After learning everything about trading Bitcoin in eToro, you now need to understand all the details involved in trading Bitcoin Cash, another cryptoasset that is available on their platform.
Remember: Bitcoin Cash is different from Bitcoin and this article will discuss everything about this specific cryptocurrency including its history, function, investment opportunities and how you can trade this asset with eToro.
You may refer to the table of contents below to have a quick overview of what we are going to discuss.
If you're considering of investing on this cryptocurrency right now then you better click on the button below to get started. This will open eToro's BCH trading page. Should you wish to continue, simply open an account with them but don't worry, this will only take a few minutes to do.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Just like Bitcoin, Bitcoin Cash is a cryptocurrency that has its own set of blockchain. It operates similar to a digital currency wherein a new BCH is created from Bitcoin Cash mining.
It was developed in August 2017, from a fork of Bitcoin. A "fork" is generated after the original code of a blockchain of Bitcoin is updated but only after a few the nodes—not all—accepted the update.
This results into a creation of a new node that split from the original blockchain (Bitcoin). The new blockchain (Bitcoin Cash) becomes a separate and unique coin.
Holders of Bitcoin or the original coin during the creation of the fork, will automatically receive a "forked version" of the Bitcoin they currently hold. So, when Bitcoin Cash was forked from Bitcoin, anybody who are keeping 20 Bitcoin (BTC) for example, will also be automatically given the same number of BCH.
Simply say: "Bitcoin Cash is like a new version of Microsoft Word, which generates documents that can no longer be opened via the older versions" as described by the Hong Kong newspaper South China Morning Post.
Because of the growing demand of Bitcoin among investors, Bitcoin Cash was created to allow a bigger block size as compared to Bitcoin. The creation of Bitcoin Cash allowed more transactions to be stored in a single block.
Bitcoin Cash may differ in philosophical functions than Bitcoin, both still share many technical parallels. Bitcoin and Bitcoin Cash applies the same "consensus mechanism" and has a supply cap of 21 million.
As Bitcoin transaction fees grew more expensive because of its 1MB block size limit, Bitcoin Cash has remedied this by able to increase the capacity of blocks to 8MB and 32MB, thereby allowing more processing of transactions per block.
In September 2018, for example, Bitcoin Cash registered a total of 25,000 transactions on the Bitcoin Cash blockchain as compared to the 1,500 capacities per block of Bitcoin.
To make things clearer, here are the summary of the difference between Bitcoin and Bitcoin Cash:
However, despite these differences favoring Bitcoin Cash, Bitcoin is still the most popular cryptocurrency representing 57.3% of the whole crypto currency industry.
In November 2018, Bitcoin Cash undergone a hard fork, that resulted into the creation of two new splits of Bitcoin Cash: Bitcoin Cash ABC and Bitcoin Cash SV.
Aside from trading Bitcoin on eToro, you can also trade Bitcoin Cash by using the app on your mobile phone, desktop computer and tablet.
By using eToro, you can easily gain knowledge on how to trade Bitcoin Cash by applying the following:
To start trading Bitcoin Cash on eToro, simply follow these steps:
You can withdraw Bitcoin Cash and other eToro-traded cryptocurrencies on the platform to an external storage via the eToro Wallet. This digital wallet is an app available for both Android and iOS devices.
Bear in mind: Your eToro Wallet username and password should match your trading account's login credentials.
The eToro Wallet is a crypto wallet that can store Bitcoin Cash securely.
eToro’s Bitcoin Cash wallet can also be used to send and receive BCH other supported cryptocurrencies from other wallets. Take note that this is an online wallet and not the same as a hardware wallet, which is offline by nature.
The spread of Bitcoin Cash on eToro is at 1.90% for both real cryptocurrency and crypto CFD trading.
The minimum withdrawal of Bitcoin Cash in eToro is 0.18 BCH and the withdrawal fee is 0.001 BCH.
You can also use the CopyTrader feature of eToro when investing and trading Bitcoin Cash. The patented CopyTrader technology of eToro will allow you to mimic the trading strategies of the most successful and knowledgeable traders using the app.
When you start trading Bitcoin Cash on eToro, you will get the freshest updates from eToro's partner financial news sources as well as access to trading insight reports from eToro's Bitcoin Case market analysis team.
Definitely not. All Bitcoin Cash trading-related activities on eToro follows all regulations and laws and licensed by various financial regulators worldwide.
The trading hours for cryptocurrencies such as Bitcoin Cash, happens 24 hours, 7 days a week on the eToro platform. This is different to stocks, ETFs, commodities, indices and currencies, which have specific opening and closing hours.
You can get real-time updates on the price of Bitcoin Cash (BCH) on your eToro dashboard by simply searching for it or viewing it on your portfolio if you already invested on it, 24 hours and 7 days a week.
Considering of investing on this cryptocurrency right now? Then you better click on the button below to get started. This will take you to eToro's BCH trading page. Should you wish to continue, simply open an account with them but don't worry, this will only take a few minutes to do.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.