Guide To Securing Bitcoin Cash BCH
The Bitcoin cash, a cryptographic asset known to have come to fulfill the original promise of Bitcoin as “Peer-to-Peer Electronic Cash” has brought sound money to the world. It assures users of low transaction fees, faster and reliable confirmations. This decentralized innovative development empowers users with unrestricted permission to make borderless transactions.
Compared to the Bitcoin, Bitcoin Cash offers new features including larger block size, replay and wipeout protection, and a way of adjusting the proof-of-work difficulty quicker than the normal 2016 block difficulty adjustment interval found in Bitcoin.
- 1 Guide To Securing Bitcoin Cash BCH
- 2 Storing And Securing Your Bitcoin Cash
- 3 Hardware Wallets and Software Wallets
- 4 The Hot (Online) Wallet & The Cold (Offline) Wallet
- 5 Desktop & Mobile & Web Wallets
- 6 Major Wallet Providers
Since Bitcoin Cash (BCH) itself is a hard fork of the Bitcoin (BTC), it implies that all Bitcoin holders as of block 478558 are also owners of Bitcoin Cash. As a holder of Bitcoin cash, you have an edge over other cryptographic asset owners. According to bicoincash.org, you enjoy the following benefits using the BCH for transactions:
- Speed: You have the ability to transact in seconds and get confirmations in just a few minutes
- Reliability: The Bitcoin cash network run seamlessly without congestions
- Low fees: You enjoy sending money globally with the considerably low amount of transaction fees.
- Simplicity: The model is simple to use
- Stability: The asset has a proven store of value
- Security: Built on a robust blockchain technology
Since the activation of Bitcoin Cash (BCH) hard fork, users all over the world have continued to monitor its potential.
So far since August 02, 2017, the price has of BCH has skyrocketed from $366.97 to $1189.05 as at the time of writing this article. This tremendous growth is a good indication that the coin has a very good potential.
Storing And Securing Your Bitcoin Cash
In cryptocurrencies generally, one of the most essential skills to possess is the ability to protect your cryptographic assets. You can either store your Bitcoin cash in a wallet or on an exchange account. Using exchanges is not always as secure as storing your cryptocurrencies in a wallet. This is why there have been tremendous efforts dedicated to the provision of wallets by industry experts.
Keeping your money on an exchange can cause great vulnerabilities to your holdings. This is because exchanges are always online, and you do not own the keys when on an exchange. Exchanges are vulnerable to hack, as there have been many occasions of hack on major exchanges. They can also crash, and leave you in a difficult position with price fluctuations, or cancel your account and seize your funds, a quality that wallets do not have.
If you are holding onto your Bitcoin cash for longer periods, you definitely do want to hold them in certain wallets that are less vulnerable to attacks. These would be hot wallets/online web wallets or mobile wallets.
Like every other cryptographic asset, users can store, exchange, and send Bitcoin cash for other coins and tokens.
In this article, we’ll focus more on the storage of Bitcoin cash. There are basically two major types of wallets used in securing cryptocurrencies like the Bitcoin Cash (BCH). The two major types are:
Hardware Wallets and Software Wallets
What are hardware wallets?
The hardware wallets are physical devices created to keep your cryptocurrency safe. They store the user's private keys in a secure microchip. They have most of the security features of software wallets. They are only vulnerable to physical theft, but they remove the process of having to load the private key in wallet import format to some software which might be exposed to online vulnerabilities.
Some companies have developed the wallet that allows users to store cryptographic assets on a simple, physical easy-to-use, portable device. If you have this device, all you need to do to spend your cryptographic assets is to connect it to the Internet and begin your transaction. It should be noted that most hardware wallets are cold wallets as they are always not connected to the internet.
Hardware wallets allow users to:
- Store private keys in a protected area of a microcontroller, and cannot be transferred out of the device in plaintext.
- Have immunity from viruses and trojans
The Software Wallets
What is a software wallet?
Simply put, a software wallet is a software (computer program) that stores cryptocurrencies. A software wallet is an application that sits on your device’s storage and allows you complete control and security of your cryptocurrencies, this is because each cryptographic asset you hold is only accessible on your own device.
Software wallets are majorly sub-divided into two:
The Hot (Online) Wallet & The Cold (Offline) Wallet
The Hot Wallet
Hot wallets are also known as online wallets. Meaning, wallets (software) that are often connected to the internet. Hot wallets are wallets that easily plug into the internet and are accessible through a web portal. They are considered ‘hot’ because of the greater ability for activity and accessibility. This creates an easy and quick to use environment, which is better for frequent access and transactions. Although, this can be hazardous because they are more susceptible to online attacks. Hot wallets are stored online and can be hacked easier than cold wallets.
The Cold Wallet
Cold wallets are also known as offline wallets, in the sense that, they are not always connected to the internet. Cold wallets are the more secure than hot wallets. Cold wallets are held offline, which makes them much harder to hack or steal because they are not always accessible. These type of wallets are best for cryptocurrency that you are not using frequently. If you have a lot of cryptographic assets, it’s advisable you keep them in a cold wallet. It is much more secure, and although it is harder to access for trading or buying and selling, it ensures your security and prevents loss or theft of your funds.
