Would you ever want your salary paid in cryptocurrency? Well, Rolando Brison, a member of St. Maarten’s Parliament, plans to have his paid in bitcoin cash. Brison is even exploring legislation to make bitcoin cash legal tender in St. Maarten.
Whether it’s the decentralized nature, low blockchain transaction fees, or security, cryptocurrencies like bitcoin and bitcoin cash are here to stay. This is especially true for the unbanked and underbanked parts of the globe. All you’ll need to get started is a bitcoin cash wallet.
If you’re new to the crypto landscape, do not worry. Read our guide below on how to begin.
How to Store Bitcoin Cash
Whether you’ve bought, are selling, have mined, or earned bitcoin cash, you will need a place to store it right? All crypto wallets (including bitcoin cash) have a public and private key. The public key is what you share when you want to receive bitcoin cash and the private key is how you access your crypto.
Remember the mantra, not your keys not your crypto. It is advised to never share your private keys with anyone and to store them in a safe place from prying eyes. Follow best security practices such as never storing your crypto on an exchange.
Bitcoin Cash Wallet Options
Essentially you have 2 storage options when it comes to your bitcoin cash wallet—software and hardware. The good news is that you aren’t limited and can open as many bitcoin cash “accounts” as you wish.
If you ever need government-based money (cash, fiat) on hand, use the best map available to find a Bitcoin ATM nearby. Remember to always send and receive to the corresponding correct cryptocurrency (bitcoin, bitcoin cash, ethereum).
A software-based bitcoin cash wallet is also known as a hot or mobile wallet. Download a bitcoin cash wallet to your phone and follow the setup. You will be walked through the process to write down your seed phrase (a sequence of words used to generate the private keys).
Use a hot wallet when using bitcoin cash to shop online or send money to a friend. While more convenient, you do not want to store much bitcoin cash on one since they are connected to the internet (which opens you up to hackers, bad actors, etc.)
A hardware-based bitcoin cash wallet is where your private keys are stored offline. This will greatly reduce the risk of hackers gaining access to your bitcoin cash and other cryptocurrencies. Hardware wallets will tend to look like thumb drives.
This is the safest option for storing large amounts of cryptocurrency like bitcoin cash for the long haul.
What Bitcoin Cash Wallet Will You Choose?
Keeping your bitcoin cash and other cryptocurrencies safe and secure is your duty. Guard them with your life and you will be well on your way to self-sovereignty.
Download a bitcoin cash wallet today to try it on for size. When you get more comfortable or wish to store larger amounts, consider buying a hardware wallet.
For much more informative insights on technology and the crypto market, be sure to browse our blog daily.