Buy Bitcoin Cash in Canada
Bitcoin Cash made simple
Everything you need to know about Bitcoin Cash and how to start investing in it.
-$4.48 (-2.67%) past 24 hours
- Market Cap
- Circulating Supply
- 24h low - high range
- $163.49 - $169.42
Bitcoin Cash 101
True to its name, Bitcoin Cash (BCH) aims to be a more spendable, cash-like version of Bitcoin.
It all started as a result of some internal debate within the Bitcoin community. In a nutshell: some folks thought that Bitcoin’s blockchain was too slow (and therefore too expensive to run).
So one group of developers worked on an alternative way for Bitcoin to scale. Instead of sticking to Bitcoin’s traditional size of 1 MB per block, what if the block size increased to 8 MB, making Bitcoin 8x as capable of processing transactions? This, theoretically, would optimise it for payments.
But support for the idea was mixed. Instead of trying to make this change happen on Bitcoin’s existing blockchain, the group of devs forked from Bitcoin to form Bitcoin Cash in August 2017.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Bitcoin Cash?
Since BCH aims to be more consumer-friendly, its use cases are pretty similar to traditional currency — only more anonymous and secure (like most cryptocurrencies).
You can send BCH anywhere in the world without conversion (kinda like borderless currency) or you can use it for small everyday transactions.
Think of Bitcoin Cash like a credit card or a debit account — you can use it for your morning coffee or sending money to friends, but you wouldn’t use it to buy a home.
Is Bitcoin Cash a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Bitcoin Cash or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Bitcoin Cash safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Bitcoin Cash prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Bitcoin Cash to your Wealthsimple account in just a few taps.
Other cryptos to explore
- 1 inch (1INCH)
- Celo (CELO)
More info about Bitcoin Cash
Want to take a deeper dive? Check out these articles about Bitcoin Cash and the world of crypto.
What is Cryptocurrency?
Cryptocurrencies are a type of digital asset that run on blockchain technology. Here’s everything you need to know.
Top Cryptocurrencies and Crypto Exchanges
Here’s how to buy and sell cryptocurrencies on crypto exchanges and other trading platforms.
What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Bitcoin Cash with just $1. It’s that simple.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Bitcoin Cash transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Bitcoin Cash’s current market cap is 3,215,129,698.
The current price for Bitcoin Cash in Canadian dollars is $163.05.
Buying Bitcoin Cash with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Bitcoin Cash 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Bitcoin Cash. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.