Where and How to Buy Chia Coin in 2022?

Where and How to Buy Chia Coin in 2022?
May 11, 2022 0
Where and How to Buy Chia Coin in 2022?

Let’s start by taking a brief look over the Chia blockchain and why it is so popular and important.

At the very beginning of the Chia project launch, you could read a rather inspiring motto on their official web: “Your money, the way and the place that you wish for”.

This blockchain is actually an open-source project. This means its code and features are available to the general public for consultation and usage (although it’s usually just developers that take on that openness). A literal mine of gold for those who seek knowledge or perfect what they already know, the team behind the project even offers specific documentation, repositories, and tutorials. Chia team, we see you and we praise all the hard work you’ve been doing and the resources you provide.

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What’s interesting about the way Chia’s network works is that PoW is not their operational pillar. Computing power doesn’t make the cut, rather something more like ‘storage power/availability’(Proof-of-space-and-time (PoST). Not making sense? It’s all about the main language Chia’s code has been developed:

So next time a PoW acolyte interrupts your amazing crypto speech, maybe use Chia as your weapon of choice? Chia is considered to be a layer-one blockchain. 

What is Chia coin? Where does it come from?

Chia is a decentralized blockchain focused on sustainability, security and compliance:

Sustainable – why? Their environmentally-conscious approach makes PoW emissions a thing of the future past. Confused? Easy, their method focuses more on farming, which apparently has a lower energy expenditure, rather than mining using Proof of Work. If you read the whitepapers (you always should!), BTC is acknowledged and praised for its groundbreaking pioneering as the first crypto and the amazing door it opened for the rest of the alts. Bitcoin walked so that Chia could run.

Secure - is it really? The project’s creators took a rather unusual path to get and ensure the cyber security they want to provide with Chia. Let us explain, LISP, a coding language that has been around for 60+ years, is the core of the smart contracts developed and launched in the Chia network.

They had good reasons for this too and came through with the receipts when asked about it (this is how you also check out a project’s likeness of success):

1) LISP runs in a completely controlled computer environment, or it doesn’t work. It is constantly evaluated and there can’t be any new or unwanted transactions or interactions with the computers where it’s being launched.

2) This programming language allows developers to create a list-like function, or method, that can be used to enforce rules while not interrupting the program. Imagine creating several smart tokens within the program itself, that layer on top of one another, and control the program as a whole (an inner puzzle that evaluates the outer puzzle it’s a part of). 

3) A both intricate and complex functioning that allows simplifying how different parts of the same code communicate and exchange roles within the program. 

Still a bit confused or curious to know more? Check out this chialisp link, where you’ll have the chance to read more about how it works, how it was developed, and even see snippets of code!

Compliant - how? The blockchain team has no doubt that, in order to deliver their promises as a groundbreaking network with a futuristic vision and mission, they must abide by the law. So, in the matter of full-on compliance with third-party regulatory mechanisms, they certainly tick all the boxes - providing a link to all the ways they can be reached to this effect.

How and where can I buy Chia coin?

Want to know how to access this section when you look for a token?

CoinMarketCap provides you with a well-researched and updated list where you can find or trade with the token you’re currently viewing - not only do they present you with the name of the exchanges, they also provide the trading pairs.

Near the price chart, click on the "Markets" button and a list like the one in the screenshot above will pop up (if it applies, obviously).  In this case, after typing XCH in the e¡search bar and accessing the ‘Markets’ section,  you'll find the Chia shorthand, XCH, as well as the trading pair corresponding to the exchange it’s listed on. Easy peasy.

A word of advice before buying Chia coin (XCH):

● It almost goes without saying, but we really must. Whether you’re an experienced trader/investor or this is the first time for you, always do your own research. Visit Chia coin project’s website, read the documentation, the whitepapers, look for it on Social Media or Reddit and get a hold of what other people think of it and look at the roadmap and the team behind the project.

● In this specific case, there’s a wide range of markets to choose from to buy some Chia tokens. Remember: every platform has its own approach to the trade, including pairs, fees, and commissions. Choose the one (or the ones) you trust the most and go ahead with the trade. 

Gate.io, Huobi Global, and KuCoin make the top three in this rank and CoinMarketCap’s confidence evaluator gives a ‘High’ score.

How to buy Chia coin in the USA?

Our good old friend, CoinMarketCap has a rather extensive and complete list of the markets where you can buy Chia (XCH) tokens, as explained before. Make sure you go through that list thoroughly and find the exchanges that US citizens are allowed to trade in.

Is Chia coin a good investment?

As in anything in life, but especially in crypto, there is a strong possibility in either way. How come? The project is run by a brilliant team, and it appears to have developed qualities that make it unique and set it apart from the competition - so in theory, everything looks awesome and ready to hit the moon.

However, it's very necessary to remember that cryptocurrency is a very volatile asset, and even the best-studied predictions may be wrong or fail to take into consideration every single aspect and outcome possible.

Chia coin price prediction

Different cryptocurrency experts have made their proposals about how high Chia could go in the future. According to WalletInvestor, the price of Chia will fall to less than 20$ per token in about a year.

Are you more into the numbers and strictly follow them or do you take into consideration other factors such as the team, the project’s vision, and popularity? If you’re more of a numbers-only investor, then this could be a bad investing opportunity for you. If you have reasons to believe Wallet Investor’s forecast to be wrong, then make sure you only invest what you can afford to lose.

XCH could result in a poor (or negative) ROI.

In contrast, DigitalCoin’s forecast shines a brighter light on this project, forecasting that the price of Chia Network cryptocurrency is expected to climb over the next five to seven years, even reaching 300$ per token in 2030!

Conclusion

Chia network has its pros and cons (as every other project, actually). It is both an inspiring and environmentally friendly project that brings the best out of every open-source developer, but it is also subjected to market volatility, possible rumors, and forecasts that may influence the way investors look at the project, which in turn will affect the token’s trading volumes, holders, and market cap.

FAQ

● Who created Chia coin?

The Chia Network, and hence the Chia coin, was developed in 2017 by Bram Cohen. You can see what he’s up to in his Twitter page and you can see where he has worked before by visiting his LinkedIn profile. (Hint: the words ‘BitTorrent’ and ‘amazing CV’ will come to mind if you check it out). 

● Do I need a crypto wallet to buy Chia coins?

Holding crypto without a wallet is practically impossible. You either own a hot or a cold wallet, but you need one of those to store your own tokens. You could use a sort of custodial wallet service, where you deposit your assets and they are kept, but you wouldn’t have access 24/7 to it and you wouldn’t be the one controlling what it’s done with those tokens. Buying Chia with a wallet, on the other hand, allows you to transfer cryptocurrency between different platforms as well and you’ll need to own at least the equivalent amount of what you’re looking to acquire (+ a bit extra for gas fees) of the trading pair the exchange offers for buying XCH. 

● How much money do I need to buy Chia Coin?

The amount of money you'll need to acquire a Chia coin may vary depending on your platform's minimum balance requirements, so just choose one platform, calculate how much you’re trying to buy of Chia coin, and investigate how much the commission fee is going to cost you (also, take slippage into consideration).

The opinions and assessments expressed in the text are the views of the author of the article and may not represent the position of Cryptogeek. Do not forget that investing in cryptocurrencies and trading on the exchange is associated with risk. Before making decisions, be sure to do your own research on the market and the products you are interested in.


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