Best methods of earning Bitcoin Cash include mining, lending, buying or some free earning ways – airdrops, faucets, PTC site, GameFi, etc. You should try a crypto rewards card that offers the surest ways of earning free Bitcoin cash, but you need to spend some.
What is Bitcoin Cash?
Bitcoin Cash is very similar to Bitcoin and that’s because it’s a Bitcoin fork. On August 1st, 2017, BCH split from Bitcoin and now are entirely separate blockchains. BCH believes that bigger transactions solve the scalability problem found on the BTC blockchain. When more transactions are in a block, transactions are faster. The block size of Bitcoin is 1MB. Since May 15, 2018, the blockchain size of Bitcoin Cash is around 32MB. This is the major difference between the two blockchains.
Aside from that, BCH is very similar to BTC in that you can use it to send and receive funds directly from person-to-person anywhere in the world. It can also be used as a payment method to merchants that accept it and of course, it is a viable investment asset as well. BCHN is prone to high volatility in the past meaning there are plenty of great opportunities to profit.
How to Earn Bitcoin Cash?
Mining BIitcoin Cash
Bitcoin Cash (BCH) mining requires three things: a dedicated mining setup (rig) or a mining pool that does all the heavy lifting, a wallet for collecting the reward and a robust infrastructure to host your mining operations. Bitcoin Cash runs on the proof-of-work (PoW) consensus mechanism to mine the historically limited amount of 21 million coins.
Mining is foundational to the existence of the cryptocurrency economy. Although mining is closely associated with earning rewards in the form of crypto payment, the operation is responsible for maintaining the credibility of the financial system.
There are many ways in which you can earn crypto, and just like other top performing assets like gold, you can do this by mining it yourself. Before you pick up the shovel, let’s get into some of the factors one must consider before mining Bitcoin Cash.
Mining BCH is a process of solving mathematical puzzles. However, these are complicated puzzles and require you to have necessary skills. Miners successfully receive rewards for BCH mining. The value of the BCH mining reward is 12.5 BCH per block and the transaction fee within the block concerned.
Three steps for mining:
1. Choose the best hardware and software.
2. Attach your wallet
3. Choose the right bitcoin cash mining pool and get started with it.
Bitcoin Cash Mining Hardware
Like other cryptocurrencies, BCH has its own hardware requirements. Without proper BCH mining hardware you can not start mining. The most common ones used are Antminer S9 or S7. It is known to give you a hash rate of 10 TH / S. Also, it consumes up to 1300 watts of electricity per hour.
Bitcoin Cash Mining Software
Two commonly used BCH mining software include BFGminer and CGminer. You can use EasyMiner, in case the command line interface is difficult for you.
Lending Bitcoin Cash
The instructions below are for earning yield on Bitcoin Cash using a cryptocurrency exchange for lending:
- Use the table to compare rates from various providers.
- Choose a provider to deposit your cryptocurrency with, then safely navigate to their website using the “Earn now” button in the table.
- Sign-up for an account using an email address and make sure to have some form of photo ID ready to complete the verification process.
Look for the “wallet” or “deposit” tab on the provider’s website, then transfer your funds from your existing exchange or wallet to the deposit address shown and make sure to double-check the address is correct before sending. If you do not own any BCH yet, then you can purchase it on the same exchange you plan to earn it on or view our list of local exchanges that sell it.
Once deposited, move your funds into the yield-earning account. If you are using a specialised digital asset lending platform like Celsius, Nexo or BlockFi you can usually skip this step, as your assets will typically start earning yield right away. Remember to check back regularly to monitor your portfolio, collect rewards and ensure everything is working as intended.
Most services will let you access your rewards without needing to withdraw your initial deposit. Keep in mind that some services require your deposit to remain locked for a certain period of time, while others are flexible and allow you to withdraw anytime (although be on the lookout for early withdrawal fees).
Remember that while earning yield on cryptocurrencies can be easy and attractive, your deposits are not insured the same way cash deposits are with a bank. Deposits are used in a variety of ways, all of which carry varying levels of risk. Some services offer insurance policies, while some might not offer any insurance at all. Make sure to research the provider thoroughly before making a decision.
Risks of lending Bitcoin Cash
Risks involved with lending Bitcoin Cash include:
Lack of regulation
Just because you’re earning yield on your BCH like you would with a bank account, that doesn’t mean you have the same protections. Cryptocurrency exchanges and lenders are largely unregulated and consumer protection laws in your country are unlikely to apply. As such, if something happens to your deposits you are unlikely to have many options for legal recourse. Fortunately, some lenders such as Nexo offer insurance on deposits to help bridge this gap.
Lack of insurance
While earning yield on cryptocurrencies can be easy and attractive, your deposits are not insured the same way cash deposits are with a bank. Deposits are used in a variety of ways, all of which carry varying levels of risk. Some services offer insurance policies, while some might not offer any insurance at all. Make sure to research the provider thoroughly before making a decision.
DeFi and smart contract risk
This guide only compares CeFi platforms, but if you choose to use a DeFi platform for lending BCH, then you are taking on the additional risk associated with that platform. DeFi lending uses software called smart contracts which automates the process and pairs lenders with borrowers. These smart contracts can be exploited and user funds stolen. Look for a protocol with a long history of security, such as Compound or Aave.
Be wary of platforms that offer rates several times higher than the competition. While legitimate services may do this as a promotion or way to attract users, some may be scams waiting to steal user funds.
Buy Bitcoin Cash
As the crypto sector matures, it is getting easier for beginners to get involved. The broker and exchanges we review below are all set up for crypto newbies. The best crypto exchanges in particular offer options for the more adventurous. We recommend complete beginners try out broker eToro first and learn the ropes with its pioneering social trading options.
