Chia Network was founded by Bram Cohen, the creator of BitTorrent. Chia Network is one of the most interesting cryptocurrency initiatives, promising to create a more environmentally friendly and greener crypto ecosystem by employing an innovative mining process known as Proof of Space and Time.
It aspires to be a more environmentally friendly alternative to Bitcoin and other comparable cryptocurrencies, addressing the most pressing issue with digital assets: crypto mining’s high power usage.
If you’re asking if the chia coin can really solve the mining problem, how it works, and how to buy chia coin, then this article is for you. In this piece, we’ll be looking at the step-by-step guide on buying chia coins.
Before we delve into how to purchase a chia coin, let’s look at chia coin and how it works.
What Is Chia Coin?
Chia Network is a blockchain and smart transaction platform founded in 2017 and debuted its mainnet in May 2021. It was established by Bram Cohen, a San Francisco-based entrepreneur who also invented BitTorrent.
Chia was created to overcome the problems that standard Proof of Stake (PoS) and Proof of Work (PoW) coins like Bitcoin have concerning the environment.
The principle behind PoW coins is that miners compete against one another, consuming a tremendous amount of energy and negatively impacting the environment.
See Also: How to Buy Bitcoin with Credit or Debit Card
How Does Chia Coin Works?
Chia is based on Chialisp, a brand-new programming language that promises to create a more secure, robust, and user-friendly transactional platform.
It also manages the Chia mining system, known as “farming” in the Chia Network, using the Proof of Space and Time protocol designed by the Chia Network’s founder, Bram Cohen.
Chia was trading at $1498 when it launched its mainnet in May 2021. However, the price has dropped drastically since then, and it is currently trading at $65.99, its current rank at #186 at coinmarketcap.
What are the Factors to Consider When Buying Chia Coin?
Investing in cryptocurrencies like Chia can come with both significant risks and huge returns. Below are some crucial points to punt into consideration when buying chia coin:
Energy Consumption:
Unlike Bitcoin mining, which necessitates expensive single-use technology and access to wholesale electricity, Chia’s main selling point is that it is a more accessible and ecologically friendly alternative to Bitcoin mining.
Chia claims that anyone with a smartphone, laptop, or business network can farm Chia and receive Chia rewards.
Supply:
According to the white paper, there is no hard limit on the quantity of Chia, but it will not issue unforeseen coins to maintain the overall amount constant.
E-Waste Pollution:
Because cultivating Chia requires many hard drives, there are concerns that a lack of hard drives would result in electronic waste when hard drives fail more frequently.
According to some analysts, Bitcoin miners will treat Chia as a new cryptocurrency to mine rather than migrating to Chia.
Now that you’ve known what chia coin is and how it works, let’s look at the real deal: how to buy it.
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How To Buy Chia Coin: Easy Steps That Work
Below is the step-by-step guide on how to buy a chia coin:
Step 1: Find a Regulated Crypto Exchange that Supports Chia coin
The first step on how to buy chia coun to locate a crypto exchange platform that offers Chia and welcomes users from your country. Because Chia (XCH) is a new coin, it is not yet listed on many of the most popular cryptocurrency trading platforms.
You can check head on to CoinMarketCap to see where you can buy Chia and which currencies you can use to do so. CoinMarketCap gives a list of purchasing possibilities for each cryptocurrency.
Input the url: www.CoinMarketCap.com on your devices, search for chia, click on it, and scroll down. Near the price chart, press the “Market” button. It’ll show you a complete list of places where you can buy Chia and the currencies that may be used to buy it.
Under “Pairs,” you’ll find the Chia shorthand, XCH, and a second currency. The second currency is the one that can be used to buy Chia. Look for XCH/USD if you want to buy XCH with US dollars.
When it comes to purchasing chia coin, Gate.io is one of the main crypto exchange platforms you can use. Gate.io is notable for its excellent level of security and the fact that it takes a large number of altcoins, including Chia (XCH).
Gate.io provides a user-friendly layout for novices, but it also contains some advanced capabilities for seasoned traders.
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Step 2: Create an Online Account and Fund the Account
After you’ve sorted out the exchange platform that you’re going to be using to make your purchase, the next step on how to buy chia coin is to register on the platform.
This procedure necessitates the submission of personal information such as your name, surname, email address, etc typically. You may be asked to provide a copy of your passport to validate your account.
Step 3: Buy the Chia coin
After you’ve completed all of these procedures, the final step on how to buy this coin is to decide how much XCH you want to buy and make a purchase. Keep in mind that most crypto exchanges do not allow you to purchase XCH with a credit or debit card, so you’ll have to buy another currency (BTC or ETH, etc.) and then convert it for XCH on the crypto marketplace.
You can store your coin in a Hardware Wallet, or you can also move your asset to a personal wallet, as this will make them more secure.
You must first select a hardware wallet, open an account, and then make a transfer to accomplish this. However, several cryptocurrency trading sites also provide personal wallets.
See Also: Is Litecoin A Good Investment?
Frequently Asked Questions About How To Buy Chia Coin
Chia Network is a blockchain and smart transaction platform founded as a so-called greener alternative to bitcoin that came into the crypto scene. After its parent company Chia Network in San Francisco, California, it’s named Chia. Bram Cohen, who is the investor of BitTorrent Network founded the company.
Chia coin was founded in 2017.
Chia is not yet available on Binance. Instead, the coin can be purchased on exchanges like OKEx and Gate.io, KuCoin, Huobi Global, and LBank.
When this article was written, the chia coin was trading at $64.99.
Here’s a step-by-step instruction on how to trade Chia XCH in the US:
- Find a Chia coin-friendly online trading platform
- Fund your account
- Use a demo account to practice trading
- Begin trading the Chia coin
You can sell your chain coin from the same exchange where you acquired it:
- Log in to the XCH exchange you’re using
- Compare crypto exchanges to sell
- If you stored it in a digital wallet.
- Make a sales request
- Decide how much XCH you’d like to sell.
- Confirm the sale price and fees
- Complete the Chia sale
However, the procedure of selling Chia coins will vary according to whatever trading platform you use. For example, on Gate.io you may go to your portfolio and click on sell.
After you’ve decided on the quantity and type of order you want to place, all you have to do now is click on place an order, and your cryptocurrencies will be exchanged into the fiat currency that you need.
The Bottom Line Of How To Buy Chia Coin
Chia was created to overcome the problems that standard Proof of Stake (PoS) and Proof of Work (PoW) coins like Bitcoin have concerning the environment.
When it launched in mainnet in May 2021, Chia was trading at $1498. However, the price has dropped drastically since then, and it is currently trading at $65.99.
Cryptocurrency is a volatile market, it’s not a get-rich-quick scheme. Remember to weigh the risks while investing in speculative assets such as Chia Coin, as there is no assurance that you will profit.
We hope this article has shown you the step-by-step guide on how you can buy chia coin.
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