Bitcoin Cash (BCH) is one of the top cryptocurrencies already accepted as a payment by multiple companies around the world. Bitcoin Cash represents digital money that can be used to pay for various goods and services.
Bitcoin Cash is a fork of Bitcoin, meaning it is a new cryptocurrency based on the original Bitcoin blockchain. Bitcoin Cash has a significantly larger block size compared to Bitcoin, which ensures faster transactions and lower fees.
What is a Bitcoin Cash Wallet
If you decide to convert your savings into cryptocurrency (to be exchanged for electronic money) or to start earning cryptocurrency, you need to choose a reliable wallet for it. Bitcoin Cash wallet is an application that allows you to manage your Bitcoin Cash Private key and send or receive BCH. Such wallets exist in web/desktop, mobile, hardware, and paper versions. The most secure ones are hardware wallets; however, they may get fairly expensive and are not as convenient for everyday use (you have to carry the wallet with you to perform a transaction).
Basically, a wallet is the main user interface through which a person interacts with the cryptocurrency system. Bitcoin Cash wallets allow both storage and management of one's assets: with this software, one can buy, send, receive, and exchange BCH. Bitcoin Cash wallet contains private keys and public addresses and gives you full access to your funds. If you want to learn more about cryptocurrency wallets, check this detailed guide. Atomic is a desktop and mobile wallet, available for all major OS: Windows, macOS, Linux, Android, and iOS.
Bitcoin Cash Wallet Features
Now that you know what the main purpose of a Bitcoin Cash wallet is, why not look at a specific example of a user-friendly multifunctional wallet!
There are plenty of wallets that allow you to keep and manage Bitcoin Cash. The wider the choice, the harder it gets to find the wallet that would meet your needs. Atomic Wallet is here to spare you the need to wander around hundreds of websites in search of the best solution!
Atomic is a decentralized multi-currency wallet. It supports more than 300 cryptocurrencies, has a built-in Cryptocurrency Exchange, Staking, and Buy Crypto features, as well as 24/7 live support. It has become truly famous for its convenience, user-friendly interface, lack of operational costs, and security. The latter is ensured by the fact that your crypto is entirely under your control, as your private key is stored only on your device (and not on some online server); this offers full control over your assets. We provide you with the options to manage, exchange, and buy BCH with a bank card.
The primary purpose of Atomic Wallet is not just to store cryptocurrency but to create a healthy multifunctional ecosystem that, in many ways, resembles a decentralized exchange. Atomic Wallet has an internal token - AWC (short for Atomic Wallet Token), which has many use cases in the ecosystem, such as dividends for holders and the cashback program. Furthermore, it also serves as a marketing tool for bounty and airdrop campaigns.
A significant advantage of decentralized wallets, in general, is the opportunity to manage cryptocurrency from any device. Still, you need to pay attention to how you store the backup phrase since that is the primary access to your funds. With Atomic, your Bitcoin Cash wallet is protected as long as you keep your seed, or private key, in a safe and secure place.
Bitcoin Cash transaction fees
It is important to understand that Atomic Wallet does not incur any fees for sending/receiving BCH; the only fee you're paying is the internal network fee set within the blockchain itself. This is to ensure that your transaction is added to the blockchain in a fast and secure way.
The architecture of Bitcoin Cash adheres to the principles of classic proof-of-work blockchains, and so do the transaction fees. Basically, the network fee is a reward for the job performed by the miners to add a block to the blockchain; this is why it is literally called "block reward." So it is plain to see that, the more you wish to pay as a network fee, the faster your transaction will be taken and confirmed by miners. Just like Bitcoin, the BCH network fee is not fixed and is driven by supply (block space) and demand (transaction volume) in the market. Atomic Wallet allows you to set a custom fee for your transaction.
That said, the fee for BCH transactions is still considerably lower than that for BTC because of the previously mentioned increase in the block size: bitcoin blocks are limited to 1 MB, whereas BCH blocks are 8 MB in size. Over the last year, for instance, the average transaction fee in the BCH network did not exceed 1 cent.
How to Use a Bitcoin Cash Wallet?
In order to enjoy the functionality of Atomic Wallet, one first needs to go through a simple process of creating a wallet. Download the installation file for your operating system from the official website and install the app. Run Atomic, click "CREATE WALLET," enter a secure password, and click SET PASSWORD. You will now see a 12-word seed phrase that can be used to restore access to the wallet. Be sure to keep in a safe and secret place! Then click "START USING ATOMIC."
You will then be taken to the wallet interface. In the first tab "WALLET," you will see the balance of all available coins and generated wallet addresses of different currencies. If you wish, you can sort the assets by volume, or hide negative balances. A remarkable feature of Atomic is the possibility to add any custom ERC20 (Ethereum-based) tokens to the wallet.
The "EXCHANGE" tab provides an opportunity to exchange tokens through partner exchanges - ChangeNOW, Changelly, and ShapeShift.
The "SETTINGS" tab allows you to change your password, get private keys that are securely stored in the encrypted form, as well as import an external wallet into Atomic Swaps Wallet (for this, you must enter a private key).
Bitcoin Cash features
- Faster and reliable p2p transactions
- Lower transaction fees
- Zero-confirmation transactions
- Open source
- Proof of work algorithm
- Limited supply of 21M BCH
Bitcoin Cash (BCH) is supported by multiple wallet providers, including Atomic Wallet. In Atomic, you can manage and exchange BCH, buy BCH with your bank card, and swap BCH with Atomic Swaps - everything you need in one wallet application. Atomic Wallet empowers you with full control over your funds since your Private Keys are protected with a mnemonic seed and never leave your device. Atomic Wallet provides you with one of the best options to store, send, exchange, and buy BCH. Install the app now and manage your BCH right in the Atomic Interface.