Bitcoin Cash is one of the largest cryptocurrencies and their user base now has access to a range of DeFi opportunities on the Ethereum network. Accessing these opportunities is done via our reference wallet Metamask or Wallet Connect— through the wallet users can peg-in and peg-out Cross-Chain Tokens.
Today we are very pleased to announce that user may start trading $ccBCH on Uniswap now. Below is a short post detailing how it works.
First tip you should know is that it would be much cheaper to buy it on a centralized applications like Matrixport. This way you don’t have to go through the process of paying for gas fees and transferring it here and there. Heck, if you can get funds into an exchange that directly sells it, then just do everything through that centralised exchange.
But here’s the guide on how to buy those coins on Uniswap. (Because that is what you’re here for after all.
Do note that this is a very transaction fee heavy way to swap, so if you want to invest let’s say USD100 into $ccBCH, you will most likely have to pay upwards of USD100 on gas fees, etc. alone. (That’s why I highly recommend if you can do it through a centralised exchange, do it through a centralised exchange).
Buy some ETH
- So first step would be to buy some Ether. You can do it on multiple places, but it does differ from country to country. Most of the time you have to go on a centralized applications like Matrixport, Coinbase Pro, Gemini, Kraken or Binance. Buy some ETH there.
Get it into your ETH wallet
- Please make a Metamask wallet (probably the easiest way to do it). Write down your 12 word mnemonic and KEEP IT SOMEWHERE SAFE. You need it in case you can’t get it into your account.
- Find your PUBLIC KEY and that’s your ETH wallet address. This is public and everyone can see the transactions that this wallet undergoes (both in and out). You can check the balances, etc. here: https://etherscan.io/address/ (then add your address behind).
- So send your ETH from the centralized exchange to your ETH wallet. (this will usually cost ~USD5–20)
Go on Uniswap
- Go to Uniswap and make sure that you’re trading ETH to ccBCH. You can make sure that you’re using the right tokens by inputting the actual contract address in the “To” area.
- Here’s the contract address for ccBCH: 0xdb792b1d8869a7cfc34916d6c845ff05a7c9b789
- Please note again that using Uniswap is very gas fee heavy so do save a bit of ETH for if you want to convert it to something else at the end of the day.
- Whenever you want to trade a new token on Uniswap, you need to approve it for use. This costs gas. So the first transaction would be to approve it for use (this is very normal). It usually costs ~USD5 to 40 depending on gas fees. Do note that you need to do another approval transaction to trade in the other direction (i.e. $ccBCH to ETH, but you can trade $ccBCH to USDC, etc. once you have approved it for use).
- You can check how high gas fees by using this resource: https://ethgasstation.info/ . Generally, anything above 100 is high.
- The next transaction is the one where you will be trading ETH for $ccBCH. Do note that this transaction may sometime fail if the most recent transactions sway the price too much in a particular direction due to slippage. Sometimes, nothing really can help it. But if you want the best chance of the transaction going through, select the fastest option on Metamask when sending the transaction (costs more).
- And there you have it, you’ve gotten your $ccBCH!
Selling your $ccBCH
- Selling your coins is basically about reverse engineering the steps. You need to approve that coin for use on Uniswap, then swap to ETH. We recommend swapping to ETH because if you run out of ETH for gas, you just end up having to top up your ETH wallet again.
- Then, send that ETH to whatever exchange you had before and then sell it into whatever currency you please! But important thing would be just to make sure you’re never short on ETH to cover for gas costs!
Last, we are making this disclaimer that this is not financial advice: do your own research and put money into things base on your perspectives.
About Cross-Chain Tokens
Cross-Chain Tokens are tokens backed 1:1 with native assets like Bitcoin that enable seamless integration of various crypto assets into different blockchain networks. Our vision is to bring more crypto utility for everyone by providing convenient cross-chain solutions.