A comprehensive guide on understanding what is BCH ABC, how to buy BCH ABC from Binance.
An Introduction to BCH ABC
As we all know that Bitcoin Cash (BCH) has undergone a controversial hard fork resulting in 2 new chains with varying support BCH ABC and BCH SV.
Now that both coins are being mined (with varying support and varying hash power), each of them has different USD value and both are now traded on major exchanges.
Here I would like to provide a detailed guide on where and how to buy BCH ABC and BCH SV in 2 individual articles. This article will be focusing on BCH ABC.
Let’s get started
To begin with, we need to buy Bitcoin using fiat money to buy any cryptocurrency on other exchanges (or you can use your Bitcoin which was bought earlier). So follow the link to buy Bitcoin on Coinbase and then follow the next steps to buy BCH ABC on Binance. If you already have Bitcoin with you-you can skip this step and go on to Binance registration.
Register on Binance
Binance is a cryptocurrency exchange with relatively fewer transaction fees and been faring good so far without any issues and good support response. There are two options for trading platforms on Binance: Basic and Advanced. I’ll be primarily covering the Basic trading option in this article, but you can check out the Advanced view below. There are not many differences between the two views with the exception of being able to do more detailed technical analysis in the Advanced view.
Deposit your Bitcoin to Binance
Once you’ve registered on Binance and logged in, you can see a few menu items on the top right corner. One of the is “Funds” which has a submenu item named “Deposits”. This is the place where you can see all your deposits(Deposited to Binance from other addresses).
Once you receive Bitcoin on Binance, Click on Basic submenu item under Exchange on top left corner.
Now we need to find BCH ABC coin with Bitcoin trading pair on list of currencies. Check out following screenshot and instructions below to do this.
- Select BTC box on top right corner. This means you are looking for coins which can be traded with Bitcoin.
- Write BCH ABC in the search box above the coins list and it filters you as shown below. Now you can see BCH ABC with current price. You are almost close to invest in BCH ABC .Just click on the BCH ABC now.
- Click on BCH ABC, which brings up the daily chart with candlesticks and orders on left side as shown below.
Click on required green price on left side to populate your price for BCH ABC in BTC(currently showing as 0.046352 in above screen shot). Once you click, it changes to 0.046133. Now you need to select how much of your BTC you would like to invest in BCH ABC. Click on 25|50|75|100% to populate the amount of BCH ABC you can buy at that price.
You are free to choose the price from those green numbers- they are basically different offers by others — this is also called Limit purchase.
Since you are beginner, you can also click on Market tab beside Limit and select the BTC amount and click on Buy BCH ABC — this basically buys at the market price.
Once it shows success, you can go to Funds -> Balances from the top right menu and search for BCH ABC.
Congrats on purchasing BCH ABC.
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Disclaimer: I am using my referral links for respective exchanges. If you use them, it helps my bills and to write more informational articles ahead. Thanks in advance.🙏