electron Cash
- Coinbase – Buy & Sell Bitcoin
- Coin Wallet
- Strong Coin
- IF Wallet
- Badger Wallet
- Ledger (Hardware only)
The same is available as software for desktop as well as hardware.
Securing the coin Wallet
As soon as you install a wallet, the first thing you should do is protecting it. You’ll get the option to set a password with which you’ll open your wallet each time.
To set a strong password, ensure it has:
- At least 15 characters
- A mix of uppercase and lowercase
- Some numbers
- At least 1 special character (E.g.-! @ #)
Now, if you forget the password, let me warn you recovering the money you own is impossible. However, if you take a back up of it, it will be easier for you.
To ensure more security, 2-step verification is better.
How to Get the coin?
To put it briefly, there are two ways of earning Bitcoin cash:
- Purchase it or
- Earn it
You can purchase the coin in the following ways:
- Purchase from the app/software using net banking, debit card, or credit card.
- Visit a local Bitcoin Cash ATM and purchase against cash.
You can earn the coin in 4 ways:
- Sign up at honest.cash: This website is specially created for content writers as well as readers. While writers get to earn the coin for putting up their content, readers can also earn by voting for good content.
- Sign up at memo.cash: Similar to honest.cash, this website is a social network that provides you the opportunity to earn the coin.
- Accept Bitcoin at work: If you are a freelancer or business owner, you can always accept Bitcoin against the goods or services you provide.
- Receive a salary in Bitcoin currency: You can always ask your employer if it’s possible for them to pay you part of your salary or the entire salary in the form of Bitcoin Cash.
The Bitcoin Value
Bitcoin Cash is separate from Bitcoin Core. Currently, the coin cash is more conveniently used as compared to the core. The value of both is however separate.
1 Bit C = 32.95 Bit C Cash
The currency is far higher than the US Dollar, though it is also lower than some high currencies such as the Euro or the Kuwaiti Dirham.
1 Bit C Cash = $308.15
1 Bit C = $10118.30
Since the currency value is so high, it is not compulsory for you to purchase 1 bitcoin in one go. The advantage of a cryptocurrency is that it is 100% digital. There is no physical form of Bitcoin, even though you have graphics available.
So, you can always make transactions in decimals. Let’s give you an example.
Suppose, you are purchasing something worth $500. Now, you know 1 bitcoin is worth more than $10,000. So, if you were to pay $500 in bitcoin, you will have to pay ₿ 0.049. You are allowed to purchase that kind of an amount too!
Bitcoin will allow you to purchase anything and everything in the world. However, since it’s in the form of software, you can use the currency only with those who use it too.
A local store or vendor might not be updated enough to even know about Bitcoin. However, convenience lies in making overseas payments. Of course, both parties should be using currency software. Only then, it makes sense.
Given the potential and usage of this digital currency has, it has a scope of becoming the standard model of making any kind of payment.
The usage of cash has already deteriorated to using e-wallets and cards. Bitcoin can gradually be the standard currency used in the whole world. Just imagine, how easy would it be if you didn’t have to convert from one currency to another for overseas transactions!