There are quite a few issues associated with Bitcoin Cash right now. Not just on the technical side of things, but also in the exchange department. More specifically, there are no real options to buy Bitcoin with fiat currency other than LocalBitcoiNCash. Although this platform is still pretty new, there seems to be a growing demand for more convenient services. Especially on a worldwide scale, things will need to change sooner rather than later.

To put this into perspective, BCH can be traded against a few different fiat currencies. The Korean Won, US Dollar, and Chinese Yuan come to mind almost immediately. However, these currencies are only supported through centralized exchanges. This makes it very unappealing for the average person on the street to buy this altcoin. Bitcoin has gone through similar struggles in the early stages.

Bitcoin Cash Needs More Gateways

One could argue there is LocalBitcoinCash to make things easier. While that is true on paper, the reality is slightly different. It seems there is a growing demand to convert PayPal to BCH. Not the safest exchange solution by any means. PayPal is often subject to fraud and chargebacks. Anyone using it to accept payments in exchange for cryptocurrency is risking their money twice.

What BCH really needs are more convenient payment gateways. Over the counter sales or ATMs would certainly be a good start. The number of brokers supporting Bitcoin Cash is still fairly limited as well. It is difficult to find global solutions for issues like these. Then again, it is something the entire BCH community can work on if they put their mind to it. Whether or not that will happen, remains to be determined.

Do keep in mind Bitcoin Cash is not the only altcoin suffering from this issue. It is the fate of virtually all alternative cryptocurrencies, unfortunately Buying it outside of exchanges is either limited, cumbersome, or ridiculously expensive. There is a good reason why common payment methods and cryptocurrency don’t mix well. There is good money to be made for anyone willing to take the plunge regarding Bitcoin Cash. However, the number of potentially fraudulent payments and chargebacks should not be underestimated whatsoever.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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