Crypto & Digital Assets
Popular Crypto Wallet Bitcoin.com To Allow Users Buy Bitcoin Cash (BCH) Directly
16 Apr 2019
- UK and Europe-based wallet users can purchase Bitcoin Cash (BCH) directly in-wallet.
- The cryptocurrency can be purchased in seconds using either a credit or debit card.
- A total of €5,000 daily and €20,000 monthly can be bought after identity is verified.
- The wallet is non-custodial, offering greater security than buying through exchanges.
The official wallet by Bitcoin.com now lets UK and Europe-based users purchase Bitcoin Cash directly within the app through a new Moonpay integration. This establishes it as one of the only Bitcoin wallets on the market to offer an in-wallet Bitcoin Cash ‘buy’ feature.
Roger Ver, CEO of Bitcoin.com, explains: “As we strive to bring economic freedom to everyone, everywhere, we want to make it easy for everyone to buy Bitcoin Cash. With our latest wallet feature, it’s never been simpler.”
Users can quickly purchase the cryptocurrency using a credit or debit card. For smaller amounts of up to €150 worth of Bitcoin Cash, users can buy without first having to formally verify their identity. For larger amounts of up to €5,000 daily, and up to €20,000 monthly, a short verification process takes place prior to the purchase being made.
Expanding upon the company’s vision, Ver continues: “Bitcoin Cash is a global currency with the potential to put an end to extortionate bank fees, delays, and fraud. But this isn’t just an idea: it’s usable right now as digital money. Both online and instore, an increasing number of merchants are beginning to accept Bitcoin Cash.”
When users purchase Bitcoin Cash from their Bitcoin.com wallet, the digital coins are sent directly from the official seller to their own non-custodial wallet. This contrasts cryptocurrency exchanges which are custodial, meaning the exchange has control of the funds in a user’s wallet.
Exchange failures and hacks have hit news headlines over the past few months alone, raising doubts over whether crypto users can rely on the service they provide. A few weeks ago, Canada’s largest exchange, Quadriga, left its users unable to access over $145 million worth of cryptocurrencies when its founder died without revealing the necessary encrypted access keys.
And, in the past few days, it is suspected that over $19 million worth of cryptocurrency has been compromised when South Korean cryptocurrency exchange Bithumb was reportedly hacked.
In response to this most recent report, Ver states: “It’s a big eye-opener for many people. Buying from an exchange means using their custodial wallet and, even if it’s just temporarily while you purchase the coins, the cryptocurrency is still not as secure as it could be. The Bitcoin.com wallet now lets users sidestep exchanges altogether, so your Bitcoin Cash is under your control from the moment you buy it.”
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