To find a BCH wallet you would have to understand what your needs are. There are different types of wallets in the market. You want to make sure that you choose the best BCH wallet. However, let us tell you that there is no killer BCH wallet right now.
In the next sections, we will go through the main BCH wallets available in the market and their main characteristics. This would help you understand which are the wallets you need and how you can use them on a regular basis to store Bitcoin Cash (BCH).
What is Bitcoin Cash (BCH)?
Bitcoin Cash (BCH) is one of the largest cryptocurrencies in the world. That’s a fact. At the time of writing, it is the 14th largest with a market valuation of over $10 billion.
Bitcoin Cash was created as a hard fork of the Bitcoin (BTC) network back in 2017. The main reason behind this fork was related to the way in which the Bitcoin community planned to scale the Bitcoin blockchain.
The BTC community preferred to scale with off-chain solutions such as the Lightning Network (LN), while the BCH community wanted to increase the Bitcoin block size. Considering both of these communities couldn’t reach an agreement, BCH split from BTC and created its own chain with larger blocks than the traditional 1 MB Bitcoin blocks.
Nowadays, both digital assets are accepted in different exchanges and platforms. In this way, investors can get access to two different blockchain networks that have a lot in common. It is worth taking into consideration that due to the increased block size, BCH transfers are faster and cheaper than on the Bitcoin network.
That being said, if you are using BCH, then you want to use the best BCH wallet. You want to make sure that you have a safe and useful Bitcoin Cash wallet. There are several wallets. This guide will be very helpful for you to know which are the most popular ones.
What is a Cryptocurrency Wallet?
A cryptocurrency wallet is a hardware device or software application that helps users hold their virtual currencies. There are different types of wallets in the market and each of them offers different services.
Depending on your needs you can use a safer wallet or a more easy-to-use application. This is why it is so important to understand the role wallets play when handling digital assets. For example, the first thing we need to take into consideration is related to whether this is a non-custodial or custodial wallet.
Custodial and Non-Custodial Wallets
Custodial wallets are those in which there is a third party holding your private keys. In this case, you are not the real owner of your funds. Why? Because if there is a hack to the platform holding your private keys, you could end up losing your coins.
Moreover, when you have a custodian taking care of your private keys, you are giving consent they can do whatever they want with your funds. There is no difference between a bank account where you hold your fiat currencies from a custodial wallet. There is a centralized authority that can freeze your account and decide whether you use or not your coins.
With a non-custodial BCH wallet, things are different. If you hold your private keys you are the real owner of your funds. There are no other parties taking care of your money. This is certainly one of the most important things in the crypto market.
If we learned something during the last years is that we should be responsible for the private keys of our wallet. However, this comes with several responsibilities. If you want to be the owner of your Bitcoin Cash, you should protect your private keys.
What is BCH Wallet?
A BCH wallet offers users the possibility to store Bitcoin Cash. There are several cryptocurrency wallets in the market. Some of them do not support Bitcoin Cash, while others do. Understanding which are the wallets that support BCH would give you a clear idea of the solutions you can choose from to protect your funds or use them on a regular basis.
In general, there are no differences between a BCH wallet compared to other wallets. The only thing you should take into consideration is the fact that to a BCH wallet address you can send BCH and no other virtual currency.
If you send other digital assets to your BCH wallet, then you could never see these funds again. Each of the wallets in the market has different implementations and work in different ways. Knowing this would reduce unwanted money losses or errors.
BCH Paper Wallet
Another thing you should take into consideration is that if you want to store your BCH offline, there are two ways of doing so. One of the ways and the easiest one is by using a hardware wallet.
Hardware wallets are the safest solutions in the market to store digital assets. However, these wallets are paid and expensive, especially for users that want to store small amounts of money or for short periods of time.
This is where a BCH paper wallet could help you store your BCH offline. These wallets are literally papers where you have a public and a private address. The public address would help you deposit funds there. The private address would represent your private keys that you would use to sign transactions (get access to your funds).
These wallets are very fragile. They can get lost in an easy way. The private keys could also be damaged (this is just paper). Thus, their durability might not be ideal for long-term holders.
Best BCH Wallets Available Right Now
There are dozens of BCH wallets right now in the cryptocurrency market. As we mentioned before, each of them is different and would offer you different services. Some wallets have a crypto exchange integrated into their systems, while others focus on privacy.
The best BCH wallet would depend on your needs. This is just a list of the most popular BCH wallets available. However, there are many others.
Ledger is one of the most popular cryptocurrency wallets all over the world. This is a hardware wallet and can be purchased for as low as €60 (Ledger Nano S). If you want to know your BCH coins are protected at all times and cannot be accessed by hackers, then this is the right wallet for you.
