Before you begin to mine or trade Bitcoin Cash [BCH], you will need a wallet to store it. A wallet comprises of two long random letters and number arrangement. One is the public address of your wallet that others use to send payment in BCH to you. The other is a private key that offers access to your cash and used to sign out after a transaction.

Ensure to keep the private key securely because the loss of it means loss of access to your funds stored in the wallet. It may even get stolen and your wallet may get embezzled.

When you get registered on a cryptocurrency exchange supporting Bitcoin Cash, you get a wallet automatically. It is wise to buy bitcoin and store them in a different wallet. The reason is that the wallet services provided by the exchange will have the private key details of the allotted wallet and so even possess your funds. Exchanges are prone to hacking and customers losing their funds, so be wise.

How to apply for Bitcoin Cash if you possess Bitcoins?

If you possess Bitcoins mined before 1st August 2017 [Hard Fork happened], you will be entitled to get the same token amount in BTC. Bitcoin Cash claiming process differs from one wallet provider to another.

For a full node wallet, you need to download the whole blockchain but to be safe install full node BCH wallet on another computer. Several full node wallets make use of the same data directory therefore while installing the new one, previous data can get overridden. You can lose funds in both versions forever.

Simplified Payment Verification {SPV} is lighter and easy to use the wallet, where there is no need to download the whole blockchain. Wallets use recovery seed, which holds information about your BTC Private Key and by extension your BCH private key. You can access your Bitcoin Cash by just inserting the recovery seed in your wallet.

Paper wallet

A paper wallet can be termed as cold storage that stores crypto funds safely. A private and public key is printed in QR form on a paper wallet. There is no connection of the paper wallet with the internet, so it cannot be hacked.

Paper wallets once printed can be kept in a safe deposit box or buried in the backyard or concealed anywhere in your home. Your funds will be safe until you plan to spend.

Bitcoin cash app

Install the Bitcoin Cash app on your PC or mobile device. Your private keys can be kept in safety offline on the device you install the software.

Hardware wallets

Hardware wallets look like conservative portable hard disks but are safe storage. They are intended to store cryptocurrencies. Transactions can be generated on the go and offline but you will need to plug the hardware to a computer for making a transaction.

A hardware wallet is immune to hacking or cyber-attacks because they need no internet connection. However, you will need to pay for a hardware wallet but are worthy if considerable Bitcoin Cash is stored.

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