Software wallets can be in various forms. The three known forms are:
Desktop & Mobile & Web Wallets
These wallets are computer programs that can run on Windows, Mac or Linux operating systems. Using your laptop or desktop computer, you can download the software to your device, and send your Bitcoin cash to it.
Mobile wallets, are applications that can run on Android, Windows(mobile), and Ios mobile devices. With your phone, you always have on-the-go access to your cryptographic assets anywhere anytime. Your phone makes your wallet extremely easy to access and provides instant opportunities for making cryptocurrency transactions. Most mobile wallets have integrated QR code capabilities which increases the ease of making transactions.
Online wallets are basically in forms of web apps. As they are named, They only function online. You’ll always need an internet connection for you to be able to access it. Usually, some third-party wallet providers allow you to use their software through the cloud, and these are sometimes referred to as “cloud wallets.” This is because your tokens/coins are stored in the cloud, and your keys are held on a private server.
Fortunately, like other cryptocurrencies, all these types of wallets support the Bitcoin cash.
Major Wallet Providers
The major wallet providers currently supporting the Bitcoin cash are listed below:
- LEDGER NANO S
- ELECTRON CASH
LEDGER NANO S:
Ledger Nano S is a hardware wallet that supports the Bitcoin cash. It is based on robust safety features for storing cryptographic assets and securing digital payments. It connects to any computer via USB and embeds a secure Organic Light emitting diode(OLED) display to double-check and confirm each transaction with a single tap on its side buttons. Ledger Nano S includes Bitcoin cash and other blockchain-based cryptocurrencies. You can send and receive payments, check your accounts and manage multiple addresses for each currency from the same device.
Major features of Ledger Nano S wallet include:
- Multi-Currency Support: Nano S supports not only Bitcoin cash, but also, the Bitcoin and other altcoins.
- Built-in-Display: You can check and confirm transactions on-the-go, using the built-in display on the device.
- Back Up and Restore: Your accounts are always backed up and can be restored to any ledger device in case it’s stolen or device gets lost.
- Security: Confidential private keys are never exposed. The keys are always encrypted, stored and protected in an isolated microcontroller.
TREZOR is another hardware wallet that supports the Bitcoin cash. It is a single purpose device which allows you to make secure transactions. With TREZOR, transactions are completely safe even when initiated on a compromised or vulnerable computer. The Bitcoin cash protocol works by sending signed transactions of across the Internet. These transactions are signed using a special algorithm. In order to sign a transaction, you need to have a special key or password. TREZOR holds that key. TREZOR has full support for Android, Windows, OS X, iOS and Linux operating systems. Like the Ledge Nano S, TREZOR also has amazing features.
It is Secure: Each TREZOR has a PIN code. If your TREZOR hardware gets stolen, it cannot be misused to steal your money. TREZOR has a clever design that will never allow hackers to get hold of your pin, even if the computer with which you use your TREZOR is hacked.
It supports many cryptocurrencies: TREZOR supports a wide range of coins and tokens. You can check the list of the supported currencies here
Assets are recoverable: In case your TREZOR is not available you can still recover your Bitcoin cash (or any other coin) using your recovery seed and a compatible wallet like Mycelium or Electrum. Check out our TREZOR Apps for the full list of wallets compatible with the recovery seed.
You can get your TREZOR wallet on Amazon
KEEPKEY is also a hardware wallet that secures Bitcoin cash, and some other altcoins. It ensures your cryptographic assets are protected from hackers and thieves. It works with the wallet software on your computer by taking over the management of private key generation, private key storage, and transaction signing. It generates private key using its hardware-based random number generator, combined with randomness provided by your computer.
Key features of Keepkey wallet include:
- Virus and malware-proof
- Multiple currencies support: Keepkey wallet not only supports Bitcoin cash but also Bitcoin and some other altcoins.
- Secure storage: Keepkey stores private keys, using the pin protected mode which makes it useless in the wrong hands.
Get yours here
Electron cash is a cold wallet for Bitcoin cash. With Electron Cash, you alone control your own private keys. You can back up your wallet easily with a mnemonic seed phrase. SPV technology provides high security without having to download the blockchain or run a full node. Asides from being a cold storage, the Electron cash has:
- Multi-Platform: Electron supports major operating systems including Android, Windows, Linux, and OSX.
- Security: Your private keys are encrypted and never leave your computer.
- No Downtimes: Electrum servers are decentralized and redundant. Your wallet is never down.
Download your Electron wallet here
The Unit Wallet
UNIT wallet is another type of cold wallet. According to unitwallet.co, “Unit wallet is Bitcoin Cash wallet for mobile, it is the quickest way to start using Bitcoin Cash on Android and iOS without needing to sign up or provide any personal information. Features of the wallet include paying (via QR technology), sending, receiving and discovering places that accept Bitcoin Cash.” Unit wallet is completely non-custodial, meaning that only the owner is in control of his money, it is impossible for the wallet providers to freeze, steal or track the owner’s spending, you wouldn’t have to trust anyone with your funds, you are always in total control of your money.