Read More: How to Buy Bitcoin Cash (BCH)?
You can buy as little as $10 of Bitcoin Cash using top broker eToro. This broker is up-front about trading fees, which is a breath of fresh air in the crypto sector: you will get charged a commission of 1% when you buy and a commission of 1% when you sell.
You can get a crypto wallet like the eToro Money crypto wallet if you want, but this is not necessary to buy and sell BCH with eToro — the broker will look after your BCH for you. Over 2.7m investors follow Bitcoin Cash with eToro.
As you consider how to invest in Bitcoin Cash, remember that the best investments are diversified investments. Diversifying your crypto portfolio minimises the risk of serious losses. So check out eToro’s growing selection of 55+ crypto, and build your own portfolio. eToro also supports crypto staking with some of the best rewards on the market.
Crypto.com is currently the ninth-biggest crypto exchange in the world with a daily trading volume approaching $4bn (data from CoinMarketCap). This exchange is in the public eye right after advertising on TV during the Superbowl Final with actor Matt Damon.
Unlike broker eToro, Crypto.com offers crypto but no conventional stocks and shares. That is the difference between a broker and an exchange. When it comes to choice, though, Crypto.com is no slouch. You can buy Bitcoin Cash with credit card or with fiat currency direct, as well as browse 250+ other crypto. As with eToro, Crypto.com will hold your BCH for you until you want to sell — or you can use the free Crypto.com wallet to store your Bitcoin Cash and send it around the web.
Coinbase is a comfortable choice for US investors in particular. That is because Coinbase is based out of San Francisco, California and has made a solid name for itself. With over 73m users and $4bn+ of crypto business done every day, this exchange is regulated in all US states where it operates. Coinbase was the first crypto exchange to get listed on a stock exchange, with a NASDAQ IPO in 2021. (With broker eToro, you can trade Coinbase stock using the ticker COIN.)
With almost $24bn of crypto traded every day, Binance is the biggest exchange there is. Size is everything with Binance. The exchange has 90m+ users and over 600 crypto on offer. If you are a crypto newcomer, then you might want to buy Bitcoin Cash with broker eToro for simplicity. But, if you are feeling more adventurous, Binance is the place to visit. To keep things simple, select the ‘classic’ option in the desktop version and ‘Binance Lite’ in the smartphone app.
How to Get Free Bitcoin Cash?
Bitcoin Cash Faucet
Earning crypto-currency income online has become increasingly popular for more people around the world. Many employers and marketplaces are now offering jobs and tasks that pay in crypto-currencies. In this beginner’s guide, you will discover how you can start earning your first free bitcoin cash if you are interested in learning more about this digital currency, its community and the opportunities it offers.
Following are the legit ways to earn free Bitcoin cash (BCH) and earn profit in future when its price goes rocket high.
1. Moon Cash Faucet
Moon Cash is the CoinPot faucet for Free Bitcoin Cash (BCH). Sign in and create an account using your Coinpot email address.
Once you set up your account in Moon Cash, your claim amount will continue to grow between claims. The growth rate of your claim decreases over time, so claim it at least once every 5 minutes.
Xfaucets is a new model site for users to claim Bitcoin Cash (BCH) for free, which helps raise people’s awareness of holding cryptocurrency.
3. Free-Bcash Faucet:
One way that most cryptocurrencies use to introduce new people to the world of digital currencies is through a crypto faucet. A cryptocurrency faucet pays its users small amounts of digital currency in exchange for watching ads. The platforms earn through ad revenue and give a share of that back to its users.
In this faucets website, you just have to fill in the captcha and click the ROLL button to get your free Coins. The amount of free Coins that you get will depend on the number that you roll and paid out according to the payout table given. You can come back and play every hour to win free Coins each time. You can increase your earnings more and more by sharing referrals and earning commission from them. This website also provides interest on deposits in an account with them.
Bitcoin Cash PTC Sites
Website such as AdBCH is associate advertising arranger that gives its members profits through PTC (pay to click) and Pay Per Surf advertising.
Bitcoin Cash Airdrop
Bitcoin Cash airdrops are popular marketing campaigns that can give you Bitcoin Cash. Here’s how. Bitcoin Cash airdrops are marketing campaigns that can result in free Bitcoin Cash. A Bitcoin Cash airdrop is a great way to get some Bitcoin Cash without actually buying it.
Bitcoin Cash GameFi
Bitcoin cash gamefi refers to blockchain games that provide financial incentives for players. Generally, players can obtain bitcoin cash and NFT rewards by completing tasks, fighting with other players, and upgrading at different game levels. Unlike traditional video games, most blockchain games allow players to transfer game items out of the game’s virtual world. This allows players to trade their items on the NFT market and their crypto income on the crypto exchange.
Bitcoin Cash Bounties
Bitcoin cash Bounty Hunter is a service from Bitcoin.com that allows people to get paid anonymously for completing bounties. The platform now offers many Bounty programs with a total payout of over 758 BCH. Unlike other bounty programs that focus only on software bugs, this service is open to all types of credits, including catching crypto criminals. As such, a focus on hackers, who often hurt the crypto ecosystem, has naturally evolved.
Is Bitcoin Cash a Good Investment?
The crypto market has been in the doldrums since last year. First, fears over inflation meant that big institutions started putting their money into assets with more sedate risk/reward profiles than crypto. This deflated crypto prices.
Then fears over the Ukraine crisis took over. It may be too early to say it, but it does seem like crypto prices are beginning to rise again. If so, the best time to buy Bitcoin Cash is right now before its value increases.
Read More: How to Sell Bitcoin Cash (BCH)