So, you have earned some Bitcoin Cash, and then what?
I have been typing texts and posting articles and short-form updates on the dot-cash platforms for quite some time. I have also been publishing blogs and short videos on other platforms, such as LinkedIn and Odysee.
I have earned some Bitcoin Cash on ReadCash and NoiseCash. Since the platforms recommend not keeping BCH on the on-browser wallets, I transfer BCH to another cryptocurrency wallet. So, what may I do with the BCH?
Looking at the price cap of BCH gives mixed feelings. So, what should I do with the small amount of BCH I have been earning? Most expert creators know a lot about how to use BCH and what to do with it.
I need to know how to use BCH to do the activities I do daily with fiat money. There are no shopping counters in our country where we can use BCH to buy things. I also don't find any online vendors to order items using BCH. Therefore, I wish to know how to convert BCH to local fiat currency.
Converting Bitcoin Cash to Fiat is not straightforward
I read and know that cryptocurrency will help global citizens in a big way. I know that "cryptocurrency will empower the poor" without a bank account, and "the future will be cashless."
Still, the most common marketplaces throughout the globe require fiat money for buying any goods, such as food, dress. We need fiat money to pay utility bills, Internet bills, etc.
Thus, I need to have a straightforward way to convert BCH to fiat currency. It is not only BCH. I want to get a secure and sure-shot way to convert any cryptocurrency to fiat currency.
I found some crypto exchanges that send money to fiat banks
Let me tell my story straight. I am from India, and there are no fiat banks that accept cryptocurrency. I have learned that a crypto exchange called Wazirx, which Binance has acquired, can send money to Indian bank accounts.
I have created an account on Wazirx and provided the documents for KYC. I have thought it is fine. Now I may deposit BCH to my Wazirx account.
But, to my utter surprise, when I clicked the deposit button under BCH currency on Wazirx, it has displayed "BCH deposits have been currently suspended."
At first, I have thought it was a temporary suspension. Now, it has been more than three months, the situation for the BCH deposit is the same as before! The deposit has also been suspended for Bitcoin Cash SV.
Graphics: Bordered screenshot from a crypto exchange site Wazirx.
Some people suggested trying some other crypto exchanges and checking whether they permit BCH transactions. So, how many crypto exchanges may I have to try?
Some crypto experts suggest swapping BCH to other cryptocurrencies before transferring
I read some more crypto blogs and watched a few more crypto vlogs. Their techniques involve swapping BCH with other more accepted cryptocurrencies. After swapping BCH to a more accepted cryptocurrency and the assets may be transferred to the local crypto wallet of choice.
So, my questions are simple.
Why have Bitcoin Cash transactions been temporarily stopped in some cryptocurrency exchanges?
What is/are the more accepted cryptocurrencies?
I guess the issues I experience are trivial. I hope some of you might have solved this trivial problem and successfully converted Bitcoin Cash to INR. I look forward to getting a solution.
It seems Bitcoin Cash has been discriminated against in some centralized cryptocurrency exchanges.
Do you think the discrimination comes from investors of Bitcoin?
How to solve this problem and serve the cryptocurrency users with Bitcoin Cash?
I guess many cryptocurrency users in India might have found an indirect way to deposit Bitcoin Cash assets to their cryptocurrency wallets.
I look forward to getting a simple solution to this blockage to Bitcoin Cash.
I practice Science, Technology, Engineering, and Mathematics (STEM). I have also added, "Arts" and "Fine Art" to my interests. So, my current interests become STEAM - Science, Technology, Engineering, Arts, and Mathematics.
I actively develop solutions for password and cybersecurity relevant to cryptocurrencies, blockchain, and other block-less distributed ledgers.
Originally posted on read.cash.
Cheers! Debesh Choudhury
Text Copyright © 2022 Debesh Choudhury — All Rights Reserved
Thumbnail Image: A screenshot of a part of the BCH Logo download page https://bitcoinbch.com/resources/logos. All other graphics and videos are credited just below it.
All other graphics and videos are credited just below it.
Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.
April 01, 2022.