Ledger wallet focuses on security. This is the most secure wallet you can find right now if you want to hold digital assets for long periods of time. Indeed, this is the favourite wallet selected by long-term holders.
At the same time, if you buy a Ledger Wallet, you would not only have access to Bitcoin Cash but also to most of the largest digital assets in the world. Finally, there are some new implementations that show Ledger wants to expand its services. For example, you can already buy more digital assets (or sell them) directly from this wallet.
Atomic wallet is a desktop and smartphone wallet that offers support to more than 300 different cryptocurrencies. The wallet is now being used by over 1 million users worldwide and it includes virtual currencies such as Bitcoin (BTC), Ethereum (ETH), and of course, Bitcoin Cash (BCH).
This wallet focuses on three main things: security, anonymity and customer support. In terms of security, users will have their private keys encrypted. They will never leave the device. Users are in control of their funds at all times.
If you want to start using this wallet, you do not need an account, verification of KYC. This is certainly important considering the cryptocurrency market has been moving towards very strict KYC regulations.
Finally, in terms of support, the team behind Atomic Wallet is always ready to help users handle their questions and needs. Compared to other crypto platforms, Atomic wallet has one of the best customer support teams. This is one of the best software BCH wallets in the market.
The next BCH wallet is Trezor. This wallet is a hardware device that would protect your Bitcoin Cash coins from attackers and hackers that could get access to your computer. As a hardware wallet, you know that your funds are protected at all times.
Trezor started offering support to just a few digital assets but now it expanded its offering. Nowadays, Bitcoin Cash holders can easily get access to a wide range of virtual currencies and store them all in the same device rather than having dedicated apps for each digital asset.
Additionally, Trezor offers other features such as third-party wallet integration and services, password-less login and 2-factor authentication (2FA) to protect your account even further.
Exodus is a multi-currency wallet that works on different platforms, including desktop, mobile and hardware wallets. This is not an exclusive BCH wallet because it also offers support to other coins.
This wallet is also focusing on other features such as Live charts, a built-in exchange and human support 24/7. The live charts make it easier for users to understand the funds they have and how they evolve over time.
The built-in exchange is one of the most exciting features of this wallet. You do not have to leave the platform and you can already exchange your funds (this includes buying and selling).
Finally, the 24/7 human support would reduce the problems you face with the platform (or help you solve them). Remember that if you have a BCH wallet address, you should only send BCH coins to it.
The Bitcoin.com wallet is one of the most useful wallets to handle BCH and BTC on a daily basis. This wallet has been created thinking of BCH and BTC as assets that can be used to perform transfers and store value.
Through this wallet, users can buy BCH or BTC in just a few simple taps. This wallet focuses on BCH being the first (main) currency of the platform. Although it also supports Bitcoin, this BCH wallet has been integrated into the whole Bitcoin Cash ecosystem.
For example, users can enjoy a cryptocurrency exchange directly from the application, a casino integration that helps users play casino games using Bitcoin, a marketplace to get the best margins on every single trade and the possibility to spend BCH anywhere it is accepted.
Electron Cash Wallet
Electron Cash is a BCH wallet that has been created for Bitcoin Cash holders. It is among the most secure in the market for BCH holders. The Bitcoin Cash community tends to use this wallet alongside other hardware wallets.
This is because it is fully integrated into the Bitcoin Cash ecosystem and because it was developed for the BCH community as a whole. At the same time, this is one of the oldest wallets in the market for BCH holders.
By using this wallet, you shouldn’t be worried about transaction fees. The wallet does not include additional fees on the network. You would only pay for the fees that are included on the network at that time. Bitcoin Cash fees are usually very low, thus, you shouldn’t encounter fee issues with BCH.
Electron is a very useful and easy to use wallet. Its interface is straightforward and it works as it should (with very few problems reported by users).
We finally have the Coinomi wallet. This is one of the largest and most advanced crypto wallets in the world with support to over 1,770 assets. Few other wallets have this number of coins supported.
The wallet focuses on security and multi-coin support. That means that it would not only work as your BCH wallet but also as a Litecoin (LTC), Dash or Ethereum (ETH) wallet as well. For crypto investors, this is one of the best options if they want to hold their coins in just one place.
At the same time, Coinomi was built and developed in 2014 making it one of the oldest multi-currency wallets in the market. Furthermore, there are also different fiat representations and it can be used by people all over the world (there are more than 25 languages supported).
The wallet has 24/7 customer support, it has a built-in exchange, users can get access to virtual currencies with debit or credit cards, they have added privacy and anonymity features and it can be integrated into different decentralized finance (DeFi) platforms in the market.
If you are holding Bitcoin Cash, this could be one of the best BCH wallets available in the market.