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Bitcoin Cash was launched on the 1st of August 2017 as a peer-to-peer electronic cash system. It was developed off of the Bitcoin network, making it a Bitcoin hardfork. It was created with the intention of reclaiming the characteristics previously held by the original Bitcoin software.
In November 2018, the blockchain of Bitcoin Cash split, this time from a difference in the idea of what the network should look like. Bitcoin Cash’s Roger Ver and Craig Wright could not agree on the future of the network and the network split to Bitcoin ABC (which remained to be known as Bitcoin Cash) and Bitcoin Satoshi’s Vision (known as Bitcoin SV) in order to satisfy both designs.
How to create a Bitcoin Cash wallet
Sign up for a free Coindirect account and you will automatically get a free Bitcoin Cash online wallet . You can use your Bitcoin Cash wallet to buy, sell, store, send (withdraw) and receive (deposit) BCH.
How to create Bitcoin Cash address?
Once you have signed up for a free Coindirect account all you need to do press the ‘Receive’ button to reveal your Coindirect Bitcoin Cash wallet address.
How to buy Bitcoin Cash with a credit card
- Sign up for a free Coindirect account
- Find your Bitcoin Cash Wallet and click the ‘Buy’ button in your Bitcoin Cash Wallet.
- Select “New VISA Card (EUR)” or “New credit card (NGN)” if you are in Nigeria.
- Enter EUR value of BCH you want to purchase (more than the minimum limit) or the BCH amount you want to buy and then click ‘Preview Buy’
- You will receive a quote, press ‘confirm’ before the timer runs out (counts down from 55 seconds)
- Type in your credit card details and pay
- You will be taken to a page to verify your transaction
- Finally, you will be redirected back to your Coindirect Wallet once the payment is successful
How do I purchase Bitcoin Cash from my bank account?
If you are in South Africa or in Europe in a SEPA country you can deposit ZAR and EUR into your Coindirect ZAR Wallet or Euro Wallet respectively.
To fund your account you have to transfer money using bank transfers. To get the funding instructions so that your account is credited:
- Go to your ZAR/EUR wallet and click the “Fund now” button. Alternatively click the Fund tab in your Coindirect wallet and click on “Transfer Now”.
- Select the bank to transfer to from the drop down menu to get payment details and the reference you should use (highlighted in blue)
- Transfer the money from your bank account into the account shown on the screen then wait for the bank transfer to be processed (0-3 business days depending on the bank).
- Once the funds reflect in your ZAR wallet, go to your Bitcoin Cash wallet and click “Buy” and select “Wallet (ZAR)” or “Wallet (EUR)” as you payment method.
Where can I sell my Bitcoin Cash?
You can sell Bitcoin Cash from your Coindirect wallet by clicking the ‘Sell’ button in your Bitcoin Cash wallet.
If you are in a SEPA region or South Africa. You can sell your Bitcoin Cash and instantly get money transferred to your Wallet (ZAR or EUR).
If you are in another region with no local currency wallet. You can sell your Bitcoin Cash by creating a sell offer on the marketplace.
Credit card limits
Please note that Coindirect has limits for credit card purchases in place.
Make sure that your account is verified so that your credit card purchase limits are increased.
Currently, the limits for credit card purchases are:
Unverified users – R3000/€178
Verified users – R15000/€893
If you are interested in introducing your friends to a way to buy Bitcoin Cash with their credit cards, make sure you share a link through the Earn programme. If they sign up to Coindirect, both you and the friend will receive 5 XRP for free when they perform their first transaction.