For those who are new to cryptocurrencies, Bitcoin Cash is a forked currency that came from the same blockchain as Bitcoin. Some say that Bitcoin Cash follows the true vision of Bitcoin’s creator Satoshi Nakamoto, other aren’t so sure. But regardless, Bitcoin Cash has been gaining ground and worth a look.
Currently, Coinbase doesn’t have Bitcoin Cash listed as a cryptocurrency you can purchase, but that is going to change in January when they begin offering Bitcoin cash. This will likely cause a rise in the value of Bitcoin Cash due to the popularity of Coinbase. If you want to be ahead of the pack, and buy Bitcoin Cash using Coinbase as you main trading platform, there is a way for you to get in the game using your Coinbase account and Exodus Wallet, a desktop cryptocurrency wallet. Read on to find out how.
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Step 1 – Download and Install Exodus Wallet
Let me preface this by saying that there are likely many other wallets that will allow you to do the same thing, I just happen to use and enjoy Exodus Wallet. If you use or are interested in another wallet, the only prerequisite is that the wallet support Bitcoin Cash, and allows you to exchange between currencies. To get Exodus Wallet, head over to the Exodus Wallet download page and download the release for your operating system. Once you have it downloaded, follow the steps to install it.
Step 2 – Buy some Litecoin or Ethereum in Coinbase
To be able to get your hands on some Bitcoin Cash, you will first need to buy some cryptocurrency to convert to Bitcoin Cash. I recommend Litecoin or Ethereum, because when you send the currency to your Exodus wallet, there is a fee, that is much cheaper with Ethereum and Litecoin than it would be with Bitcoin. Once you have purchased the amount of currency you want to change over to Bitcoin Cash, you will be ready to send it to your Exodus wallet.
Step 3 – Send funds to your Exodus Wallet
Once you are ready to send funds to your Exodus Wallet, you will need the public wallet address for the currency you plan to send. In my example, im using Ethereum. To get your Ethereum or Litecoin address, open Exodus Wallet, click on the wallet tab, then on Ethereum or Litecoin. You will see a button that says “Receive” Once you click on that, you will see an alphanumeric string and a QR code. If you are using the Coinbase app, you can send using the QR code (sends in the app are initiated by clicking the little paper airplane in the upper right corner after clicking on your chosen currency in the wallet) On the website, you will need to copy and paste your address into the send field on the Coinbase website. Once you are ready, click send and your currency will be on it’s way to your Exodus Wallet.
Step 4 – Exchange for Bitcoin Cash!
Now that you have your Litecoin or Ethereum in Exodus Wallet, it’s time to exchange it for Bitcoin Cash. To begin exchanging your currency, click on the exchange tab. On this screen you will see two drop down menus. On the left you will select the currency you want to trade for Bitcoin Cash. You will select Ethereum or Litecoin. On the right side you will select Bitcoin Cash. Now all that is left to do is enter the amount you want to covert, and click exchange. After a short wait, your Exodus wallet will be populated with your newly exchanged Bitcoin Cash.
If this is your first foray into self-hosted wallets, there are some things to keep in mind. Your currency is now solely hosted on your computer, which means if you lose or break your computer, there is potential for losing your money, but this isn’t something that needs to be worried about because Exodus Wallet has a secure backup feature that you absolutely should set up immediately. This can be done by following the instructions upon clicking the backup tab. Do it, you won’t regret it, especially if something happens to your computer.
Thinking about getting in on the Cryptocurrency fun? If you click here and buy $100 worth of Bitcoin through Coinbase, you will be given $10 in additional Bitcoin. With prices rising, that $10 will grow in no time!