You can download your UNIT wallet here.
The Bitcoin Wallet
The easy-to-use for beginners, and robust for experts’ wallet, the Bitcoin.com wallet can be used to buy, send store and receive your Bitcoin cash coins. It supports Android, iOS, Windows, OSX, and Linux operating systems.
Get the version for your operating system here.
Exodus wallet is also a desktop wallet having a multi-asset wallet capability with ShapeShift built in. It encrypts private keys and transaction data locally for your eyes only. Your data remains private – no account setup required. Like other wallets, Exodus gives blockchain asset investors a platform to secure, exchange and manage wealth inside one beautiful application. Exodus currently supports Bitcoin Cash, Bitcoin and other altcoins including Aragon, Augur, BATCivic, Dash, Decred, District0x, EOS, Ethereum, ETH Classic, FunFair, Gnosis, Golem, Litecoin, OmiseGo, Qtum (ERC20) and SALT.
Downoad your Exodus wallet here
The BTC.com offers powerful Bitcoin Cash. It gives you the ability to securely send, receive, and store your funds. BTC.com has no access to your Bitcoin Cash, staying true to Bitcoin's core values, and giving you the security, privacy, and power to own your wealth. Using BTC.com, you make payments without QR codes or long addresses.
Get started with BTC.com here.
Mobi is a highly secure mobile digital currency wallet with 100+ currencies at your fingertips. It is also a cold wallet that allows you to receive store and send you Bitcoin cash. Mobi supports Android and iOS as the major platforms. Other than the mobile apps, Mobi also offers a multi-currency prepaid card that could be linked to your wallet to ease your payment needs.
Major features of Mobi include:
- Safety and security: Using the appropriate technologies, your cryptographic assets are always secure.
- Borderless transactions: Mobi makes transactions (both international and local) fast, painless and costless, anywhere, anytime.
The Bitpay wallet is a secure and open source wallet created by the BitPay. It is also a cold wallet. Using BitPay wallet, you have the option to either create a normal wallet for immediate payments or lock down your security by requiring payments to be accepted by up to 12 different devices. BitPay not only offers wallets, the wallet can be connected to the Bitpay card. This integration allows you to Buy and sell Bitcoin directly to and from your wallet, load and manage your BitPay Card. The card is accepted at all Visa® merchants and Visa® compatible ATMs worldwide.
Also, the Bitpay wallet is compatible with all major operating devices including Android, iOS, xOS, Windows, and Linux. Get to know more about Bitpay wallet, and download for your OS here.
The digital wallet, Jax, runs on iOS, Android, Windows, Mac, Linux and other platforms. It has been in existence since 2004 and it supports a wide range of cryptocurrencies. The Jaxx wallet is secure, and simple to use. The Jaxx wallet is also a cold wallet that also allows you to store your Bitcoin cash and other cryptocurrencies.
Download and enjoy a free Jaxx wallet here.
Stash Wallet is a free and easy-to-use crypto-finance mobile app with support for Bitcoin cash and other digital assets. It ‘pairs’ with the Stash Node Pro, giving users additional transaction capabilities and full roaming access to their personal copy of the blockchain.
The wallet is also the first of its kind to include built-in secure messaging integrated with the decentralized Stash Identity platform based on private, re-usable, two-way payment addresses.
Features of the stash wallet include:
- Multi-platform support: Currently, the wallet has support for Android mobile device, but it promises to support all other major platforms.
- Simple: It is super simple to use, and it allows users to make private payments.
- End-to-end Encryption: The app encrypts users’ messages to avoid alterations in data.
Download your free Stash wallet here.
Strongcoin is a hybrid Bitcoin wallet, it combines the features of both cold and hot wallets. The private key required to send money is encrypted in the user’s browser before it reaches the servers, only the encrypted keys are saved on our servers.
You can create a free and secure StrongCoin wallet here.
Coinomi is a free secure source-available multi-coin multi-asset cold wallet for Bitcoin cash, altcoins, and tokens. Coinomi has a combination of features not always found in other wallets. These features include:
- Multi-Coin & Multi-Asset support Native support for Bitcoin cash, Bitcoin and most major altcoins and tokens with continuous integration of key altcoins and tokens.
- Security The users’ private keys never leave their device(s). The strong wallet encryption and cryptography guarantee that funds will remain safe under the owner’s ultimate control.
- Enhanced Privacy & Anonymity Users’ identity cannot be linked, which means no transactions tracking.
- Custom and Dynamic Fees: Users have the ability to customize the transaction fees.
- Confidential back-up: Hierarchical Deterministic Wallet (BIP44) technique used in the creation of the wallet enables users to keep everything accessible and secure with just one passphrase which separately back-up by the user.
- Built-in Exchange: With the integration of Space Shift and Changely, users can exchange their Bitcoin cash with BTC and other altcoins.
Download your Coinomi wallet here.
With all these varieties, you have the opportunity of choosing your preferred wallet, to ensure your Bitcoin cash is always safe and secure.